Comprehensive Regulatory Compliance Assurance Solutions

Effective Compliance Assurance Solutions for financial institutions and regulated businesses. | Compliance Assurance Program Design, Review and Implementation | Independent Compliance Reviews | Third-Party Assurance | Specialised Regulatory Compliance ServicesWe offer a set of effective regulatory compliance assurance solutions to test adherence to:

  • Financial laws and regulations
  • Financial licensing regimes
  • Anti-money laundering and counter-terrorism financing (AML/CFT) laws and regulations
  • Data management and privacy laws
  • CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act)
  • Sanctions laws
  • Other regulated areas

 

Service Summary

Our regulatory compliance assurance services include:

 

Third Line Compliance Assurance

  • Compliance Assurance Programs: We develop comprehensive compliance assurance programs (CAP) with effective compliance testing mechanisms, tailored to different types of businesses (startups, company groups, high-risk corporates, etc.)
  • Independent assurance Comprehensive Testing: We conduct independent compliance reviews and organisation-wide regulatory compliance testing as part of a 3rd-line compliance assurance or an internal audit function
  • Specialised Compliance Testing: We conduct specialised independent reviews of the compliance of selected areas, procedures, protocols, or regulatory obligations
  • Assurance Reporting: We provide efficient and value-adding assurance reports that focus on the applicable regulatory obligations and areas for improvement

 

Compliance Audits

  • Internal audit report option: Our internal audit option has detailed insights and assessments of your compliance status, helping to direct focus on areas needing immediate attention and or rectification. It also includes alignment with business goals and resource allocation
  • AML/CFT Compliance Review: a confidential review of your AML/CFT compliance that goes beyond statutory audit requirements with a focus on commercially oriented AML/CFT compliance
  • AML/CFT Statutory Audit:  With both limited and reasonable assurance options
  • External Audit Preparation Solution: We help you prepare for external audits and regulatory reviews by assessing compliance documentation, testing controls, and conducting mock audits to prepare your business for an external audit or a regulatory inspection
  • Post-remediation compliance assurance: Following an external audit or regulators' review focusing on assurance of areas of improvement, as well as minor and major non-compliance findings

 

Second Line Compliance

  • Comprehensive 2nd Compliance Testing:  This service involves designing and testing internal controls to ensure alignment with your risk and compliance management frameworks

 

Targeted Assurance

  • Pre-licensing compliance assurance review: We independently assess compliance with licence conditions before your financial license application is launched. This reduces the risks of a failure of your financial licence or authorisation application
  • Third-party assurance: Our third-party assurance services help you comply with our obligations related to outsourced providers and vendors under different laws and regulations. This includes:
  • Developing and implementing key outsourcing policies and procedures,
  • Vendor risk assessments
  • Tech tools incorporation
  • Vendor reporting
  • Effective protocols for vendor onboarding, continuous monitoring and offboarding
  • Incident management and escalations

 

Service Coverage

Comprehensive Regulatory Compliance Assurance Services tailored to applicable financial laws and regulations, including BSA/AML/CFT, financial licensing, third-party assurance, and other key obligations | Independent Compliance Reviews of your key policies and procedures | Compliance Assurance Program enhancements and other specialised Compliance Assurance Solutions.We offer our regulatory compliance assurance solutions to a range of financial institutions, financial service providers, AML/CFT reporting entities and other regulated businesses, including but not limited to:

Financial Institutions and Regulated Entities

  • Investment bankers, investment firms, and fund managers, including MIS (Managed Investment Schemes) and DIMS (Discretionary Investment Management Services)
  • Brokers, including forex brokers and derivatives platforms
  • Currency exchange providers, e-money issuers, money remitters, and money transmitters
  • Non-bank lenders, including consumer credit providers, credit unions, corporate finance providers, building societies, savings and loan associations, and finance companies
  • Neo-banks
  • Derivatives issuers
  • Investment advisers and wealth managers, including financial planning specialists
  • Custodians and licensed trustees, including custodial or depository service providers
  • P2P lending platforms and crowdfunding services
  • Insurance providers, including life and maritime insurance providers
  • Online casinos and gambling outlets
  • Fintech companies
  • Payment gateway providers

