Anti-Money Laundering Remediation Case Studies

An anti-money laundering (AML) prevention program is an essential element among the measures that financial institutions must implement to protect their operations and promote trust among their clients and partners. Kroll helps clients expertly and efficiently resolve gaps and deficiencies in their AML compliance programs. We offer diligence remediation services to assist our clients with changes in the law and/or internal firm policies.

Implementing an Effective AML Remediation Program

Remediation plans that are not fit for purpose can pose a serious regulatory risk. When a Guernsey-based fund administrator acquired a competitor, it needed to conduct a comprehensive AML records remediation program for more than a thousand different investors to bring them in line with current regulatory requirements – a resource-intensive task.

To begin the project, we conducted an onsite visit and held interviews with relevant senior management and compliance personnel to assess the extent of the matters that needed remediation. Once we obtained the necessary information, Kroll’s team of experts designed and managed the project, giving the client peace of mind that the work was being completed to the exact standards of the regulator. We designed a tailored and specific remediation plan, which included a formalized governance framework, a detailed task list (prioritized with a risk-based approach), a comprehensive resource plan and realistic project timelines. 

Once the plan was approved, Kroll assisted the client with the delivery of the project, including day-to-day project management and independent quality assurance over the completion of remediation tasks.

Project Outcomes
 
As a result of Kroll’s work:

• The client was provided with a full and complete infrastructure and plan to ensure that the remediation project was completed to standards expected by the regulator
• The client was able to complete the project in a timely, compliant and cost-effective way