Financial Crime Compliance

Management of financial crime risk is a core pillar of effective governance, not only within regulated firms, but wider commercial enterprises.

At Tenet, we have taken our experience of understanding of the approach of the financial services industry to financial crime compliance and have taken that best practice into other sectors, such as professional services, not-for profit, manufacturing and the sports industry.

Banks have a significant challenge in dealing with the risk of financial crime and the issues presented by ‘tainted money’. They are at the heart of financial activity through which, at some stage, the proceeds of crime are attempted to be laundered through them.

As a result, senior management of banks have ensured that they invest in financial crime compliance teams, recognising not only the need to prevent fines with their regulator, but also the prevention of crime.

Financial crime is now more readily seen for the wider damage and risk it leads to, for example, trafficking or terrorism. However, financial crime has an effect on businesses away from the financial services sector in many other ways.

Examples include internal risk of employee fraud, changes in legislation such as the Money Laundering Regulations or the Criminal Finances Act, supply chain risk and cybercrime.

Case Studies

Financial Crime Compliance & Governance

The one with the manufacturer elimating risky customers and suppliers from their operators…

Client Type - company

View case study

Advised a large precious metal trading company in relation to its exposure to financial crime risk especially relating to VAT fraud and anti-money laundering issues.  Undertook work reviewing their counter fraud policies and provided specific advice on updating policies when dealing with new suppliers and customers. The focus of advice and policy amendments related to […]

This area has become a governance and ethics agenda item for many boards who now take ownership of such risk, identifying their key assets at risk and the key threats to those assets. 

Risk assessments of exposure to financial crime are now more common in many differing sectors.

Tenet are well placed to bring the financial crime compliance standards and approach of the financial services sector to other markets.

Our experience in advising on financial crime threats for clients has better positioned them to counter threats and in the event of a fraud event occurring, to react swiftly and pro-actively.

If you need to consider your financial crime risk, revise policies, undertake internal training or create bespoke solutions to the challenges your organisation faces, we are here to assist.

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Tenet Compliance & Litigation Limited. Registered Office, 10th Floor, Lyndon House, 62 Hagley Road, Birmingham, B16 8PE. Registered in England and Wales. Registered No: 09776405. Authorised and regulated by the Solicitors Regulation Authority. SRA Identification No. 626562.
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