UK Enterprise Awards 2021

237 | UK Enterprise Awards 2021 Best AML Compliance, Consultancy & Training Specialists – UK FCS Compliance (FCS) is an established specialist in the provision of Anti-Money Laundering (AML) compliance, consultancy and training for businesses covered by the Money Laundering (ML), Terrorist Financing and Transfer of Funds Regulations 2017 – including estate agencies, art market participants, law firms, property auctioneers and high-value dealers. The company’s services are used across the UK by leading organisations and industry associations, such as NAEA Propertymark, LAPADA and Rightmove, and it is the only UK firm to offer comprehensive AML services under one roof – from legally-required written documentation (Policies and Procedures, and firm-wide Risk Assessments) and CPD-certified AML training courses, to a wide range of Customer Due Diligence services (in particular, dealing with overseas companies and trusts) and consultancy services, such as help with Suspicious Activity Reports (SARs) and HMRC inspection support. UK businesses covered by the Money Laundering Regulations 2017 are subject to scrutiny and must adhere to the AML compliance laws to avoid significant penalties (both financial and reputational). The supervisory body can come knocking at any time and every business needs to be ready with the necessary documentation, knowledge and processes in place. FCS understands this can cause great anxiety and that compliance obligations can be daunting. Since its inception, the firm has centred its commitment on delivering practical AML solutions that de-risk a business and deliver absolute certainty. The team prides themselves on working closely with clients to alleviate concerns, free up their time, promote best practice and help ensure their firm is compliant. The level of expertise and years of experience of the FCS team is what truly sets the company apart from other AML service providers in the marketplace. The highly-respected team are experts in financial investigation with many years’ experience gained from a background in law- enforcement. Collectively, the team has worked across a number of police forces, including City of London, Metropolitan, Thames Valley and South Wales, as well as the financial services industry. The team has investigated countless complex fraud and money laundering cases, has in-depth knowledge of how criminals seek to launder the proceeds of criminal activity on a global scale and has extensive experience of working alongside government agencies and regulatory bodies, such as HMRC, the NCA, the Law Society and the FCA. This means that it not only understands the complexities of AML legislation, but also the measures needed to deliver absolute certainty and protection for clients and businesses. The Government’s recently published National Risk Assessment clarified the severity of money laundering and terrorist financing across the UK and highlighted the need for affected industries to adhere to the regulations in order to combat the impact of this criminal activity. The property market, legal market and, for the first time, art market, were each allocated a ‘high’ risk score in the report which indicates that businesses working in these sectors remain very exposed to exploitation and must ensure they have robust AML processes and procedures in place to protect themselves. Letting agents and art market participants were brought under the Money Laundering Regulations at the beginning of 2020 and were given until 10th June this year to register their businesses with HMRC for AML supervision – for them, AML can no longer be placed on the back-burner and the serious penalties for being non-compliant, even when unwittingly so, are very real. With regards to Brexit, The Money Laundering and Transfer of Funds Regulations 2019 was part of the UK Exit Regulations and levelled up the UK’s AML with that of our old European counterparts. Criminals, however, invariably look for new ways to circumvent AML controls and continue to favour these markets to launder illicit funds. The Covid-19 pandemic has brought fresh opportunities for the money launderers as businesses have been able to hold fewer face-to- face meetings with clients and many have struggled to stay on top of their compliance obligations. With all this increased pressure, FCS continues to be on hand to assist. The company offers practical solutions to businesses who are unsure of their legal obligations or who lack time and want to focus on running their business in a compliant manner. And while the pandemic threw many service providers off-track, the company adapted swiftly by moving its training business and face-to-face operations to a digital form. As a consequence, FCS has propelled forward and is now delivering a greater number of services to a wider range of clients. FCS regularly receives positive feedback and recommendations from both the clients and industry partners it serves. For those considering AML providers, this third-party endorsement continues to throw the spotlight on the company and reinforce its proposition. As a result, it has grown significantly as a business and has quickly established itself as a leading provider in the marketplace. The combined offering of comprehensive services, high-level expertise, experience and commitment to customer service excellence will continue to support the company’s reputation and success in the future. Company: FCS Compliance Web Address: Providing AML compliance training to businesses throughout the UK, FCS Compliance’s ethos centres on exceptional customer service. We take a closer look at the company and the services it offers. May21296