 

 

 

Public and Private Organisations

  • Publicly listed companies
  • Private companies
  • Family-owned businesses
  • Non-profit organisations

 

Designated Non-Financial Businesses and Professions (DNFBPs)

  • Accountants, lawyers, and auditors regulated under AML/CFT obligations
  • Real estate businesses
  • Trust and company service providers (TCSPs)

 

Regional Coverage

We offer regulatory compliance assurance solutions for businesses that operate under:

  • Australian compliance regime, including an independent review of compliance with:

 

  • United Kingdom's compliance regime, including an independent review of compliance with:

 

  • United States compliance regime, including an independent review of compliance with:

 

  • Singapore compliance regime, including an independent review of compliance with the Singaporean financial licensing and compliance regime:

 

  • European Union compliance regime, including an independent review of compliance with European and national financial marketing conduct AML/CFT laws and regulations and local financial licensing regimes.

 

  • New Zealand compliance regime including an independent review of compliance with:

 

  • Prominent formation centres, compliance and AML/CFT regimes, including:
  • Belize compliance regime, including an independent review of adherence to the International Financial Services Commission Act for financial licensing, and the Money Laundering and Terrorism (Prevention) Act for AML/CFT compliance.
  • British Virgin Islands compliance regime, including an independent review of adherence to the Financial Services Commission (FSC) regulations under the Securities and Investment Business Act (SIBA) for financial licensing, and the Proceeds of Criminal Conduct Act.
  • Cayman Islands compliance regime, including an independent review of compliance with the Monetary Authority Law and related Cayman Islands Monetary Authority (CIMA) regulations for financial licensing, and the Proceeds of Crime Act (2020 Revision) and the Anti-Money Laundering Regulations (2020 Revision).
  • Jersey compliance regime, including an independent review of adherence to the Financial Services (Jersey) Law 1998, regulated by the Jersey Financial Services Commission (JFSC) for financial licensing, and the Proceeds of Crime (Jersey) Law.
  • Malta compliance regime, including an independent review of compliance with the Financial Institutions Act, overseen by the Malta Financial Services Authority (MFSA) for financial licensing, and the Prevention of Money Laundering Act (PMLA).
  • Dubai compliance regime, including an independent review of compliance with local laws and regulations such as DIFC Regulatory Law No. 1 of 2004, DFSA Conduct of Business Module (COB), DFSA Prudential Rules, and Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering.
  • Bermuda compliance regime, including an independent review of adherence to the Investment Business Act 2003 under the Bermuda Monetary Authority (BMA) for financial licensing, and the Proceeds of Crime Act 1997 and the Anti-Terrorism (Financial and Other Measures) Act 2004.
  • Mauritius compliance regime, including an independent review of adherence to the Financial Services Act 2007, overseen by the Financial Services Commission (FSC) for financial licensing, and the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA).
  • Seychelles compliance regime, including an independent review of compliance with the Financial Institutions Act 2004, administered by the Seychelles Financial Services Authority (FSA) for financial licensing, and the Anti-Money Laundering and Countering the Financing of Terrorism Act 2020.
  • Vanuatu compliance regime, including an independent review of adherence to the Financial Dealers Licensing Act, administered by the Vanuatu Financial Services Commission (VFSC) for financial licensing, and the Anti-Money Laundering and Counter-Terrorism Financing Act 2014.

