Specialised Solutions for Finance Companies’ Compliance Management

We offer a comprehensive set of risk and compliance solutions tailored to a variety of finance companies' compliance obligations. We can help you comply with finance companies' regulations in a commercially oriented and goal-focused manner, providing a tailored approach to finance companies' compliance management with regard to your specific circumstances, including:

• Your commercial objectives
• Your lending options and products
• Your business size
• Your technology and human resources
• Your risk appetite
• Your governance structure
• Your client demographics
• Your countries of operation, their applicable laws, and relevant finance companies' licensing requirements and regulations, including key aspects such as outsourced providers' monitoring, compliance training, risk management, audit, and assurance.
• Any related compliance obligations, including, but not limited to, finance companies' obligations under privacy laws, anti-money laundering and counter-terrorist financing (AML/CFT) laws, fair trading laws, and more.
• Finance companies' compliance assurance obligations, including internal control design and testing, implementation of compliance calendars, management plans, compliance assurance programs and other second and third-line compliance requirements.
• Specific operational compliance requirements for finance companies, including but not limited to:
  • Client due diligence and onboarding
  • Surveillance and monitoring
  • Recordkeeping
  • Conflict of interest management
  • Regulatory technology (RegTech) integration
  • Internal reporting
  • External reporting
  • Transaction execution
  • Regulatory Filings
  • Prudential Standards

 

What Types of Finance Companies Do We Support?

This page covers compliance solutions for finance companies engaged in deposit-taking, fundraising and lending activities.

Our compliance solutions for finance companies cover the following types of financial institutions:

• Consumer Finance Companies: Businesses that provide loans to individuals for personal, family, or household purposes.
• Commercial Finance Companies: Businesses that offer loans and financial products to other businesses for operational needs, including equipment financing, working capital loans, and commercial real estate loans.
• Auto Finance Companies: Businesses specialising in financing for automobile purchases, including loans and leases.
• Equipment Finance Companies: Businesses providing financing solutions for the purchase and leasing of equipment for other businesses.
• Mortgage Finance Companies: Businesses offering mortgage loans for residential and commercial properties.
• Microfinance Companies: Businesses providing small loans and financial services to underserved or low-income individuals and businesses.
• Payday Loan Companies: Businesses offering short-term, high-interest loans to individuals, typically to cover expenses until their next payday.
• Leasing Companies: Businesses specialising in leasing arrangements for various assets, including vehicles, equipment, and real estate.
• Factoring Companies: Businesses providing financing through the purchase of accounts receivable from other businesses.
• Credit Unions: Member-owned financial cooperatives providing a range of financial services, including loans and savings accounts.
• Building Societies: Businesses providing members with banking and savings products.
• Savings and Loan Associations: Businesses specialising in residential mortgages.
• Mutual Savings Banks: Businesses covering community-based savings and lending needs.
• Community Development Financial Institutions (CDFIs): Businesses focusing on providing financial services in underserved markets.
• Related Financial Activities: We offer services to businesses involved in lending and investment operations following the receipt of investor deposits, ensuring compliance with regulations around protected deposits.

 

What Jurisdictions Do Our Compliance Solutions Cover?

