Financial-crime and compliance advisory
Financial-crime and compliance advisers help organizations prevent, detect and respond to money laundering, sanctions breaches, fraud, bribery and other misuse of financial and commercial systems.
Definition
Financial Crime & Compliance Advisory is the design, assessment, remediation and investigation of governance, controls, systems and operations used to manage financial-crime and related regulatory obligations.
Overview
The field combines legal duties, customer and transaction data, operational processes, technology and investigative judgment. Assignments may follow regulatory findings, a transaction, market entry or an internal risk assessment. Effective programmes apply risk-based controls while maintaining evidence of decisions, escalation and independent challenge.
Scope of advisory work
Framework and risk
Enterprise assessment, policy, governance, appetite and regulatory mapping.
Controls and technology
Due diligence, screening, monitoring, investigations and data quality.
Remediation and assurance
Look-backs, control redesign, testing, training and regulatory response.
Typical engagement
- Scope: identify products, customers, geographies, channels and obligations.
- Assess: evaluate inherent risk, controls, data, operations and governance.
- Design: define risk-based policy, processes, systems and accountabilities.
- Implement: remediate gaps, tune controls, train staff and document evidence.
- Sustain: monitor effectiveness, emerging threats, issues and regulatory change.
Important distinctions
| Category | Primary question | Typical context |
|---|---|---|
| AML compliance | Addresses laundering and terrorist-financing risks. | Customer and transaction controls |
| Sanctions compliance | Prevents prohibited dealings and circumvention. | Parties, ownership and activity |
| Fraud risk | Prevents deception causing financial or operational loss. | Internal and external misconduct |
| Anti-bribery compliance | Controls improper advantages and intermediary risk. | Corruption exposure |
Related categories
The Economy rankings
See the latest Financial Crime & Compliance Advisory ranking and the associated profiles of ranked firms on Advisory Ranking.
Sources and further reading
View sources and editorial notes
- ISO 31000, Risk management — Guidelines.
- Relevant financial, enforcement, data-protection and sector regulators in the applicable jurisdictions.
- Professional standards for investigations, assurance, disputes and crisis management.
Editorial note: This entry explains a professional-advisory category. Requirements and professional responsibilities vary by jurisdiction and mandate.