‘Big Four’ member consultancy firm Ernst & Young (EY) has repaid banking group Santander £15m after it failed to help the Spanish lender improve its anti-money laundering (AML) controls, reports suggest.
Effective Solutions for General Compliance
At AML & Compliance, we work with a range of regulated businesses across all regulators to ensure the business has appropriate policies, controls and procedures (PCPs) in place and maintains them.
We focus our activity on ensuring businesses have an approach which is compliant, which enables a business to respond quickly to any issues that arise, allowing for issues to be addressed before they become reportable to a regulator. In the event of a serious compliance issue that is reportable, we will ensure the business is ready for any reports that need to be made and any regulatory enquiry or investigation.
All regulated businesses must be both compliant with the requirements of their regulator and adopt best practice. At AML & Compliance, we ensure all policies are bespoke and reflect how a business manages compliance. It is imperative the policies match how a business operates and are not ‘off the shelf’ generic documents which are not reflective of the business.
We work with businesses to understand them and to document the processes being adopted, train the staff, maintain procedures and monitor their effectiveness through ongoing guidance and advice and maintenance of breach registers.
The type of business we work with for regulation purposes are:
- Banks and Lenders
- Financial and credit businesses
- Accountants, tax advisers, auditors and insolvency practitioners
- Insurers and Brokers
- Trust and company service providers
- Estate Agents and Letting Agencies
- High-value dealers
- Art market participants
- Solicitors – independent legal professionals
The regulators that operate in the fields of business we work with are:
- The Financial Conduct Authority (FCA), including The Financial Ombudsman ServiceThe Solicitors Regulation Authority (SRA), including The Legal Ombudsman
- The Gambling Commission
- The Financial Reporting Council (FRC)
The environment in which law firms tend to operate in is highly regulated and supervised; therefore, it is highly essential for a firm to set out the ways in which it operates in a series of procedures, policies and documents.