• Australia: Where finance companies are classified as Authorised Deposit-taking Institutions (ADIs) and regulated by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959. For more information about our compliance solutions for Australian Finance Companies, visit our ADIs' compliance solutions page. Lending services provided by non-ADI finance companies are subject to Australian Credit Licence (ACL) requirements under ASIC's regime.
• Singapore: Where deposit-taking activities in Singapore are regulated by the Monetary Authority of Singapore (MAS) under the Finance Companies Act. In terms of finance companies' regulation and finance companies' licensing requirements for lending to individuals or sole proprietors, lending generally requires a Moneylender’s Licence under the Moneylenders Act (MinLaw) and lending to corporations or accredited investors can be exempt.
• United States: Where finance companies can operate under state-specific lending licences or charters, such as Savings and Loan Associations, regulated by the Office of the Comptroller of the Currency (OCC) under the Home Owners' Loan Act. For more information about our compliance solutions for U.S. Finance Companies, visit our Savings and Loan Associations compliance solutions page. Non-deposit-taking lenders must hold the relevant state lending or finance licences, and licensing obligations vary by state.
• United Kingdom: Where finance companies may operate as Building Societies and are regulated under the Building Societies Act 1986. They must also comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. For more information about our compliance solutions for U.K. Finance Companies, visit our Building Societies compliance solutions page. Lending activities outside the scope of deposit-taking must comply with consumer credit licensing and authorisation requirements under the FCA regime.
• New Zealand: Where finance companies are regulated as Non-Bank Deposit Takers (NBDTs) and supervised by the Reserve Bank of New Zealand (RBNZ) under the Deposit Takers Act 2023 and the Financial Markets Authority's criteria under the Financial Markets (Conduct of Institutions) Amendment Act 2022. For more information about our compliance solutions for New Zealand Finance Companies, visit our NBDTs' compliance solutions page. All local non-bank lenders generally require FSP registration and AML/CFT registration, depending on their business model. Retail non-deposit-taking lenders must comply with the Credit Contracts and Consumer Finance Act (CCCFA).
• Cayman Islands: Where finance companies may operate under a Banking Licence issued by the Cayman Islands Monetary Authority (CIMA) under the Banks and Trust Companies Law.
• Bermuda: Where finance companies can be licensed under the Banks and Deposit Companies Act 1999, overseen by the Bermuda Monetary Authority (BMA).
• British Virgin Islands (BVI): Where finance companies providing deposit-taking services are regulated under the Banks and Trust Companies Act 1990 by the BVI Financial Services Commission (BVI FSC).
• Isle of Man: Where finance companies are regulated under the Financial Services Act 2008 by the Isle of Man Financial Services Authority (IOMFSA).
• Other jurisdictions with finance companies' compliance management requirements.
• Further information: For information about lending-only entities, visit our Consumer Lending Compliance Solutions and Commercial Lending Compliance Solutions pages.

 

Finance Companies’ Compliance Advisory

Our focus areas include:

• Detailed Compliance Advice: Covering finance companies' compliance management issues across the first, second, and third lines, as well as matters related to effective compliance with financial markets regulations and finance companies' licensing requirements.
• Banking Relationships Advice: On risk and compliance issues related to managing and expanding relationships with banks, liquidity providers, and other financial institutions to help you meet their risk appetite requirements, anti-money laundering and counter-terrorist financing requirements, fraud prevention and recall volume expectations, and other compliance-related and operational standards.
• Operational AML Advice: Advising support, onboarding, KYC, operating and other teams on the day-to-day onboarding and support queue management, effective AML/CFT resource allocations, and operational improvements, helping you maintain the overall customer experience and efficiency while remaining compliant with finance companies' AML/CFT requirements.
• Operational Compliance Advice: Advising compliance, management, technology, and support teams on the day-to-day compliance with finance companies' regulations, focusing on internal processes and critical internal controls for effective finance companies' compliance management.
• Risk Management Advice: Covering risk rating and methodologies, risk assessments, management, and mitigation for various risk types faced by finance companies, including regulatory, ML/TF, fraud, data protection, and operational risks. We help you safeguard against potential compliance breaches and comply with risk management obligations under finance companies' licensing requirements and other applicable laws and regulations.
• Compliance Framework Advice: To help you create or enhance your compliance management framework, identify gaps and areas of improvement, meet the finance companies' compliance obligations effectively, improve internal governance and reporting, and optimise them for market expansion and growth.
• Finance Companies' Licensing Advice: We can guide you through the licensing process, help you apply regulations to your specific circumstances and business environment, and meet finance companies' licensing requirements to become licensed or maintain it.
• Peer Benchmarking and Best Practices: We can help you benchmark your compliance practices against peers and applicable regulatory compliance guidance, identify areas for improvement and adopt best practices for enhanced compliance.
• Government Agencies Liaison Advice: We provide strategic guidance to senior management and compliance teams on maintaining and managing relationships with external bodies, including regulators, AML/CTF supervisors and law enforcement agencies, focusing on long-term compliance strategies and proactive engagement.
• Specific Finance Companies' Compliance Issues: We can help you resolve specific risk or compliance issues related to finance companies' regulations and compliance obligations, including but not limited to external audits and reviews, reporting, oversight, difficult clients or transactions, expansion challenges, compliance management issues, process optimisation, regulatory challenges you may encounter and more.
• Further information: You can visit our Regulatory Compliance Consulting Solutions page for a comprehensive list of advisory services we offer to finance companies and other licensed financial institutions, financial services providers, and regulated businesses.

