The client discovered they had some areas that did not meet the FCA and HMRC requirements, and through our recommendations were able to swiftly put in place more robust systems to protect their people and business from AML risk.
Our comprehensive review involved a detailed assessment of the Financial Conduct Authority (FCA) and HMRC requirements in relation to the firm's business practices. This thorough evaluation culminated in a meticulously crafted written report, outlining our findings and providing actionable recommendations to enhance the firm's anti-money laundering systems and procedures, ensuring full regulatory compliance and reducing the risk of financial crimes.
A UK Authorised Payment Institution identified significant deficiencies in its anti money laundering (AML) systems and procedures, necessitating an urgent and comprehensive review to ensure compliance with regulatory standards and to mitigate the risk of financial crimes.
Solution
Issue
Outcome
Anti money laundering
Case study
How we have helped our clients
The firm has a better understanding of the AML legislation and supervisory guidance of their sector together with a tailored action plan to implement changes.
Through our audit process we helped the firm establish the root cause of the failings, provided recommendations and worked with them to understand and interpret the legislation in practical terms to assist in strengthening their procedures, systems and controls.
A UK Authorised Payment Institution identified significant deficiencies in its anti money laundering (AML) systems and procedures, necessitating an urgent and comprehensive review to ensure compliance with regulatory standards and to mitigate the risk of financial crimes.
Solution
Issue
Outcome
AML misunderstanding put right
Case study
How we have helped our clients
The Bank was able to provide an import loan against a specific purchase order to help with working capital. In essence this is a short-term loan to allow upfront costs to be paid for a particular contract. Once the client has invoiced and has been paid, the loan is repaid and can be used again for another contract. The Government provided an 80% guarantee so the Banks risk was minimal.
We were able to quickly establish who the client’s Bank Relationship Manager was through our contacts and arranged for a meeting. With the client’s consent, we discussed working capital options and, whilst initially unwilling to help, we asked the Bank to consider the General Export Finance Scheme. This is a working capital scheme where the Government can provide a guarantee to help to reduce the Bank’s risk.
A wholesale business needed working capital to help with growth. The business was relatively small, had no assets and did not even know who its bank manager was. The business mainly sold to the UK market with around 10% exported to Europe. The company was paid relatively quickly but was struggling to fund the upfront costs of production where it had won several large orders but did not have the cash to fulfil.
Solution
Issue
Outcome
Our close working relationships are at the heart of our service.
Assisted a business with an innovative working capital solution.
Case study
How we have helped our clients
A working capital facility was provided which allowed the business to begin work on its new contract and take on additional work knowing that its working capital needs would be met.
The additional property loan was also agreed which gave the business additional upfront working capital. The business is now trading profitably and benefitting from continued growth.
We gained a closer understanding of the business and its working capital cycle as well as liaising with the incumbent Bank to understand why support was not forthcoming. We then introduced a local, niche working capital provider who worked closely with the client to understand its needs.
Alongside this, we introduced an alternative lender who was happy to provide finance against the property that the business owned on a forecast led assessment (i.e. appreciating the business could afford loan repayments from future income.)
A perfect storm of Brexit, increasing energy costs and Covid saw this manufacturing business make losses for several years. Its High Street bank was reducing its overdraft facility monthly and following the win of a major new contract, the business was struggling to fund working capital.
Solution
Issue
Outcome
Our close working relationships are at the heart of our service.
Assisted a loss-making business to secure working capital to fund a major new contract which would see exponential growth and profitability.
Case study