United Kingdom

Anti-Money Laundering and Sanctions Compliance 

The need for effective anti-money laundering (AML) and sanctions compliance systems and controls is well known, as are the severe penalties for firms failing to do this.

 

Increased regulatory scrutiny and the extra-territoriality of US laws are driving greater focus in this area, providing additional challenges for regulated firms to face.

 

In addition to the challenge of managing the immediate interaction with the authorities, this scrutiny is also exposing weaknesses in regulated firms’ underlying infrastructure (data, documentation, systems and controls and resources). 

 

A risk-based approach is not only expected, but makes good commercial sense. But what does this mean?

What's on your mind?

 

  • How to ensure your AML and sanctions compliance framework remains manageable whilst meeting national and international regulatory requirements
  • Identifying AML risk in business practice e.g. on 'Know Your Customer' (KYC) and screening against sanctions or PEPs lists.
  • Selecting and implementing an appropriate and effective controls to manage these risks, including transaction monitoring or payment filtering system
  • Responding to regulatory intrusion and requests such as ARROW visits and FSMA s166 investigations. 
  • Addressing potentially extensive product and sales remediation exercises to achieve regulatory compliance

 

Bringing you Peace of Mind

 

We aim to provide you with outstanding AML and sanctions compliance advice and assistance, across a wide range of areas:

 

I Systems and controls 

 

  • Independent reviews of your AML approach to help you understand your key risks, identify gaps or weaknesses and improve systems.
  • Evaluation or implementation of transaction monitoring solutions to filter payments and prevent or detect money laundering on large numbers of transactions.
  • Investigation response and remediation management to help you deal with suspicious activity reports (SARs) or regulatory enquiries around AML, sanctions compliance, market abuse and related risks.
  • Corporate intelligence to assist with KYC compliance and integrity due diligence into prospective business partners 
  • Training and awareness programmes to help raise internal standards of AML response and develop an AML 'culture'

 

II Data and documentation 

 

  • Lookback and remediaton exercises in order to get the underlying data right and understand the implications of any deficiencies:
  • Corporate intelligence to assist with KYC compliance and integrity due diligence into prospective business partners

 

III Incident management 

 

  • Investigation response and remediation management to help you deal with suspicious activity reports (SARs) or regulatory enquiries around AML, sanctions compliance, market abuse and related risks.

 

Our professionals have industry experience both as advisers and employees, and we've worked on some of the largest recent AML investigation, remediation and look-back exercises. The lessons we've learnt allow us to understand what meets compliance standards whilst making business sense for you. 

What's in it for you?

 

  • Enhance your AML and sanctions compliance framework so that it works for your business whilst complying with national and international regulations.
  • Avoid or mitigate the severe financial and commercial damage that non-compliance with regulations, or association with money laundering, often means.
  • Enhance reputation with regulators, Government, investors and the wider marketplace, with consequent commercial benefits.
  • Achieve an in-depth understanding of your customers and potential business partners, their background and associations.
  • Improved management and staff awareness of money laundering risks, helping to reduce the risk of future regulatory breach.

 

Why KPMG?

 

  • We are the only Big Four firm who have a global AML methodology and training programmes to achieve consistency across boundaries. 
  • Our experience and close relationship with regulators gives us exceptional insight into their expectations and perspective, and ability to think proactively on the changing regulatory environment.
  • We have worked with many of the largest financial sector firms, which has included secondments within client risk, compliance and regulatory teams.

 

 

Contact

    Brian Dilley

    Brian Dilley

    Global Head of Anti-Money Laundering and Sanctions

    KPMG

     

    020 7896 4843

    Email Brian

Recent insights

 

With Anti-Money Laundering (AML) higher than ever on senior management's agenda, regulatory fines running into billions of dollars, and threats of criminal prosecution against banks and individuals, our Global Anti-Money Laundering Survey 2014 explores the ways in which organizations are preventing, detecting, and responding to AML risks.

 

 

Cover of Virtually Unregulated

 Virtually Unregulated (PDF 5.00 MB)
The virtual currency industry has been under increased scrutiny to implement robust Anti Money Laundering (AML) controls. We consider the extent of money laundering risks posed by the industry in the context of its long-term sustainability.

 

  

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