Help firms understand, implement and develop industry good practice guides
The Home Office has reported that serious and organised crime is estimated to cost the UK at least £37 billion each year, with suspicious activity reports rising 10% year on year. Firms that fail to prevent money laundering, or have inadequate systems and controls, tend to pay a heavy price in the form of declining revenues, customer dissatisfaction, huge financial penalties, loss of reputation, and fall in stock prices.
The TISA Financial Crime Working Group meets quarterly and addresses the challenges faced by firms in administering measures to counter money laundering, terrorist financing, financial and trade sanctions, bribery, corruption, fraud, market abuse, tax evasion and other relevant anti-financial crime legislation.
There are significant new requirements imposed on firms, especially following proposed changes to Companies House reporting and in respect of Trusts Registration where millions of trusts have come into scope – for many wealth management firms it is not unusual to have tens of thousands of trusts as customers, which need verification – and for which procedures need to be in place. Once the Reform has received Royal Assent the group will update the TISA Guide. A Companies House representative attended the December Working Group meeting and presented on the reform.
The purpose of the TISA Financial Crime Prevention Working Group (FCPWG) is to address the challenges faced by firms in administering measures to counter money laundering, terrorist financing, financial and trade sanctions, bribery, corruption, fraud, tax evasion and other relevant anti-financial crime legislation. It is designed to serve the needs of those individuals and organisations interested in the issues surrounding matters where best operating and technical practice can be shared, and common challenges debated.
It acts as a focal point for TISA about the operational aspects of issues relating to financial crime measures, including technical and regulatory matters, which specifically impact on firm’s administration and procedures.
The group may also formulate, and pursue, strategic initiatives related to financial crime prevention designed to bring about or facilitate beneficial change. TISA works closely with the FCA, City of London Police, Corporation of London, JMLSG and the UK Government.
A J Bell Securities Limited
Aegon UK PLC
Ashurst Risk Advisory LLP
Allfunds Bank S.A.U
Bank of Ireland
Baringa Partners LLP
Carmignac Gestion Luxembourg S.A. (UK Branch)
Ernst & Young
Legal & General
LexisNexis Risk Solutions
Margetts Fund Management Ltd
Ninety One UK
One Savings Bank
Optima Consulting Partners Limited
Orbis Investments (U.K.) Limited
Parmenion Capital Partners LLP
Platform One Limited
Quilter (formerly Old Mutual Wealth)
Quilter Cheviot Limited
Rathbone Bros Plc
RBC Brewin Dolphin
Santander UK Plc
SIX Financial Information
SS&C Financial Services Europe Limited
Thesis Asset Management
Lisa Laybourn, Head of Technical Policy and Risk,
leads on this work at TISA
Chair: Katarina Cook, Brewin Dolphin
Deputy Chair: Brian Swainston, Fidelity