Compliance Advisory
As regulatory environments continue to change, organizations face a number of challenges including anticipation of upcoming legislation, implementation controls and overall management of the ever-changing landscape, while they continue to provide assurance to senior management and regulators that the controls are robust and effective.
We provide a range of services and have an exceptional track record in helping organizations develop controls to meet their regulatory requirements and to operate successfully within complex regulatory frameworks.
In order for us to provide you with sensible, efficient and effective solutions, we take the time to understand your business, along with your needs and objectives.
Our experienced team of consultants can provide technical advice and guidance on a range of regulatory risk areas including
Compliance Remediation
Provide your Executive management team with independent, experienced and unbiased advice at an early stage to guide them through the process of obtaining the least damaging outcome. Our experienced compliance consultants can:
• brief the executive management on the conclusion reached through a preparation of a root cause analysis showing how and why compliance failures occurred,
• communicate with the regulator on the remediation plan, its timing and reporting to ensure that a satisfactory resolution is achieved
• recommend, revise or create new policies and procedures in the areas that were deficient
• train staff in the new procedures
• draft and assist in the implementation of a risk mitigation program.
Compliance Documentation
Your Policies and procedures set out the corporate culture of any organization, and govern the day-to-day activities and are also a reference point, providing guidance to all staff on compliance requirements.
These policies and procedures are also documented evidence of the way in which your organization has managed its activities and demonstrates to the regulator the approach to compliance.
TACT can create a comprehensive and practical suite of manuals, policies and procedures for your business. We can also help you to evidence ongoing staff awareness of the contents of these documents.
Financial Crime Prevention
Financial Institutions are at the vanguard of the fight against terrorism and financial crime, as well as being employed to prevent the flow of money to individuals or countries who are the subject of sanctions imposed by the international community.
Preventing the flow of money to terrorists, drug dealers and fraudsters is the responsibility of everyone employed in the industry. The rules are designed to ensure that all firms put in place robust procedures and controls to identify and prevent money laundering, and to ensure that they do not facilitate sanctions breaches. Organisations are required to ensure that all staff are aware of the importance of these controls and how to implement them.
Noncompliance with these rules and regulatory requirements may expose financial institutions to enforcement actions and impose severe penalties on their businesses by regulatory authorities.
Our financial crime prevention support services include:
• policies and procedures reviews
• sanctions compliance
• Anti-Money Laundering (AML)
• client file reviews
• MLRO Reporting
• remediation
• financial crime risk assessment.