Ever since the inception of the Financial Services and Markets Act 2000 (“FSMA 2000”), financial crime prevention has received an increasing amount of scrutiny from regulators; this is true across the board but especially for those working in sectors such as payment services providers,  wealth and investment managers, electronic money institutions and those dealing with cryptocurrency.

This additional scrutiny is then coupled with draconian regulatory powers, meaning many firms need advice on what those powers entail and how they might affect them.

A risk-based approach

A self-regulated, risk-based approach is at the core of the FCA’s supervisory strategy.  This means regulated firms are expected to know their business inside out, analysing their processes and associated weaknesses in order to develop policies and procedures that effectively mitigate the risk they could be used for the purposes of financial crime.

If your firm is looking to take a proactive approach to manage risk, or are responding to an engagement, either from the FCA or HMRC, Get Regulated is here to support you throughout.  We can help you manage risk, meet obligations and respond to requests from the regulator in a timely and effective manner.

S.166 FSMA 2000 reviews

The FCA has the power to obtain a report from a selected third party (a ‘skilled person’) about parts of a regulated firm’s activities, if they have any concerns or perhaps require further analysis.

Get Regulated has the expertise to support firms in the course of skilled person reviews.  Because of our depth of experience, we know what regulators are focused upon and will ensure we are transparent, fair and proportionate when conducting a skilled person review.

S.166 firm side support

If we are not the appointed skilled person, we can support you and your firm through the entire review and provide firm side support.  This means we provide help and guidance throughout the process, meaning you are fully prepared.  This also means you will be advised on ensuring you are engaging with the skilled person review in the right way.  In our role, we will support you throughout, the process and no stone will be left unturned to ensure your firm achieves the best possible outcome.

Once the visit has been completed, we then work with the firm to advise not only on suitable communications with the relevant regulatory bodies but we can also assist in compiling suitable remedial action plans, designed to provide regulators comfort that the highlighted issues are being addressed.

Assurance and independent reviews (AML health checks)

A key area of distinct, independent advice is our provision of a review of your fraud and financial crime framework.  Whether this is because your firm has realised it needs to conduct a thorough review, or it is as a result of regulatory intervention, our years of experience means you will get a framework that is tailored to your business and fit for your firm’s requirements.

Fraud and financial crime risk assessments

Get Regulated supports firms across a variety of regulated sectors and, in so doing, ha developed tailored and actionable risk assessments. We work with our clients to understand and define your methodology, meaning we can then perform a risk assessment tailored to your business. All this means risk-based action plans and policies and procedures can be drafted to help you mitigate your risk.

Training – AML/MLRO and mock interviews

Given our experience in working with the FCA, we are able to design and deliver top quality training on multiple aspects of your business, including Anti-Money Laundering, the requirements expected of an MLRO and mock interviews.

High value dealers

What is a High Value Dealer?

“A high value dealer under the Money Laundering Regulations is any business or sole trader that accepts or makes high value cash payments of 10,000 euros or more (or equivalent in any currency) in exchange for goods. Cash means notes, coins, or travellers cheques. This includes when a customer deposits cash directly into your bank account, or when they pay cash to a third party for your benefit…”  For more information, see Money laundering supervision for high value dealers – GOV.UK (www.gov.uk).

Get Regulated provides assistance and support for businesses who, although may not be regulated by the FCA, may still be required to register with HMRC under the MLR2017.  We provide independent AML/CTF reviews, designed to assess and advise on the fraud and financial crime risks your business faces.