Financial Crime Prevention and Fraud

Financial Crime Prevention and Fraud

At the forefront of regulations for financial crime prevention and fraud

Money laundering, terrorism, bribery and corruption, sanctions (“financial crime”) and fraud pose major risks to today’s global financial system. The crimes themselves, detected and undetected, have become great in number and more costly than ever. Risks for banks arise from diverse factors, including vulnerabilities to fraud and financial crime inherent in automation and digitisation, massive growth in transaction volumes, and the greater integration of financial systems locally and internationally.  Organised crime is heavily involved and the “follow the money” trail frequently crosses jurisdictions; thus asset recovery, as well as ensuring successful and enforceable litigation, are all the more complicated.

Meanwhile, regulators continually revise rules and regulations increasingly, to account for illegal trafficking and money laundering and governments have ramped up the use of economic sanctions, targeting countries, public and private entities and even individuals. Institutions are finding that their existing approaches to fighting financial crimes and fraud cannot satisfactorily handle the many threats and burdens. For this reason, businesses must find innovative ways of protecting against such crimes whilst supporting growth and controlling costs.  

This is what Kharis & Knoble specialises in. With our deep domain expertise we will help your organisation transform operating models to obtain a holistic view of the evolving landscape of financial crime and fraud.  

Trust in our expertise

Here is how we can help

Health Check

We can do a root and branch review of your financial crime systems and controls against regulatory requirements, perform a gap analysis and recommend a plan of action. We can also conduct interviews with key personnel and complete file reviews to ensure end to end alignment of your systems and controls.

Policies and Procedures

Policies and procedures are the lifeline of any organisation. We can help you review and assess your policies and procedures to ensure they are fit for purpose, and, if necessary, work with you to enhance them based on current practice in line with regulatory requirement and expectation, whilst tailoring it to your business.  

Training and Education

The acquisition of knowledge and skills to deal with financial crime is imperative in the fight against it. We can work with you to design a robust training and education programme; training relevant key personnel to ensure a thorough understanding of the emerging financial crime risks and controls within your firm.  

Businesswide Risk Assessment

We will work with you to understand your risk appetite vis-à-vis your client base, jurisdictional footprint, product and services and overall organisational risk exposure with the view to enhancing your risk appetite statement or building one from scratch if you do not have one. Following which we can develop a comprehensive financial crime business wide risk assessment for you. These will help you to demonstrate you understand and actively manage your financial crime risks.  

Regulatory Visits

Notice of a regulatory visit immediately focuses senior management on its compliance responsibilities and preparation for such visit which must be tailored and proportionate. At Kharis & Knoble, we can help prepare to demonstrate to the regulator that you have met the highest regulatory standards in all your business activities. We can advise on strengths and weaknesses and provide a plan that gives you and the regulator confidence whilst minimising impact on business as usual.

Robust Governance

At Kharis & Knoble we recognise that environmental, social and governance (ESG) issues are increasingly becoming relevant in managing risks. We will work with you to understanding emerging risks in this regard as well as reviewing reporting lines and flow of information across your organisation to ensure clear communication between relevant key personnel and the Board. In addition, we will review and ensure an integrated approach to financial crime between responsible departments.  

Whether you need help with a specific area or ongoing support with financial crime prevention, Kharis & Knoble can help. Speak to one of our experts today! Contact us