This situation arose following a spot check which had been conducted under scrutiny from international regulators. Unfortunately, as a result of poor communication and relationships, our client was unable to provide the regulator with the information they requested within the requested deadline. The regulator requested that the business enter a remediation process and that a series of progress reports be completed at regular intervals. The business’s entire client AML book was called into the scope of the remediation.
One of our consultants who has a background in turn-around and remediation, was engaged and travelled regularly to the client office to conduct the remediation work on site. Our consultant worked with the client relationship managers and an external AML lawyer to re-work the entire client book, producing progress reports for the regulator and introducing tighter governance around documenting client acceptance and closure decisions.
The remediation and associated work resulted in a much-reduced risk for the client. The work was completed successfully and within the deadlines set by the regulator and was validated by an external AML auditor.
Key Skills Used:
Technical Due Diligence
Key Business Benefits:
The business was not forced to shut down and the client book was returned to business as usual.