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The value of a sustainable and robust Financial Crime (FC) Framework

In recent years, organisations across the globe have experienced enormous pressure and challenges regarding compliance with anti-money laundering (AML) legislation and regulations. The penalties for non-compliance in a timely fashion, include hefty fines, restrictions, and most of all, long-term reputational damage.


This calls for exceptional expertise from Lysis Group that can assist organisations to develop bespoke FC frameworks with a consistent, yet sustainable approach when it comes to managing financial crime risks in the long-term for increased effectiveness and driving efficiencies.


A FC framework might seem like an abstract concept that is difficult to grasp, when in fact it consists of a structured set of clear guidelines that details an organisation's processes in line with established regulations, commitments, or legislation. It outlines the regulatory compliance standards that are relevant to the organisation, and the required internal controls needed to comply with these standards. Importantly though, a FC framework must be applied consistently across the organisation, business, or group for which it has been developed to achieve a successful outcome.


A detailed approach


The underlying level of detail which a FC framework requires will be informed by the nature and complexity of the organisation to which it relates, as well as being driven by the needs/expectations and commitments of senior management (e.g., their risk appetite, regulatory expectations etc).


The scope and application of a FC framework


We work with key stakeholders across the organisation to understand and assess existing financial crime compliance components and shortfalls. The scope and application refer to:


  • Adoption - The FC framework must be adopted by the Board of Directors.

  • Coverage - A consistent application/implementation of the FC framework throughout the entire organisation on a mandatory basis, and compliance thereof must be evident. Our extensive experience has shown that a well-balanced and mature risk management model typically displays elements of effective risk management that are embedded in everyday tasks.

  • Adherence - The FC framework must be adhered to by all business entities and any adaptations or waiver must be limited to those required by local law and regulations and approved by the relevant FC function and committee.


How organisations can benefit from building and maintaining a sustainable FC framework


Lysis Group is helping organisation to be effective and efficient when operating in a regulated market. We are well positioned to support and enhance your efforts to implement and maintain a bespoke, yet sustainable FC compliance framework across your organisation.


This is due to our unique expertise which ensures that your FC framework is completely compliant with regulatory requirements but also aligned to your business activities to optimise output. The result is a lean business process and better customer experiences, all within a compliant context.

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