CASE STUDIES

At Sunstone we believe effective compliance should be about more than just adhering to policies and procedures. We work with our clients to understand their business, so that we’re not just implementing processes to meet legal requirements – we’re shaping their strategy to meet their future ambitions.

International On-line business lender

Client was approached by a large multinational bank and was planning to make an exit by selling its operations.  The bank’s condition was that the lender would be fully AML / CFT compliant.

Upon our review, we had discovered that despite having a compliance officer and an AML policy, there were no effective controls in place and that the lender was at high risk of being used for money laundering.

Rather than invest in new, costly monitoring system, we had used the already existing anti-fraud systems, and adjusted their monitoring reporting capabilities in order to provide a robust AML / CFT controlling mechanism.

Together with procedure adjustment and policy recommendations, the lender was now fully compliant and a happy exit target.

International private bank

Client was having difficulties applying its AML / CFT policies so as to accommodate the business side.  Compliance was seen as a necessary evil.

Upon review of existing policy and operational procedures, we had discovered that many legacy processes were ineffective on the one hand and overbearing on the other.  The result was increased money laundering risk and tension between the business side, who were trying to please their clients and the compliance department who were trying to safeguard the establishment.

Having discussed the matter at length with both the business side and the compliance function, we were able to reprioritise streamline the processes used to create an effective KYC system with minimal disruption to the clients.

National Financial Crime Prevention Conference

A government sponsored national conference, headed by the minister of interior affairs, head of the security agency and the general prosecutor, led by Sunstone. 

We have taken our audience through the fundamentals of global terrorism financing and money laundering, presenting the main typologies used and the ways for FI’s to identify and manage related risks for the prevention of financial crime, based on global standards.  We have also demonstrated how new innovative technology is used around the world and articulated on practical mechanisms to mitigate the actual exposure.

The audience included C level executives from local enforcement agencies, central bank, FIU, banks, MSBs and Fintech.

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