 

Compliance Assurance Program

We develop tailored Compliance Assurance Programs (CAPs) to test the effectiveness of your controls, support compliance with regulatory requirements, and provide traceable, risk-based assurance throughout the year. We focus on CAPs that help your business with:

  • Evaluating Compliance Frameworks: Conducting structured reviews and tests to assess the effectiveness of your existing compliance policies, processes, and controls.
  • Risk-Based Testing: Prioritising areas for testing based on the organisation's risk profile, regulatory requirements, and jurisdictional exposure.
  • Regulatory Alignment: Ensuring your compliance framework meets local and international regulatory standards, including industry-specific obligations.
  • Internal and External Audit Preparation: Providing robust compliance assurance to prepare for audits and regulatory reviews.
  • Continuous Improvement: Offering insights and recommendations for enhancing compliance frameworks to address evolving risks and regulatory changes.
  • Control Testing: Conducting structured control tests to evaluate the design and operational effectiveness of compliance controls across jurisdictions and entities.
  • Risk Rating Methodologies: Developing risk-based criteria to prioritise control tests, focusing on high-risk areas that pose the greatest compliance threats.
  • Compliance Testing Methodologies: Standardising approaches to support control tests being consistent, actionable, and tailored to your organisation's regulatory environment.
  • Test Manageability: Ensuring control tests are practical, scalable, and efficient for execution throughout the year without overburdening teams.
  • Traceability: Documenting test results thoroughly to support auditable processes and compliance with regulatory requirements, providing a clear audit trail
  • Effective Reporting: Preparing detailed, actionable reports on control test outcomes for management, committees, and the board, ensuring informed decision-making.
  • Testing Schedules: Designing structured, risk-based control testing schedules that allow for continuous oversight and timely updates across the organisation.
  • Gap Analysis: Identifying weaknesses in compliance practices and providing actionable recommendations to close gaps.

 

Compliance Assurance Program Design

We focus on the effectiveness and efficiency of your compliance assurance program (CAP), tailoring it to your circumstances and aligning compliance with your business strategy, objectives, and resources.

We develop and apply efficient compliance assurance tests to measure adherence to regulatory obligations, integrating compliance assurance testing with your compliance calendar and business operation cycle.

 

Compliance Assurance Program Implementation

We assist businesses with CAP implementation by:

  • Working with independent reviewers to ensure thorough and objective assessments
  • Collaborating with risk and compliance teams to align CAP implementation with organisational goals
  • Supporting teams across various departments in understanding and executing CAP-related responsibilities
  • Engaging with management to report on CAP implementation progress and address different challenges

This includes, but is not limited to:

  • Tracking and communicating CAP implementation progress.
  • Ensuring that compliance evidence, data, and other information is readily available
  • Assisting staff and reviewers in understanding CAP-related roles and responsibilities
  • Managing the CAP calendar so that compliance assurance reviewers have enough time to conduct the testing and deliver a factually accurate compliance assurance report.

 

Compliance Assurance Program Review

We conduct thorough independent compliance reviews of existing CAPs, assessing their coverage and effectiveness. Our focus areas include identifying:

  • Any gaps
  • Points of improvement
  • Required adjustments related to changes in your resources and operations
  • Required adjustments related to the introduction of new products, expansion to new jurisdictions, and more

 

Compliance Assurance Program Enhancement

We offer CAP enhancements to increase overall effectiveness, helping you improve oversight and control of your compliance efforts, focusing on:

  • New compliance requirements, changes to the existing regulatory regime, and adaptations to regulatory compliance guidance
  • Business growth and expansion
  • Introduction of new products
  • Changes in risk ratings, risk appetite, identified new risks, and changes in risk profiles
  • Auditors' and regulators' findings, including identified deficiencies and breaches
  • Changes in available risk and compliance management technology
  • Internally identified areas of improvement and gaps
  • Results of previous risk assessments
  • Results of previous internal controls testing and compliance assurance testing
  • Industry benchmark practices
  • Other events that would trigger a change

 

Compliance Assurance Program for Small Businesses and Startups

Getting things right from the get-go is important. It is better to be compliant than sorry.

We develop compliance assurance programs for small businesses and startups, focusing on establishing foundational compliance practices that align with regulatory requirements and industry standards, allowing adjustment for future growth and continuous improvement as your business develops.

We help small enterprises implement management systems and internal controls that prevent potential breaches without compliance becoming a hindrance to business.