 

 

Reporting and Regulatory Liaison Solutions for Finance Companies’ Compliance

• Regulator Liaison Management: Providing operational guidance to senior management and compliance teams on managing relationships with regulators, AML/CFT supervisors, police bodies, privacy commissioners, and other government entities. This includes handling requests for information, responding to ad-hoc regulatory inquiries, managing findings from audits and investigations, managing compliance with reporting obligations for finance companies and more.
• Board and Committee Reporting: Facilitating structured reporting workflows for various committees and board delegates, including risk, compliance, and audit committees, focusing on your current compliance status, deviations from your risk appetite, changes in risk ratings and any operational compliance updates to ensure that governance structures are well-informed and aligned with compliance management practices.
• Compliance Performance Metrics: Developing and presenting comprehensive compliance performance metrics to the board or relevant committees, offering insights into your compliance effectiveness and identifying points for improvement in key compliance areas, including compliance training, fraud prevention, compliance monitoring, risk rating and assessment, controls effectiveness, adherence to your compliance calendar, regulatory technology (RegTech) performance, and more.
• Internal Audit Reporting: We can help you increase the effectiveness of the internal audit to make its findings reflect your actual performance against the finance companies' compliance obligations. This includes developing tailored methodologies for the auditors, preparing the necessary audit evidence and reviewing audit results. The goal is to ensure that audit procedures and outcomes directly contribute to maintaining and enhancing your compliance status and internal controls' effectiveness.
• AML/CFT Reporting Compliance:  We help with the implementation of effective AML/CFT reporting processes, aligning with specific anti-money laundering regulations for internal oversight and prompt escalation of critical AML issues within your business to help the management receive a clear overview of your AML/CFT compliance status.
• Transactional Reporting: Implementing effective transactional reporting procedures to help with finance companies' compliance management of reporting obligations under various laws and regulations, including submitting SAR, SMR, STR, PTR, TTR, specific reportable matters under the finance companies' licensing requirements and other externally reportable transactions and activities.
• Internal Quality Assurance Reporting: While second-line control testing is crucial for complying with finance companies' regulations, including finance companies' licensing requirements, first-line quality assurance results are equally important for effective risk and compliance management. We help organise effective reporting lines, tailor reporting content to your specific circumstances, products, and team size, and establish a structured approach to responding to reporting outcomes.

 

 

Comprehensive Compliance Management Solution for Finance Companies

Our compliance management services include, but are not limited to, the following:

• Finance Companies' Compliance Management Leadership: We act as your Compliance Leads and Compliance Managers, fully managing compliance obligations under the applicable finance companies' licensing requirements, laws, regulations, industry codes, and regulatory guidance.
• Second-Line Compliance Management: We offer a full range of second-line compliance assurance solutions, including internal controls testing for operational, compliance, marketing, legal and other risks, as well as managing issue closure control testing and more.
• Supporting the Board in Strategic Compliance Management: Advising on the necessary compliance resourcing, budget, tools, role structuring, and compliance functions' structure to support your specific business objectives within your risk appetite and risk management framework.
• Compliance Project Management: Effectively coordinating between senior management, committees, legal advisers, risk and compliance functions, outsourced providers, and different departments, including product development, technology, customer support, operations, assurance, marketing, and others, to help you successfully implement compliance projects across the business.
• Customised Governance Solutions: Tailoring governance frameworks and mechanisms to fit your specific governance structure and effectively comply with finance companies' regulations and other applicable obligations. Whether your business is locally oriented, a start-up, undergoing expansion, part of a multinational group, has a listed parent company or is undergoing restructuring, we tailor the oversight of finance companies' compliance management to your business case.
• Stakeholder Management and Reporting: Reporting to the board, committees, shareholders, regulators and other stakeholders. Providing management and the board with comprehensive compliance reports that cover your compliance with finance companies' compliance obligations, regulatory development summary, compliance-related data and statistics, internal controls testing outcomes and more. Also covering the status of your specific compliance-related projects and compliance goals, relevant compliance KPIs, and more.
• Compliance Calendar Implementation: We design and implement compliance management programs and calendars, covering such areas of finance companies' compliance obligations as policy and key document reviews, control testing, risk assessment and reviews, vendor reviewers, user system access reviews, assurance activities and more.
• Managing Customer Onboarding and Due Diligence: Implementing commercially oriented and compliant processes for KYC information collecting, Know Your Business (KYB), ML/TF risk assessment, Pep and Sanctions screening, CDD and EDD, especially for higher ML/TF risk clients, to help you comply with AML/CFT compliance obligations for finance companies.
• AML Transaction Monitoring and Reporting: Developing and implementing a set of business-specific ML/TF alerts and red flags to detect and report suspicious transactions to comply with the finance companies' AML requirements without making AML/CFT compliance a hindrance to business.
• Information Requests and AML/KYC Data Sharing: Handling information requests from law enforcement agencies, AML/CTF supervisors, and other relevant AML/CTF designated entities, such as your banking partners and other essential service providers (liquidity providers, finance providers, etc.), ensuring that you are fully supported in all AML/CTF compliance-related communications.
• Business Expansion Support: Providing support for your business expansion objectives, recognising and assessing new risks, developing and implementing controls and mitigations for them, as well as addressing new compliance obligations and putting in place practical tools and systems to manage them.
• Finance Companies' Operational Compliance: Including but not limited to:
  • On-the-Ground Compliance: Conducting compliance management meetings, organising routine and ad hoc compliance reporting, overseeing mitigations and controls testing, leading adjustments and enhancements to your internal controls and protocols when required.
  • Compliance Process and Operations Building: Developing effective and compliant procedures and processes to implement your policies, support your operations across different teams and mitigate operational, regulatory and other risks.
  • Outsourced Provider Performance Monitoring: Setting up initial due diligence and ongoing review frameworks for your outsourced providers to help you meet the required service standards for outsourcing under various finance companies' compliance obligations, including finance companies' licensing requirements.
  • Incident Management and Reporting: We can help you set up effective processes for incident reporting, escalations, and management at different levels of your business.

