MMELI CONSULTING

The accelerated pace of new standards in recent years force financial institutions to quickly assess the impacts on their financial crime frameworks as well as to update the underlying procedures and processes. The increasing number of criminal investigations of industry peers as well as payments for staggering fines for violating economic sanctions show the importance of a sound and robust financial crime prevention framework. Several stories of banks and non-financial businesses and professions illustrate the legal and reputational consequences of non-compliance with respective financial crime prevention laws... However, the challenges for financial institutions lie in transforming the national and international standards in financial crime prevention into daily operation. The risk-based approach in FATFs recommendations adds flexibility but also complexity and increases the challenges in defining a firm's financial crime framework... The coordinated efforts and activities in the..