Financial Crime Compliance for Wealth Management and Private Banking

Financial Crime is one of the top 7 priorities of the FCA for 2017 and, as such, enabling regulatory compliance is high on the list of initiatives for wealth management and private banking firms in the U.K. Firms have two sets of financial crime (also called anti-money laundering or AML) regulations to comply with:

  • Money Laundering Regulations 2007, which is owned by the HM Treasury
  • Additional oversight from the FCA in the form of a Financial Crime Guide developed from thematic reviews, the Systematic Anti-Money Laundering Programme (SAMLP) for some banks, and regular AML inspections for all others

These thematic reviews have resulted in fines and restriction of activities for firms who failed to prove the requisite due diligence and actions.

NexJ provides Intelligent Customer Management with business process management capabilities to help firms meet and demonstrate regulatory compliance obligations for financial crime prevention. NexJ’s CRM for financial services enables firms to adopt a risk-based approach to AML due diligence. With NexJ, firms can:

  • Create a comprehensive client view from siloed data sources to fully assess and monitor risk
  • Collect and document all necessary client information during client onboarding to understand risk, source of wealth, and source of funds
  • Review client data and transactions during periodic reviews aligned with risk scores
  • Alert users of potential issues in banking, risk, and screening systems and launch investigative workflows
  • Quickly provision the correct data to support analytics projects for executive oversight

NexJ’s intelligent customer management enables firms to meet the Money Laundering Regulations 2007 and Financial Crime Guide requirements for:

  • Client Due Diligence During Client Onboarding
  • Ongoing Client Due Diligence
  • Establishing Source of Wealth and Source of Funds
  • Screening PEP/REP/High Risk Individuals
  • Investigating Red Flags
  • Meeting Organisation Requirements

For more information, review our AML – Financial Crime Compliance Brochure