 

 

Finance Companies’ Compliance Assurance 

Our services include:

• Compliance Assurance Programs:  We can design and implement your compliance assurance program to maintain enhanced oversight of your compliance with both finance companies' regulations and your internal compliance and risk appetite thresholds.
• Organisation-Wide Risk Assessments: Helping you focus on the specific risks faced by your business, considering its size, products, client types, jurisdictions of operation, delivery channels, financial institutions you interact with, available technology, and other tools. This includes assessing available mitigations, controls, their effectiveness, residual risk ratings, and the plan to move forward.
• Internal Controls Design: We can develop internal controls for various risk types, including regulatory, fraud, operational, strategic, financial, and other risks. Please visit our Internal Controls Design page for more information. 
• Assurance Testing: We conduct assurance testing to verify that the business complies with its policies, procedures, and finance companies' compliance obligations, including finance companies' licensing requirements. We also assess whether your internal controls effectively mitigate existing risks, including those required to be monitored under the applicable finance companies' regulations. This process includes a compliance controls testing report and, if necessary, a gap analysis.
• Compliance Quality Assurance: We go beyond merely meeting regulatory requirements. We focus on evaluating and enhancing your risk and compliance management processes to ensure they align with your current and future goals, business model, risk analysis, your current client inflow, and more. We also suggest which compliance processes you can use to meet your goals. Here is an example of this service in the AML/CFT area.
• Assurance Reporting: Compiling testing findings and issuing comprehensive compliance assurance reports, which include:

• Identification of any deficiencies or control weaknesses, with clear explanations and potential root cause analysis.
• Recommendations for corrective actions to address identified issues and enhance compliance effectiveness.
• Evaluation of the overall effectiveness of your internal controls and regulatory compliance monitoring program against your desired assurance level.

• Regulatory Inspection Readiness: We can help your business prepare for external audits and regulatory inspections, reducing the risk of adverse findings related to finance companies' compliance obligations. This includes conducting mock inspections to identify gaps, reviewing documentation and record-keeping practices to ensure all relevant materials are well-organised and readily accessible, and training staff on their roles in the inspection process. We assist in identifying any missing information and weak points, provide interview preparation, and more to ensure readiness for auditor or regulator review.
• Further information: You can visit our Compliance Assurance Solutions page for more information on our third-line compliance assurance review solutions.