 

Compliance Across Borders: Tailored Regulatory Compliance Assurance Solutions for Company Groups

Having spent years helping company groups with compliance management and assurance across multiple regulated products and jurisdictions, we focus on CAPs that address the complexities of multinational operations, licensed entities, and cross-border compliance:

  • Evaluating Multi-Jurisdictional Compliance Frameworks: Conducting structured reviews to assess how compliance frameworks align with regional licensing obligations and international standards.
  • Risk-Based Testing for Global Entities: Prioritising testing based on enterprise-wide risk profiles, regulatory variances, and jurisdiction-specific exposures.
  • Cross-Jurisdictional Regulatory Alignment: Ensuring compliance frameworks accommodate local and global regulatory requirements, including licensing obligations for specific entities.
  • Audit Readiness Across Entities: Preparing individual subsidiaries and centralised functions for internal and external audits, with a focus on jurisdictional differences.
  • Scalable Control Testing: Adapting control tests to account for operational complexities across jurisdictions while maintaining a standardised approach.
  • Entity-Specific Gap Analysis: Identifying and addressing weaknesses in compliance frameworks tailored to regional licensing requirements and enterprise-wide risks.
  • Centralised Compliance Reporting: Preparing actionable reports that consolidate control test outcomes across entities and regions, supporting informed decision-making at the group level.
  • Testing Schedules for Complex Enterprises: Designing risk-based testing schedules that account for varying regulatory timelines and entity-specific requirements.
  • Traceability Across Regions: Documenting test results to ensure they are auditable, traceable, and compliant with region-specific reporting standards.
  • Continuous Improvement Across Global Frameworks: Providing insights to strengthen group-wide compliance while addressing local regulatory changes and evolving risks.

 

Compliance Assurance Program for High-risk Corporates

High-risk corporates require comprehensive compliance structures capable of managing complex regulatory landscapes. They are also regularly under pressure from regulators and banks. With years of experience advising and managing regulatory compliance for high-risk businesses, we develop CAPs that go into the necessary depth to independently and effectively test your compliance structure and achieve the assurance levels required for businesses under heightened risk and scrutiny.

 

Comprehensive 3rd-Line Compliance Testing

We provide thorough control testing to verify your regulatory compliance status, using a structured methodology that includes data analysis, sampling techniques, multiple testing methods, in-depth interviews, and more. This service includes:

  • Organisation-wide Compliance Review: We assess your adherence to applicable regulatory regimes across all relevant areas.
  • Customisable Testing Focus: We tailor testing to your specific risk profile, business needs, and regulatory requirements.
  • Clear and Actionable Reporting: We provide comprehensive reports that identify deficiencies, evaluate potential root causes, and offer actionable recommendations for improvement.
  • Remediation Support: We work with your team to develop and implement corrective action plans that address identified compliance gaps.
  • Experienced Professionals: We bring extensive experience in regulatory compliance testing.
  • In-Depth Compliance Testing: We review a wide range of controls, including:
  • CRS and FATCA controls
  • Fraud Prevention Controls
  • Risk management controls
  • AI-operated compliance Controls
  • Regulatory compliance controls
  • Operational controls
  • Internal compliance protocols
  • Data retention-related controls
  • Technology risk management controls
  • Corporate governance controls
  • Transactional controls
  • Marketing and advertisement controls
  • Product management and lifecycle-related controls
  • Controls covering delegation of authority
  • User access verification (UAV) controls
  • Third-party and outsourcing controls
  • Incident management controls
  • Conflict of interest management controls
  • Sanctions related controls
  • Training and competence controls
  • Change management controls

 

Specialised Compliance Testing: Sharpen Your Focus

In addition to comprehensive organisation-wide reviews, we provide specialised compliance testing solutions tailored to your products and services. These solutions address specific areas of concern or regulatory requirements without requiring a full-scale assessment.

