FINTRAIL conducts a full regulatory audit to enable a multinational currency exchange to meet its requirements to regulators and banking partners
Context
FINTRAIL was engaged by an EU licensed currency exchange with subsidiaries in numerous countries around the world. The client required audits of the compliance programmes of the parent company plus two subsidiaries (one in the EU and one in Australia) focusing on anti-financial crime and regulatory compliance (governance, safeguarding, data protection, and fair treatment of customers), plus the appropriateness of its regulatory licences.
Solution
FINTRAIL deployed a team of specialist SMEs (covering anti-financial crime, regulatory compliance and licensing, and data protection) to conduct a full regulatory audit. This comprised:
A document review (policies and procedures, management information, previous audit reports etc.)
Walkthroughs of key systems
Thematic workshops with relevant stakeholders
Interviews with employees across the firms
File reviews
We delivered a detailed report assessing the adequacy of the firms’ programmes, providing findings relating to both regulatory compliance and operational efficiencies, and making recommendations for future improvements.
Outcome
✓ The client received a clearly prioritised list of recommended actions that differentiated between remedial actions necessary to ensure regulatory compliance and suggestions for operational improvements and future efficiency gains.
✓ The client received a robust assessment of its compliance programme against local regulations and expected practice, and was able to meet its requirements to its banking partners and regulators.
Why FINTRAIL?
We regularly engage in complex compliance projects with multinational firms that require assessments across multiple business lines and widespread geographic locations within the context of different operating models, cultural and language diversity, and varying laws and business practices.
Our unique team of SMEs is drawn from the industries we support and has extensive experience in leadership roles within leading global financial institutions. We understand our clients’ requirements and supply targeted, relevant assessments alongside informed recommendations and advice to produce actionable outcomes, guided by clients’ own risk appetites and decision-making frameworks.
We encourage the design of nuanced, bespoke programmes based on each client’s specific offerings, customer base, and risk profiles to avoid generic solutions or tick-box compliance. We challenge conventional wisdom to identify meaningful ways to assess risk and design effective processes.