 

 

Compliance Remediation Solutions

Our focus areas include:

• Compliance Remediation Advice: Assisting finance companies in effectively addressing and rectifying compliance issues, from minor breaches to significant regulatory challenges, including warnings and action plans.
• Remediation Plan Development: Following the independent review, we assist in analysing the findings to identify necessary remedial actions. We then support finance companies in devising a detailed plan outlining these actions for submission to your regulator or an AML/CFT supervisor, ensuring the plan is both actionable and compliant with regulatory expectations.
• Remediation Plan Commitment: We help finance companies complete their remediation plans and prevent non-compliance recurrence.
• Executive Attestation Support: Our services include assisting senior executives in preparing the required attestations to your regulator. This involves confirming that all necessary remedial actions have been undertaken and adequate compliance measures are in place, supported by comprehensive documentation and evidence. This option covers assistance with the removal of any licensing restrictions.
• Further Information: For more information, you can visit our Compliance Remediation Solutions page.

 

Internal Controls Testing and Financial Companies’ Compliance Management

When it comes to reality versus a nice policy or procedure with nothing else to show for it, it’s often a case where a policy says A, but reality says B. One might ask, why didn’t we test our internal controls before? Or, why didn’t we do it properly? There’s nothing worse than faking compliance instead of actually doing it.

Our second line of compliance defence solutions covers the development, testing, and enhancement of a wide range of controls to ensure compliance with various laws and regulations governing finance companies' compliance obligations.

We go beyond merely quoting finance companies' regulations or a selection of licensing requirements, then adding Excel sheets painted in different colours as a supposed source of truth with nothing to show for it.

• We test them.
• We link them to your risk appetite and core risk management documentation.
• We provide relevant suggestions and analysis tailored to your business.

Some of our focus areas for testing the finance companies' compliance requirements include:

 

Regulatory Compliance and Licensing Controls

• Compliance Management: Finance companies are expected to have robust compliance management systems, including conflict of interest management and staff training, to meet regulatory requirements and financial supervision standards.
• Liquidity Management: Finance businesses should maintain sufficient liquidity to meet operational needs and withdrawal demands, aligning with regulatory standards.
• Capital Adequacy: Finance companies are required to maintain adequate capital to cover operational and credit risks, particularly under frameworks like APRA's guidelines.
• Financial Auditing: Finance companies should engage qualified auditors who conduct regular financial audits to validate financial health and ensure regulatory compliance.
• Cross-Border Application of Regulations: Finance Firms must adhere to international banking regulations and standards when offering services in multiple jurisdictions.

 

Operational Oversight Controls

• Outsourcing Oversight: Finance companies should control third-party services for technology, payment processing, or customer support to comply with regulatory standards such as GDPR in the EU and the Privacy Act in Australia.
• Risk Management: Finance businesses should identify and mitigate financial, operational, and cybersecurity risks, aligning with guidelines from regulatory bodies.
• Governance Arrangements: Finance companies should establish effective management structures and decision-making processes to comply with governance standards set by regulatory authorities.
• Senior Management Accountability: Finance firms should assign specific responsibilities to senior management to ensure accountability for compliance and risk management practices.
• Operational Resilience: Finance companies are expected to ensure the continuity of operations, particularly in digital banking contexts, adhering to resilience standards set by regulatory bodies across different regions.
• Technology Risk Management: Finance businesses should manage the risks associated with digital platforms, including data security, system reliability, and protection against cyber threats, in line with relevant regulations.

 

Market Integrity and Transparency Controls

• Market Conduct Standards: Finance companies should ensure fair and transparent practices, particularly in customer interactions, product offerings, and advertising.
• Fair Dealing Principles: Finance firms should guarantee fair treatment of customers, offering transparent terms and conditions, especially for loan products and related services, in line with Customer Protection Standards.
• Conduct and Disclosure Standards: Finance companies should maintain high standards of conduct and ensure clear, effective disclosures to customers, aligning with consumer protection laws and regulations.
• Service Provision Standards: Finance businesses should provide services efficiently, honestly, and fairly.
• Client Asset Protection: Finance companies should safeguard client funds and ensure they are segregated from operational funds, in compliance with regulatory requirements.

 

Resource Management Controls

• Resource Adequacy: Finance firms should maintain adequate financial, technological, and human resources to support effective operations and regulatory compliance.
• Professional Competence: Finance companies are expected to ensure that staff, particularly those in risk management, compliance, and customer service, possess the necessary skills and knowledge to fulfill their roles effectively.

 

Reporting Controls

• Regulatory Reporting: Finance companies should report operational, financial, and compliance information to regulatory bodies, ensuring transparency and adherence to regulatory standards.
• Record-Keeping: Finance firms should maintain accurate and accessible records of customer transactions, account information, and compliance efforts, facilitating audits and regulatory reviews.

