FMConsult
FMConsult is an independent regulatory, product development and operational risk consultancy committed to assisting clients in aligning financial services processes with regulatory requirements. 

We provide risk and compliance solutions that enable senior management of financial services firm’s to demonstrate that they and their firm are currently, and will continue to be, aligned with regulatory requirements.

We major on the wholesale firms and funds industry but also have the capacity and experience to assist retail and market infrastructure companies.

Examples of the types of work performed for our clients to date include
  • Corporate Authorisation

  • Compliance Outsourcing and Interim Resources

  • Due diligence & expert witness assignments

  • Fund establishment & authorisation

  • Consumer Credit Authorisation

FMConsult AML Remediation Project

As we know from the allegations in the FINCEN files, UK financial services are not exempt from being used for Anti-Money Laundering (AML) purposes.

In the latest news regarding AML, the Financial Conduct Authority (FCA) announced that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under the Money Laundering Regulations 2007 (MLR 2007). In particular these offences relate to the regulations requiring firms to determine, conduct and demonstrate risk sensitive customer due diligence (CDD) and ongoing monitoring of its relationships with its customers for the purposes of preventing money laundering. This is the first criminal prosecution under the MLR 2007 by the FCA and the first prosecution under the MLR against a bank. This comes despite NatWest working with the FCA.

FMConsult has recently been engaged in a 4th Money Laundering Directive documentation remediation project for a large asset management firm that includes up to eleven employees for the ten month project. FMConsult are well placed to assist firms, large or small, who in light of the tough stance being taken by the FCA may want to review their current arrangements and look to remediate documentation or assess internal control weakness in their CDD.