Financial Crime Management

Since the early 90s Financial Crime has increasingly become a concern for governments globally. It is today widely recognised that Financial Crime has become a substantial threat to the development and stability of macro-economic climates. The rapid increase in e-commerce and online transactions have fuelled these concerns further.

In the UK the FCA has increased its efforts to fight every aspect of financial crime and expects firms to understand where the risks lie and take appropriate steps to combat/react as part of its governance framework.

The role of the Money Laundering Reporting Officer (MLRO) is absolutely vital in ensuring that firms remain compliant with their anti-money laundering requirements and are alert and able to respond to the risks associated with anti-money laundering.  

MLROs and Heads of Financial Crime are under increasing pressure to retain, maintain and enhance their skills and knowledge, whilst managing risks according to a risk-based approach. This has been highlighted further by new personal accountability regulations and SMCR.

With the increased number of personal fines, it is imperative that businesses and Senior Managers stay updated with new regulations and implement the correct controls and functions to prevent a breach.

The ever-evolving, clandestine nature of financial crime, and increased capacity to obscure sources, as highlighted by the Government and financial crime professionals, lends itself to a new, evolving strategy — financial crime change management. It has never been more important for business leaders and senior financial crime professionals to set the tone and develop business-wide, self-improvement strategies on financial crime.