 

Transactional Controls

• Authorisation and Verification Procedures: Finance companies should verify customer identities and transactions, aligning with AML/KYC regulations in jurisdictions like the EU or the U.S.
• Conflict of Interest in Transactions: Finance businesses should identify and manage potential conflicts of interest, ensuring decisions are made in the best interests of customers and comply with regulatory standards.

 

Licensing Solutions for Finance Companies

• Financial Licensing Application Support: We provide comprehensive support for a wide range of financial companies' licensing applications, including:

 

• Deposit taking:

• ADI Licence in Australia: We assist finance companies in obtaining an Authorised Deposit-taking Institution (ADI) licence from APRA, ensuring compliance with the Banking Act 1959 and other relevant regulations.
• New Zealand Finance Company Licence: Leverage our expertise in navigating the application process for the local finance company licence equivalent (Deposit Takers Licence), meeting the Reserve Bank of New Zealand's (RBNZ) licensing criteria under the Deposit Takers Act 2023, and the Financial Markets Authority's criteria under the Financial Markets (Conduct of Institutions) Amendment Act 2022.
• U.K. Finance Company Registration: We assist with obtaining the necessary Building Society authorisation from the Prudential Regulation Authority (PRA), ensuring compliance with the Building Societies Act 1986 and relevant AML regulations.
• U.S. Savings and Loan Associations Charter: Our team assists you in navigating the regulatory requirements and obtaining the charter from the Office of the Comptroller of the Currency (OCC) under the Home Owners' Loan Act.
• Singapore Finance Company Licence: We assist with obtaining a Finance Company Licence from the Monetary Authority of Singapore (MAS) under the Finance Companies Act.
• Class B or Class C Banks in the Cayman Islands: Benefit from our tailored guidance for obtaining a non-bank deposit taker licence for Class B or Class C Banks regulated by the Cayman Islands Monetary Authority (CIMA) under the Banks and Trust Companies Law.
• Non-Bank Financial Institutions in Bermuda: Leverage our expertise to navigate the Bermuda regulatory environment for finance companies. We assist with the entire licensing process under the Banks and Deposit Companies Act 1999 by the Bermuda Monetary Authority (BMA).
• Non-Bank Financial Institutions in the BVI: We offer comprehensive support for securing a finance company licence in the BVI. This includes guidance on meeting the requirements set forth by the BVI Financial Services Commission under the Banks and Trust Companies Act 1990.

• Lending: 

• Australian Credit Licence (ACL) Application: We assist lenders in obtaining an Australian Credit Licence (ACL) from the Australian Securities and Investments Commission (ASIC), meeting regulatory requirements under the National Consumer Credit Protection Act 2009, including responsible lending and disclosure obligations.
• New Zealand Lender FSP Registration and AML/CFT Compliance: We guide lenders through the Financial Service Provider (FSP) registration process and support compliance with the local AML/CFT laws and regulations.
• U.K. Consumer Credit Firm Authorisation: We assist firms in obtaining authorisation from the Financial Conduct Authority (FCA) to engage in regulated consumer credit activities under the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000.
• U.S. State Lending Licences: We help navigate the state-by-state licensing requirements for consumer and commercial lending, including state-specific lending licences and compliance with federal regulations such as the Truth in Lending Act (TILA) and oversight by the Consumer Financial Protection Bureau (CFPB).
• Singapore Moneylender’s Licence Application: We provide assistance with obtaining a Moneylender’s Licence under the Moneylenders Act 2008, administered by the Ministry of Law (MinLaw), covering regulatory obligations for lending to individuals and sole proprietors.
• Cayman Islands Lending Licensing: We assist in establishing lending operations in the Cayman Islands, advising on exemptions and licensing pathways available under the regulatory framework administered by the Cayman Islands Monetary Authority (CIMA).
• Bermuda Lending Compliance Support: We offer support for businesses engaging in lending activities in Bermuda, including guidance on licensing or exemption options under the regulatory framework administered by the Bermuda Monetary Authority (BMA).
• British Virgin Islands (BVI) Lending Regulatory Guidance: We assist lending businesses in understanding and meeting the requirements for engaging in credit activities in the BVI, including licensing or exemption pathways under applicable BVI FSC regulations.

