Financial Crime World

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HONG KONG FINANCIAL CRIME COMPLIANCE: INTERNAL AUDIT AHEAD OF THE GAME

As financial institutions in Hong Kong face increasing pressure to prevent and detect financial crime, internal audit teams are taking a more proactive approach to managing risk. Recent legislative changes and regulatory requirements have increased the complexity of financial crime compliance, making it essential for banks and other financial institutions to move beyond “tick-the-box” controls.

The Shift Towards Proactive Risk Management

According to industry experts, financial institutions must now focus on actively managing their financial risks, rather than simply adhering to minimum regulatory standards. This requires a comprehensive risk assessment, robust governance structures, effective policies and procedures, and ongoing training and education for employees.

Key Components of Effective Financial Crime Compliance

  • Comprehensive risk assessments to identify and mitigate potential threats
  • Robust governance structures with clear communication between senior management and the board
  • Effective policies and procedures that meet regulatory expectations and are tailored to individual business needs
  • Ongoing training and education for employees to ensure a thorough understanding of financial crime risks and controls

Expert Support for Financial Institutions

Bovill Newgate, a leading expert in financial crime compliance, provides tailored support to help clients achieve these goals. The firm’s services include:

Expertise and Support for Financial Crime Compliance

  • Assessing and managing financial crime risks through comprehensive risk assessments
  • Conducting thorough health checks on current systems and controls against regulatory requirements
  • Ensuring governance is fit for purpose, with clear communication between senior management and the board
  • Developing policies and procedures that meet regulatory expectations and are tailored to individual business needs
  • Providing ongoing training and education for employees to ensure a thorough understanding of financial crime risks and controls

By working closely with Bovill Newgate, financial institutions in Hong Kong can be confident that they have the necessary expertise and support to stay ahead of the game when it comes to internal audit and financial crime compliance.