Money Laundering Deterrence Services
What are Money Laundering Deterrence Services?
All institutions are trying to maintain their reputation and reduce unnecessary losses. Money launderers target financial institutions to disguise the source of their income. When an institution is found to have unwittingly supported a money launderer they suffer financial and reputational loss, apart from the potential for regulatory action.
It is important for all firms to do what could reasonably be expected of them to both identify and deter money laundering. To assist firms in this area, Risk Reward Limited has launched money laundering deterrence services.
What Services Can We Offer?
In terms of money laundering deterrence, it is important to recognise the “all crime” element and not just focus on the application of procedures to identify, detect and report cases of drug trafficking. Money laundering is much more than that and in the UK in particular has been extended to address the reporting and monitoring of the proceeds of all criminal activity.
Risk Reward Limited and its sister and associated firms can assist you in a range of ways from deciding upon the systems that you wish to employ to actually conducting detailed investigations, where appropriate.
In summary, we can assist a firm in the following ways:
- Working with management to decide upon the objectives and definitions appropriate for the development of policies and structures in the area of money laundering deterrence.
- Considering the software solutions available in the market and the extent to which they are likely to identify the suspicious transactions whilst avoiding false positives.
- Assisting with the implementation and testing of new software, including where appropriate the design of new scenarios and methodologies that leverage from the existing solutions.
- The implementation of reporting policies and investigation policies.
- The implementation of a money laundering deterrence awareness and/or training programme.
- The investigation of specific cases of potential money laundering, primarily to identify additional controls that could be implemented.
How do we Work?
No two assignments are identical and therefore we adopt flexible methodologies and structures to ensure that our clients achieve their objectives from each assignment we undertake. Never forgetting the importance of client satisfaction we design each assignment in conjunction with our clients to maximize the element of knowledge transfer within each assignment.
As such we are able to undertake fixed fee or per hour contracts, with our consultants either undertaking all or part of any specific assignment.
What is the Next Step?
To find out more about Risk Reward Limited’s money laundering deterrence services just call us on +44 (0) 20 7638 5559 or e-mail us.
We look forward to hearing from you.