• Further Information: For more information about our compliance solutions for Finance Companies in other jurisdictions, please visit the respective compliance solutions pages.
• International Governance Alignment: We provide strategic advice on aligning governance models for financial companies operating across multiple jurisdictions to meet diverse licensing compliance expectations while maintaining operational efficiency and regulatory compliance.

 

 

Policies and Procedures for Finance Companies’ Compliance Management

• Compliance Policies and Core Documents: We develop, enhance, and implement a set of core policies, manuals, frameworks, and procedures for effective finance companies' compliance management.
• Effective Procedures for Finance Companies' Compliance Management: We draft and enhance a detailed set of procedures and protocols to meet the distinct needs of your business, focusing on efficient compliance, your business goals, and applicable finance companies' compliance requirements.
• Examples: These policies and procedures include, but are not limited to:

 

Operational Compliance

• Compliance Management Frameworks
• Compliance Monitoring Programs
• Compliance Calendars and Checklists
• Complaints Handling and Dispute Resolution Policies
• Compliance Training Manuals and Programs, as part of our regulatory compliance training solutions
• Obligation Registers
• Incident Reporting Policies and Procedures
• Outsourcing Policies and Vendor Risk Management policies as part of our outsourced provider's compliance management solutions
• New Client Account Opening Policies and Procedures, as part of our customer onboarding solutions

 

Governance and Oversight

• Board Charters, Risk, Audit and Compliance Committee Charters, as part of our corporate governance solutions
• Codes of Conduct
• Delegations Registers
• HR Manuals and Policies
• ESG Compliance Policies
• Conflict of Interest Policies

 

Risk Management

• Risk Management Frameworks as part of our risk management solutions
• Risk Assessment Guidelines and Methodologies
• Internal Control Testing Methodologies
• Risk Registers and specialised risk registers like Health and Safety Risk Registers
• Cybersecurity Risk Management Policies

 

Audit and Assurance

• Compliance Assurance Programs as part of our compliance assurance solutions
• Internal Audit Policies and Programs as part of our internal control testing solutions
• Regulatory Reporting Procedures

 

Client and Market Conduct

• Marketing and Advertising Policies
• Staff Dealing and Insider Trading Policies
• Margin Dealing Conduct Policies and Procedures
• Fair Lending Policies

 

AML/CFT and Financial Crime Compliance

• AML/CFT Compliance Programs
• AML/CFT Risk Assessment
• Whistleblowing Policies
• Sanctions Compliance policies and procedures
• Fraud Prevention Protocols and Controls as part of our fraud prevention solutions
• ABC Policies

 

Privacy and Data Management

• Client Data Protection Policies
• Record-keeping Policies and Procedures and/or Data Governance Policies as part of our record-keeping compliance solution
• External Privacy Policies
• Internal Data Protection Compliance Programs

 

 

Compliance Training and Capacity Building

We focus on practical compliance and the application of training to real-world compliance scenarios and challenges that finance companies generally face. Our services include:

• Customised Compliance Training Solutions:  Specialised compliance training sessions for various teams, including management, compliance, operations, sales, and customer relations, focusing on finance companies' regulations, applying finance companies' compliance management practices to your circumstances, risk awareness, and more.
• Up-to-date Regulatory Compliance Updates:  Keeping compliance officers, managers, CROs, COOs, and other Risk and Compliance team members informed of changes in finance companies' licensing requirements and regulations, AML/CFT updates, and changes in regulatory guidance.
• Data Analysis for Effective Compliance Monitoring: Covering training on compliance-related, data-based analysis and its results, including risk rating, internal control adjustments, resource and focus reallocation, and more.
• Workshops on Emerging AML Trends and Red Flags: Updating on the new AML trends, red flags, typologies, and AML/CFT requirements for finance companies. For more information, please visit our AML/CFT Training Solutions page.
• Practical Workshops: Interactive workshops focused on effective and goal-oriented finance companies' compliance, capacity planning, and resource allocation, covering:

• Finance companies' regulations
• Internal and external compliance reporting
• Effective governance over risk and compliance functions
• Organisation-wide risk assessment, risk rating methodologies and the development, management, and testing of corresponding internal controls, including controls testing methodologies and practical techniques.
• Finance companies' compliance reality, including outsourced provider monitoring, UAV management, incident management, product suitability assessments, advertising and marketing compliance, improvements in the client onboarding journey, transaction monitoring processes, and more.

• Further information: You can visit our Compliance Training Solutions page for more information on the compliance training services we offer to licensed financial institutions and financial service providers.

