Financial Crimes Compliance
Service / Financial Services Consulting
Protecting your business against financial crime is more crucial than ever.
In today’s complex financial landscape, sophisticated criminals constantly devise new methods to exploit vulnerabilities and extract value. Effectively managing FCC risks is becoming harder as industry forces pressure financial institutions across multiple fronts.
Our forensic accounting experts also have extensive experience conducting internal investigations, helping companies uncover employee theft, kickback schemes, or financial statement fraud. Their skills are also applied in due diligence processes during mergers and acquisitions, ensuring that financial representations are accurate and free from material misstatements.
Beyond cases of corporate fraud, our forensic experts support bankruptcy investigations, insurance claims, and even family law cases where financial disputes arise, helping to quantify economic damages, value assets, and provide an objective analysis of complex financial situations.
Managing FCC Risks
Financial Crimes Compliance
Regulatory Scrutiny
+ Fines for FCC-related offenses continue to increase in the aggregate and at the individual institution level
+ Regulators are deploying advanced analytics to monitor compliance and effectiveness
+ The sanctions landscape is growing in complexity
+ Focus on emerging tech (crypto and AI)
Evolving Criminal Behavior
+ Criminals are leveraging technology to devise more complex schemes, including using generative AI to impersonate company principals and Ultra High Net Worth Individuals
+ Digital capabilities and assets provide a greater attack surface area
+ Customer Due Diligence and monitoring are increasingly a real–time requirement
Advanced Technologies
+ AI and machine learning (ML) algorithms to increase automation and reduce false positives
+ Generative AI to help assist with high-context and judgement-oriented tasks, like investigations and SAR filing
People and Talent
As the FCC team has grown, it is critical that institutions invest in their people and capabilities to increase performance while controlling costs.
Focus Areas
Cross-functional Collaboration
Encourage collaboration between compliance, legal, operations, and IT teams to break down silos and share crucial information.
Upskilling and Training
Regularly update employees on evolving regulations, emerging threats, and red flags associated with different financial crimes—train staff on data analytics tools, transaction monitoring systems, and other technology for detection and investigation.
Process and Workflow
Streamlining the core FCC processes and workflows can significantly improve the team’s efficiency and effectiveness.
Focus Areas
Cross-functional Collaboration
Encourage collaboration between compliance, legal, operations, and IT teams to break down silos and share crucial information.
Upskilling and Training
Regularly update employees on evolving regulations, emerging threats, and red flags associated with different financial crimes—train staff on data analytics tools, transaction monitoring systems, and other technology for detection and investigation.
Collaboration Platforms
Implement secure communication platforms and data–sharing tools to facilitate seamless collaboration within the team and with other departments.
Benchmarking
Benchmark your team’s performance against industry standards and best practices to identify areas for improvement.
Technology and Automation
Focus Areas
Streamlined Workflows
Automate repetitive tasks, leverage case management systems, and optimize procedures to improve efficiency and reduce manual
Data-Driven Approach
Analyze historical data and transaction patterns to identify suspicious activities and prioritize investigations. Invest in Artificial Intelligence (AI) and Machine Learning (ML) tools for automated screening and anomaly detection.
How We Help Clients
We provide comprehensive financial crimes consulting services, empowering you to proactively combat threats, minimize risk, and ensure the integrity of your operations.
Focus Areas
Financial Crime Risk Assessments
We identify vulnerabilities, evaluate risks, and recommend tailored mitigation strategies.
Independent Review
We can conduct the BSA–required independent review function to meet your obligations and understand the program’s health and areas where it can improve.
Program Design and Implementation
We design and implement effective AML/sanctions programs that meet regulatory requirements and minimize regulatory risk.
Strengthen Your Defenses
We can provide the incremental expertise to enhance your ability to detect, prevent, and respond to financial crime threats, mitigate regulatory risk, and safeguard your reputation.
AI and Automation Strategy
We can help you leverage advanced AI models across the FCC value chain to reduce false positives, increase true positives, reduce the cost of being compliant, and effectively manage the risks associated with financial crime.
Training & Awareness Programs
We equip your employees with the knowledge and skills to recognize and report suspicious activity.
Team
David Onorato
Principal
Financial Services Consulting
Christopher S. Rigg
Principal
Financial Services Consulting
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