How to Comply with Financial Crime Law

Sept. 20, 2011 - PRLog -- Finance IQ: You’ve recently commented on the FSA’s Financial Crime Guide, so today I'd like to pick up and discuss some of the key issues associated with cutting financial crime: firstly, how can firms ensure that they comply with all the demands of the laws to prevent financial crime?

E Radmore: Ensure is a very big word, especially in today’s regulatory environment, but I think there are really two things that will probably equip them best. The first thing is I think it's very important that they have a holistic and integrated approach to complying with the financial crime laws. I think what doesn’t work is if firms have discrete bits of the firm responsible for different bits of financial crime. That's where a lot of gaps and problems can arise.

The second important aspect I think is that they have to have a very engaged and supportive senior management, so that the people who are responsible for compliance know that they’ll be properly supported and backed up if they make unpopular decisions.

Finance IQ: How can companies comply with both the laws of the UK FSA and the US OFAC? If you could take the UK first?

To read this interview in full please click here –
http://www.financialcrimesummit.com/Event.aspx?id=553128&...







Related event: The Anti-Money Laundering and Financial Crime Summit, October 25th – 26th at Le Meridien, Piccadilly, London. For further information about this conference, please visit www.financialcrimesummit.com, email enquire@iqpc.co.uk or call +44 (0) 207 036 1300.