Head of Compliance & MLRO : Case Study

Kind Consultancy was approached by an international investment fund active in multiple locations across Europe and North America. Previously, their UK operation had completely outsourced its Compliance function. They were looking to expand their UK base, including creating an in-house Compliance team, beginning with a Head of Compliance and an MLRO.

Working on an exclusive, retained basis, we helped our client to build the job brief, incorporating our knowledge of the current Compliance and Financial Crime landscape in the UK. We then conducted a detailed search and market mapping exercise using a mix of methodology. Our team reached out to people in our existing network who we knew had the specialist skill set our client was looking for. Next, we identified passive candidates we believed would be perfect for the role and made confidential approaches.

Our final shortlist contained only the very best senior Compliance and Financial Crime professionals who had the expertise to take on strategic, leadership roles in a new department. We focused on individuals who had previously held SMF16 and SMF17 functions, or who were of a calibre that we trusted to be ready to step into an FCA-approved role. We also were careful to pre-screen any candidate on the shortlist to consider their personality and culture fit within our client’s existing senior team, making sure their long-term career goals were aligned with the business’s plans.

After interviewing our candidates, the client successfully appointed their preferred candidate and was extremely happy with the quality of people provided. We’ve remained close to both the Head of Compliance and MLRO post placement and have subsequently provided them with more junior staff to build out their new teams.

Want to learn more about how Kind Consultancy helps clients across Financial Services and Banking? Check out our other Case Studies.

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Section 166 – KYC : Case Study

In our Case Study series, we talk you through how Kind Consultancy handled a recent project, to give you a taste of just some of the tailored methods we use to deliver exactly what our clients’ need.

The Client

Kind Consultancy are a long-standing supplier to a Big 4 consultancy. They reached out to us for support on a project with one of their clients, a large retail Financial Services organisation, who had been issued a Section 166 Notice.

The Approach

Kind supplied a team of 10 highly experienced and knowledgeable KYC Analysts who had previously worked with firms who had been issued Section 166 Notices, drawn entirely from the Kind Agile Solutions bench of pre-qualified industry-best contract professionals. Using KAS allowed us to have people with the necessary skills and knowledge on site fast, enabling the client to begin the potentially lengthy review process as soon as possible.

The Result

The team quickly and efficiently worked through a substantial document review project and helped the project leader to identify areas for potential remedial actions. The end client then retained the team to help deliver the necessary changes and improvements, and the regulator decided no further action needed to be taken against the firm.

[Read the full series of Kind Consultancy Case Studies to learn more about the different ways in which we have helped our clients to succeed]

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Preventing Financial Crime

For their 2015/16 Business Plan, the FCA have added financial crime to their list of the top seven risks facing the finance industry, replacing house price growth. It’s not particularly surprising, 2014 was a bad year for high profile, high visibility financial crime cases and the industry is under public and media pressure to do more. In January, the Director General of the National Crime Agency described the British financial system as “particularly attractive” for criminals due to “the high transaction volume, developed financial services industry and [the] political stability of the UK” and that “the involvement of a small minority of complicit, negligent or unwitting professionals in the financial, legal and accountancy sectors, also facilitates money laundering – and unfairly damages the reputation of the large majority of professionals in those sectors.”

The ‘negligent’ and ‘unwitting’ are in the FCA’s firing line, with their Business Plan making repeated mention of the need for “systems and controls” to protect against financial crime, and they promise to implement an enhanced anti-money laundering supervision strategy including continuing their Systemic Anti-Money Laundering Programme which assesses AML and ABC controls at major firms. They’ll also continue to visit smaller firms they believe to be at risk of being exposed to financial crime, a strategy that remains important following their report late last year that found “many small banks and commercial insurance intermediaries fail to effectively manage financial crime risk”. They’re also planning to embed better arrangements and support for whistleblowers and to take a more active role in monitoring pension fraud.

Here at Kind, we’ve partnered with a global risk consultancy firm to help provide financial crime prevention solutions for our clients. If you’re concerned about adapting to new regulations or are worried that your processes may make you susceptible to financial crime, contact me or call the office (on 0121 643 2100) for a more detailed conversation on the solutions we offer and how they can be tailored to suit your needs.

[Sources: 1, 2, 3. Photo by Alan Cleaver]

Lynsey Moore
(This article originally appeared on Lynsey’s LinkedIn)

This post is from 2015 but Financial Crime continues to be a key issue – read our most recent piece on the FCA’s plans for this year and beyond

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