With the number of regulatory inquiries or investigations increasing, many involving US agencies, and penalties escalating into millions of pounds, there has never been a greater need for management to demonstrate an effective anti money laundering strategy.

Challenges
Our successful track record of managing the threat of money laundering, has given Deloitte first hand experience of the unique challenges you face. Such as:

• Enabling clients to trade in different products, seamlessly across multiple jurisdictions, whilst ensuring compliance with the local legal and regulatory requirements;
• Communicating, and monitoring compliance with, policies and procedures across global organisations;
• Balancing an effective compliance strategy with resource constraints; and
• Maintaining customer data and managing its processing within the confines of data protection and banking secrecy legislation.

Potential Issues
Compliance departments are often fully engaged managing business as usual.  Projects or unexpected issues can place a strain on resources and have consequent impact on the ability to deal effectively with business as usual. For example: 

• Ensuring day one compliance of acquisitions into the group;
• Investigating payments in potential breach of sanctions regimes; or
• Implementing a transaction monitoring system across different IT systems and locations.

This is where the ability to call upon a professional anti-money laundering resource can help.

A proactive service
Deloitte has extensive experience in leveraging its global anti-money laundering team to provide tailored solutions to many of the European and global financial institutions. We help them address potential issues and provide answers to the key questions they raise, such as:

• Have we appropriately identified and documented our money laundering risks to comply with a risk based approach?
• How can we be sure that our policies have been implemented properly by all parts of the business, in all jurisdictions?
• Is our technology up to industry standards?
• Could our transaction monitoring protocols be improved to reduce false positives whilst still identifying relevant suspicious transactions?
• Are we failing to identify potential sanctioned payments by screening only the beneficiary and remitter message fields?

To learn more about our services and specialised resources, please refer to our Global AML Brochure.