Client Story
Robust and consistent delivery
Financial crime control review for one of UK’s largest insurance price comparison platforms
Client Challenge
One of UK’s largest insurance price comparison platforms required an independent review of its financial crime controls with focus on how it could be used to further financial crime – taking account of changing business model, strategies, and third-party relationships – to identify the risk and track how this risk is changing over time and the effectiveness of these controls – including how controls are tested and reported on to the respective SMF.
Kharis & Knoble Resolution
Kharis & Knoble working with its partner, carried out an independent review of the overarching risk management framework, businesswide risk assessments, risk and compliance self-assessments, policies, people, processes and technology with the view to determining the effectiveness of financial crime controls in place and any gaps thereof and proposed recommendations to address identified gaps.
Requirement to fulfill AML roles for one of Ireland’s largest payment solution providers
Client Challenge
One of Ireland’s largest payment solution providers and one of Europe’s e-commerce acquirers was looking to fulfill a number of AML roles due to high level (Covid related) resignations across 2 teams and approached Kharis & Knoble for assistance.
Kharis & Knoble Resolution
Kharis and Knoble with its resourcing expertise and its extensive network was able to secure train and provide the client with strong and suitable candidates for the outstanding roles in a short space of time.
S166 remediation and lifting of business restriction
Client Challenge
A UK regulated firm reached out to Kharis & Knoble following a Section 166 notice and voluntary business restriction (VBR) being placed on the firm by the Financial Conduct Authority (FCA). In addition, they required support for the ongoing remediation programme and a review of their risk management framework (RMF).
Kharis & Knoble Resolution
Kharis & Knoble completed a Businesswide Risk Assessment (BWRA) and developed robust mitigating tools utilising Key Risk Indicators which were tested for operational effectiveness and resulted in high inherent risk being converted to medium residual risk. The enhanced RMF led to the FCA lifting the VBR.
Compliance overhaul and alignment of compliance controls to CBUAE regulations
Client Challenge
An Exchange House in the UAE reached out to Kharis & Knoble for support regarding Compliance project. Kharis & Knoble identified major deficiencies in business processes, controls, governance and culture and technology that may potentially allow money laundering to thrive in business operations across the GCC and Asia.
Kharis & Knoble Resolution
Kharis & Knoble proposed a root and branch review of people, processes and technology with the view to enhancing enterprise risk framework, creating risk appetite statement, carrying out business wide risk assessment and aligning systems and controls accordingly as well as updating policies and processes and training.
Application for regulatory authorisation with the UK regulator – FCA
Client Challenge
A Fintech in the UK reached out to Kharis & Knoble for support regarding application to the UK regulator for licence to operate as a remittance principal with sub licensees operating under them. In addition, they required compliance services on an ongoing basis to support and ensure risk and compliance framework is robust.
Kharis & Knoble Resolution
Kharis & Knoble proposed compliance services and support for the licence application; putting together the application forms and supporting documentation, the business plan and funding governance to engaging with the regulator and answering any queries thereby minimising the time spent and getting the authorisation in the fastest possible time.
Orderly wind down planning
Client Challenge
A UK PI firm reached out to Kharis and Knoble to assist it with the drafting of its orderly wind down plan. This is a plan to steer the firm to wind down its business in an orderly manner once exiting the business has been voluntarily decided.
Kharis & Knoble Resolution
Kharis & Knoble led the successful bespoke creation of the orderly wind down for the UK PI firm, assisted with the capital and liquidity management arrangements, financial and non-financial interconnectedness, communications strategy, HR as well as wind down processes.
Review of safeguarding controls and arrangements
Client Challenge
A UK PI firm reached out to Kharis & Knoble to assist it with meeting its regulatory obligations regarding safeguarding arrangements especially in light of COVID 19 additional guidance stipulated by the Financial Conduct Authority (FCA).
Kharis & Knoble Resolution
Kharis & Knoble proposed the review of the UK PI firm’s governance and control processes for safeguarding arrangements with the view of focusing on overall effectiveness and oversight by senior management as well as processes and procedures.