Financial Crime Prevention and Fraud
At the forefront of regulations for financial crime prevention and fraud
Financial crime including fraud, money laundering, terrorism and proliferation financing, bribery and corruption and sanctions pose major risks to today’s global financial system. These crimes whether detected or undetected are increasingly prevalent and more costly than ever. Risks for fintechs, banks and crypto and digital asset firms arise from diverse factors including vulnerabilities to fraud and financial crime inherent in automation, digitisation and blockchain based systems, the 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 so asset recovery as well as ensuring successful and enforceable litigation are all the more complicated.
Meanwhile regulators continually revise rules and regulations to account for illegal trafficking, money laundering and proliferation risks and governments have increased the use of economic sanctions targeting countries public and private entities and even individuals. Institutions are finding that existing approaches to fighting financial crime and fraud are no longer sufficient to address the scale and complexity of emerging threats. For this reason businesses must find innovative AI enabled ways of protecting against financial crime and fraud whilst supporting growth and controlling costs.
This is what Kharis & Knoble specialises in. With our deep domain expertise we help fintechs, crypto and digital asset firms and financial institutions 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, supported by AI enabled insights where appropriate.
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 requirements and expectations, using AI enabled insights where appropriate, whilst tailoring them 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, including AI informed learning approaches, and train relevant key personnel to ensure a thorough understanding of 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, products 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 this, we can develop a comprehensive financial crime business wide risk assessment using AI enabled analysis where appropriate. These will help you to demonstrate that 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 a visit, which must be tailored and proportionate. At Kharis & Knoble, we can help prepare using AI enabled analysis 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 clear 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 relevant in managing risk. We will work with you to understand emerging risks in this regard, including AI enabled risk insights where appropriate, 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 across 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