 

Finance Companies and AML/CTF Compliance

We offer a complete set of solutions covering finance companies' anti-money laundering (AML), financial crime and counter-terrorism financing (CTF) compliance. Our solutions include:

• Customer due diligence, screening, and customer onboarding solutions
• Development of transaction monitoring frameworks tailored to finance companies' specific ML/TF red flags and your business specifications
• AML advisory covering finance companies' compliance issues and challenges
• Drafting, testing, and updating AML policies and procedures
• AML training and capacity building
• Managed AML compliance solutions for finance companies
• Internal and statutory AML/CFT audit solutions for finance companies
• Financial crime prevention framework development focusing on common fraud risks faced by finance companies.
• For more information, please visit our specialised AML Compliance Solutions page for Finance Companies

 

Finance Companies’ Compliance Technology Integration

Our services cover compliance aspects concerning the integration of technology for risk and compliance e-management, transactional reporting (where applicable), usage of AI, technology outsourcing, and compliance aspects of third-party risk management for finance companies, including:

• Needs Assessment
• Compliance Technology Selection: Based on your budget, products, available operational and technical resources, and the applicable finance companies' compliance obligations
• Implementation assistance across the organisation
• Streamlining operational workflows: For routine compliance tasks like data collection, reporting, and risk assessments
• AML/CFT Compliance Technology: Covering customer digital onboarding, E-KYC, PEP and sanctions screening, transaction monitoring, etc.
• Integration of finance companies' compliance obligations into an effective CRM system
• Record-Keeping Obligations: Helping you choose and integrate the necessary tools to comply with the record-keeping requirements under various laws and finance companies' regulations

 

Data Management and Information Privacy Solutions

• Data Governance and Compliance:  Assisting finance companies in establishing robust data governance procedures, programs, and protocols that align data collection, storage, and usage practices with relevant data privacy regulations, such as GDPR, CCPA, and other applicable laws. These measures safeguard sensitive client and business information from unauthorised access, breaches, and misuse.
• Privacy Policy Compliance Monitoring: Helping you implement privacy policies that reflect the latest data protection legislation, supported by continuous compliance monitoring tools to maintain the highest data privacy standards.
• Record Maintenance Protocols:  We assist in developing and implementing effective procedures for maintaining necessary records, covering finance companies' compliance with applicable regulatory reporting standards and reporting requirements.
• Record Availability and Inspection Readiness:  Finance companies' regulations often require records to be readily available for inspection by regulators, AML/CFT supervisors, tax agencies, and other relevant authorities. This extends to information kept by your outsourced service providers. We help you organise your record-keeping processes to meet these needs.

 

ISO Standards and Finance Companies’ Compliance

• Cross-Reference Mapping: Integrating ISO standards such as ISO 27001, ISO 9001, and ISO 22301 into an existing compliance framework and linking specific sections of ISO standards to corresponding procedures in your internal policies and procedures.
• Pre-Audit Preparation: Coordinating ISO controls testing across different parts of the business.
• Leading evidence collection across the different departments to cover relevant compliance areas such as planning, governance, organisational controls, operational controls, technological controls, and physical controls through structured workflows.
• Digital Compliance Repository: Helping you utilise a centralised digital repository for storing all compliance-related documents and evidence, making it easily accessible for audit purposes and compliance verification.
• ISO Audit Liaison:  Acting as a liaison between your team and the auditors, coordinating information requests, and ensuring all the necessary documentation is readily available.
• Post-Audit Remediation Management: We can lead the implementation of your remediation plan and support corrective actions to address all audit findings effectively.

 

Regulatory Change Management Solutions

Empower Your Business with Proactive Regulatory Change Management:

• Stay Ahead of the Curve:  We actively monitor regulatory updates from global financial authorities like MAS, ASIC, FMA, FCA, SEC, and other regulators for finance companies' compliance changes and updates to evaluate the implications of regulatory changes.
• Impact Assessment and Mitigation Strategies: We analyse the potential impact of regulatory changes on finance companies' compliance management frameworks and operational processes. We then collaborate with you to develop effective mitigation strategies that support continued compliance and minimise disruption.
• Seamless Implementation and Change Management:  We guide finance companies through necessary process adjustments, update internal policies and procedures, facilitate a smooth transition through regulatory changes, and assist with effective communication with impacted stakeholders.