APP fraud reimbursement scheme: impact on payments firms
ArticleWe look at the impact of the APP fraud reimbursement scheme for payments firms, and the importance of operational resilience and wind-down planning.
Remaining ahead of financial crime is critical. Whether responding to an incident or focusing on your regulatory responsibilities, we will ensure your compliance is robust and agile
Financial crime prevention is a significant line item in all financial institutions’ operating budgets and is becoming a priority for non-financial services firms, as well as those newly or about to be regulated, such as payment and virtual currency-related services.
Our extensive experience with large financial institutions across a truly global network helps you balance the competing demands of operational efficiency, effective financial crime risk mitigation and regulatory compliance.
Why Grant Thornton
Our specialist teams help you to respond and react to nascent financial crime threats, including those highlighted by regulators, as well as dealing with known problems.
We combine market-leading technical expertise in all areas with insights into real-world operational challenges and regulatory expectation.
We cover a range of financial crime subject matter areas, including anti-money laundering and counter terrorist financing, sanctions, bribery and corruption, fraud and theft, tax evasion and misconduct.
Our services include:
Protect and detect
Assessment
- risk assessments
- framework gap analysis against laws, regulations and
industry guidance - targeted refresh of policies and procedures
- implementing new regulations
- controls effectiveness reviews, including sample file testing
in areas such as customer due diligence, sanctions and
transaction monitoring.
Enhancement
- financial crime target operating model design, including data
and technology - financial crime improvement projects/transformation
programmes, including supplier and system selection and
implementation - tailored financial crime training.
Response and resolve
Response
- investigation of an identified issue, determining scope, impact
and reporting obligations, including use of data analytics - pre-visit preparation in advance of a regulatory inspection,
including mock interviews - post-visit planning and response support
- skilled third-party reports delivered to you and regulators.
Remediation
- remediation planning and design
- outsourced file remediation or assurance
- subject matter expert input and delivery support for all areas
of financial crime change.
Case studies
Non-bank financial institution
Wealth management company
Comprehensive AML Review for Global Bank
Financial Crime
Three lines of defence for financial crime
The FCA is consistently identifying weaknesses in firms' three lines of defence models for financial crime risk. Alison Kopra and Tom Townson explain the common pitfalls facing firms establishing their overarching frameworks, and how you can avoid them.
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