Currently three hot topics regularly occur for both regulators and commercial organisations:
- Effective risk management – risk rating and evidencing an audit trail with regard to those risks is important.
- Human risk – introduced to a business either through staffing or, in the case of a regulator, from the fit and proper authorisations it grants to approved persons.
- Commercial crime risk from clients, counterparties and transactions.
Sator seeks to secure world class expertise in these areas for its clients by working on a strategic alliance basis with “best of breed” organisations specialising in these fields.
An alarming number of financial service employees have turned out to be working under false identities or have offered false credentials. With copies of certificates and testimonials easy to make, it is essential such persons are avoided.
The FATF 40+9 requires regulators to ensure criminals and their associates do not own or control businesses subject to AML/CFT oversight. In addition, those businesses are required to ensure criminals and their associates are not employed within them.
Without access to classified or restricted information, how do commercial organisations or even the regulator ensure a person holds the identity, qualifications and experience they claim?
Sator has contacts with a range of vetting services from relatively quick and low cost CV checking, to full profile due diligence, using if necessary, closed user group intelligence.
This service is also useful in cases where extended due diligence on clients is required.