Examples of specialised testing areas include:

  • External AML/CFT Compliance Audit: With over 15 years of AML/CFT experience across multiple jurisdictions, we offer independent audits covering Anti-Money Laundering and Combating the Financing of Terrorism compliance. Options include limited and reasonable assurance audits. Visit our AML audit page for more information.
  • AML/CFT Compliance Review: Unlike statutory audits, this review allows for private handling of any identified gaps or weaknesses. Visit our internal AML Review page for more information.
  • FATCA & CRS Compliance: We assist in meeting the reporting obligations under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), ensuring compliance for foreign tax residents and customers.
  • Privacy Law Compliance: Our specialists evaluate adherence to data privacy laws such as GDPR and CCPA, identifying areas for improvement to enhance data protection.
  • Market Conduct Compliance Assurance: Targeted testing of controls ensures fair market conduct and proper customer treatment.
  • Fraud Compliance Testing: We examine internal controls and procedures to prevent, detect, and investigate fraudulent activities, including transaction monitoring, customer onboarding processes, and employee fraud risk assessments.
  • Sanctions Compliance Testing: Our assessments cover sanctions programs, including screening procedures, watchlist management, and risk-based assessments, helping mitigate the risk of prohibited transactions with sanctioned entities and individuals.

Benefits of targeted compliance testing:

  • Cost-Effectiveness: Focus resources on specific compliance areas requiring attention.
  • In-Depth Insights: Obtain detailed analysis and recommendations for specialised compliance issues.
  • Faster Turnaround: Act swiftly on results and recommendations to address compliance concerns with agility.

 

Clear and Actionable Assurance Reports

Our compliance assurance reports are designed to be efficient and value-adding, focusing on what matters most:

  • Alignment with Regulations: Our reports clearly outline the applicable regulatory obligations relevant to your testing, providing an accurate understanding of compliance expectations.
  • Actionable Insights: Beyond identifying issues, our reports offer actionable recommendations for improvement, enabling concrete steps to strengthen your compliance posture.
  • Concise and Readable Format: Findings are presented in a concise and well-organised format, making it easy to understand key takeaways and recommendations.

This approach enables you to:

  • Make informed decisions based on clear and concise reporting
  • Prioritise remediation efforts by focusing on the most critical areas for improvement
  • Demonstrate a commitment to compliance with well-documented findings

 

 

Pre-Licensing Assurance Check

Before you submit your application for a financial license or authorisation, it's crucial to ensure that your policies, procedures, and protocols are fully compliant. The regulator also expects to see robust internal compliance controls designed to support our regulatory obligations and implement your policies.

Obviously, these could be subject to adjustment when your operations grow, but not having them both reduces the chances of getting a licence or becoming authorised and leads to non-compliance.

This is why our regulatory compliance assurance solutions include a pre-licensing assurance check, which evaluates your readiness to meet all regulatory demands, including:

  • Policy and Procedure Review
  • Internal Controls Development/Assessment
  • Gap Identification & Remediation Planning
  • Independent review of the regulatory requirements checklist

This service evaluates your readiness to meet all regulatory demands, helping you:

  • Identify and rectify potential compliance gaps before application, significantly reducing the risk of delays or rejections.
  • Demonstrate robust internal controls that effectively support your compliance program and regulatory obligations.
  • Ensure a smoother application process by verifying your adherence to all relevant requirements.

 

Internal Audit Solution

Our internal audit service provides in-depth assessments of your internal controls, risk management practices, and reporting processes. We deliver detailed insights and recommendations to help you:

  • Enhance internal controls, risk management, and overall efficiency.
  • Identify and prioritise areas requiring immediate rectification to ensure optimal compliance.
  • Focus on resource optimisation and areas for improvement.
  • Align your business and compliance goals with a clear, actionable roadmap.
  • Optimise resource allocation by identifying opportunities to better utilise resources for compliance.

Flexible Engagement: We offer this service either as part of our second-line compliance management solutions or as a stand-alone conformance testing option when your business needs an independent compliance review or when your compliance team requires assistance with conducting its review.

Benefits

  • Confidentiality: We maintain strict confidentiality during the review, enabling open communication for a more thorough assessment.
  • Objective Specialists: Our experienced professionals provide an unbiased perspective, identifying areas you may have overlooked.
  • External Audit Preparation: A proactive internal audit helps you address potential weaknesses and prepare for external scrutiny.

