In this very informative project, Aspect Advisory was tasked with reviewing a multi-national corporate bank’s regulatory framework aimed at informing its line managers on the bank’s code of conduct, latest governance trends in anti-money laundering, sanctions and anti-bribery and anti-corruption. The bank had complete compliance handbooks that needed Aspect Advisory’s assurance that they were fully compliant with the latest regulations.
Aspect Advisory undertook a massive benchmarking exercise where we cross examined contents of the handbooks with up-to-date amendments in laws and regulations as well as researched recent Acts that were passed after the handbooks had been drafted. We also leveraged our vast experience and relationships with comparable financial institutions to benchmark the trending formats and information related to code of conduct, sanctions, anti-bribery and anti-corruption and anti-money laundering.
We produced updated handbooks which incorporated the latest legislation, in particular; Market Abuse Regulation, Foreign corrupt practices act, UK bribery Act, OECD guidelines on anti-bribery, updated the sanctions list based on the list-based sanctions regime, UK sanctions list and addressed issues omitted in the anti-money laundering and counter-terrorist financing by making appropriate reference to the Financial Action Task Force (FATF) and the Bank Secrecy Act. The benchmarking marking exercise allowed us to amend the handbooks by incorporating detailed reviews on Environmental, Social and Governance, as well as the effect of COVID-19 pandemic on compliance
Strategy, project management, mergers and acquisition
The coronavirus pandemic has increased risks and complicated compliance efforts on a variety of fronts. The major issues that compliance is faced with during the pandemic are as follows: