Compliance Remediation Services
When there is a change in compliance policy, or concern that diligence or processes may not have been performed to the highest standard in the past, clients may require a remediation (or “look-back”) of historical accounts and client relationships to ensure they conform to current AML and other compliance policies.
In these cases, clients need to engage experts quickly, to both remediate the sometimes years of history, and create auditable records to address regulators’ concerns.
Kroll knows that this is a huge challenge, and one that requires expertise and speed to resolve. Kroll can field a scalable team of experienced resources anywhere in the world, with the automated tools and processes that allow for remediation of a population of accounts in a cost-effective and rapid manner. Because of our compliance and AML research experience, we’re faster and cheaper than any other firm.
Case Study: Remediation Project for UK Investment Bank
As part of its internal compliance program, a UK-based client in the investment banking industry required that over 200 Swiss financial entities, asset managers and other Switzerland-based entities in the financial industry be reviewed for any customer complaints, regulatory sanctions, lawsuits or other issues of a legal, regulatory, and reputational concern. In addition, research focused on highlighting key issues of concern, such as the entities’ exposure to the Bernard Madoff scandal and associated litigation, client database privacy issues, or association with politically exposed persons. The 200-plus entities were reviewed and the reports delivered to the client in a six-week period, with weekly updates, at a price that reflected the volume commitment.
Case Study: Bank Requires Trading Account Remediation
For a major global bank, Kroll remediated pre-existing trading and clearing relationships to validate they conform to the bank’s updated AML and compliance policy guidelines. The team was comprised of eight researchers and two project managers, and the project was completed early and under budget. Issue accounts were identified and brought to the attention of senior management. Suspicious Activity Reports (SARs) were filed with regulatory authorities.