 

External Audit Preparation Solution

Our regulatory inspection readiness service supports financial institutions and regulated businesses in preparing for external audits or inspections by financial markets regulators, AML/CFT supervisors, FATCA/CRS compliance supervisors, and other regulatory bodies. This regulatory compliance assurance service can assist you with:

  • Streamlining Access to Records: We assess and organise essential documentation for efficient retrieval during inspections.
  • Identifying and Mitigating Non-Compliance Risks: Through testing internal controls, we pinpoint potential weaknesses and provide actionable steps to address them.
  • Driving Process Improvements: Our analysis highlights opportunities to enhance internal processes, supporting a culture of continuous compliance.
  • Minimising Risk of Penalties: By addressing identified issues early, you can reduce the likelihood of regulatory warnings or fines.

 

Post-Remediation Compliance Assurance: Confidence After Remediation

Following an external audit or regulatory review, it is crucial to confirm that corrective actions effectively address identified compliance deficiencies. Our Post-Remediation Compliance Assurance service supports this process by:

  • Validating Remediation Effectiveness: We assess whether corrective actions have addressed the previously identified minor and major non-compliances, as well as targeted areas of improvement.
  • Establishing Ongoing Compliance Monitoring: We implement monitoring processes to evaluate the effectiveness of remediated controls and their alignment with evolving regulatory requirements.
  • Providing Assurance Reporting: We deliver a comprehensive report summarising findings, confirming remediation outcomes, and providing recommendations for continued compliance.
  • Enhancing Documentation and Reporting: We assist in refining your documentation and reporting processes to improve transparency and prepare for future audits. This includes streamlining procedures, ensuring relevant information is accessible, and improving reporting formats for clarity.
  • Supporting Regulatory Communication: We guide maintaining effective communication with regulators, including preparing for follow-up inquiries, addressing outstanding concerns, and presenting your commitment to compliance improvements.

By using our Post-Remediation Compliance Assurance service, you benefit from:

  • Confidence in Corrective Actions: Verification that identified issues have been addressed effectively.
  • Minimised Risk of Repeat Findings: Proactive monitoring reduces the likelihood of recurring non-compliances in future audits or reviews.
  • Documented Commitment to Compliance: Our report provides valuable evidence of your ongoing compliance efforts.

 

Pre-Licensing Assurance Check

Before submitting your application for a financial licence or authorisation, it is important to confirm that your policies, procedures, and protocols align with regulatory requirements. Regulators expect robust internal compliance controls to support regulatory obligations and implement your policies.

While adjustments may be necessary as your operations grow, failing to establish these controls can reduce your chances of obtaining a licence or authorisation and may lead to non-compliance.

Our regulatory compliance assurance solutions include a pre-licensing assurance check to evaluate your readiness to meet regulatory demands. This includes:

  • Policy and Procedure Review
  • Internal Controls Development and Assessment
  • Gap Identification and Remediation Planning
  • Independent Review of Regulatory Requirements Checklist

This service helps you:

  • Identify and address compliance gaps before submission, reducing the risk of delays or rejections.
  • Demonstrate effective internal controls to support your compliance program and regulatory obligations.
  • Navigate the application process more smoothly by validating adherence to all relevant requirements.

 

Building a Strong Foundation: Internal Controls Design

Effective compliance starts with properly designed internal controls. Performing compliance testing only to discover that existing controls are ineffective sets a business back. We help businesses design and implement controls tailored to their specific needs.

We understand that financial institutions operate in real-time, with resource and operational constraints, which we consider during the design of internal compliance controls.

We offer this service as:

 

Third-party assurance

We provide a comprehensive range of solutions for third-party risk management.

This service is essential for mitigating risks associated with outsourcing critical functions, including data processing, IT services, customer support, AML/CTF compliance, transaction screening, and other operational tasks vital to:

  • Licensed financial institutions
  • AML/CTF-regulated (designated) entities
  • Other types of regulated businesses

 Visit our Outsourced Providers Compliance Management page for more information.