How To Overcome Key Financial Crime Issues?
Financial Crime continues to be very busy for firms within the UK Financial Services – What can firms do to overcome some of the key issues emerging in 2022?
- The scale of fraud increased exponentially in 2021, in response to this it is expected that significant changes in how fraud is regulated, investigated, and prosecuted will take place in 2022, as a result many companies will need to significantly enhance their anti-fraud compliance programmes.
- Authorities have an increased focus on the effectiveness of preventative systems and controls when considering how to resolve investigations, this will require companies to consider how they can best allocate their resources to manage their key risks, meet authorities’ increasing expectations and to ensure they are able to evidence effectiveness.
- With many companies moving to a hybrid working model, the way in which Financial Crime is being investigated is changing. Criminal and regulatory authorities are demanding more in terms of mobile data and a move away from the typical “dawn raids”. Companies will need to review and update current processes and procedures to support “hybrid raids” including training and data mapping.
- Regulators are turning their attention to ESG disclosures published by companies in response to an array of reporting requirements, from climate risk to human rights impacts. Companies are having to manage a large volume of data to support their public commitments, and this is likely to result in significant future enforcement action and litigation.
If you are looking to build-out your Financial Crime resources to support these emerging issues, please reach out to Claire Singer to discuss your requirements.
Claire Singer | Senior Associate, Compliance
T: +44 (0) 20 3889 5739 | E: csinger@danosassociates.com
We are also hosting a free webinar on “How ESG Regulation will impact Financial Services in 2022”, on Thursday 24th March 2022, at 2pm (London). Please Register Here:
