Client: FCA Registered Middle Eastern Bank

Scope: Following on from a previous investigation conducted by the FCA, the CFO of the Bank requested Ashlynwood to review the concerns raised by the FCA and identify any additional checks required on matters raised within the AML and Sanctions environment. It was imperative that all outstanding concerns raised by the FCA were resolved by the Bank, and any remaining shortfalls identified for urgent action.

Engagement: Regulatory updates and scrutiny in this ever-changing economic environment is vital. Ashlynwood reviewed the underlying cause of the outstanding points raised by the FCA. A detailed analysis was undertaken including a review of documentation and third-party internal audit reports since the FCA’s initial investigation to ensure progress has been made to rectify the concerns.

Outcome: A gap analysis was produced on the legal and regulatory requirements and the current Bank’s processes, highlighting areas that needed urgent action. The report was submitted to the Board of the Bank.

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