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Financial Crime Services 2011Banking & Financial Services
Money laundering deterrence and terrorist financing are two of the largest problems facedby financial institutions today. Anti-money laundering regulations oblige firms to put in placecertain controls to prevent and detect money laundering and to report any suspiciousactivity they come across. As money launderers have resorted to ever more sophisticatedways of disguising the source of their funds, so the employees of financial institutions haveto be ever more aware of what they are dealing with, and how they should deal with it.
The financial markets are increasingly seeking deterrence advisory services and trainingwhich is practical, using experience combined with technical knowledge to address thesecomplex challenges quickly, efficiently and as needed, discretely.
At Risk Reward, we have developed an up-to-the-moment relevant, quality led servicebased upon the skills of an experienced management team, and experienced pool.
All our financial crime consultants and trainers, under the leadership and supervision ofDavid Blackmore, are established experts in money laundering deterrence, market abuseand financial crime prevention with the ability to provide added value to every clientthrough the application of personal knowledge and practical experience. Each has heldroles as Director, Head, Senior Manager or MLRO/NO within major UK and internationalbanks and other financial institutions with experience in both developed and emergingmarkets.
This 2011 brochure is intended to provide you with key information on our Financial Crimedivision and the services we offer.
Why not call us and challenge us to add value to your business? We look forward toworking with you.
Dennis Cox, Chief Executive Officer
Established in 2002 Risk Reward is a leadingsupplier of tailored training services to the banking,financial and corporate sectors in developed andemerging markets. Our consulting and trainingservices are delivered directly to banks and financialinstitutions by our own consultants, or we willsupply the same consultants via intermediaries withwhom we have developed close workingrelationships.
Our business offers a wide range of training andconsultancy services delivered by a pool of over600 consultants. Each of our consultants areexperts in their fields with years of relevant industryexperience, ensuring that our courses add valuefrom day one and eliminate the usual consultantlearning curve delays. In every case our consultantsare able to make suggestions based on their ownconsiderable experience of dealing successfully withsimilar challenges in their own careers.
We are the official training providers for :
● The Institute of Chartered Accountants inEngland & Wales (ICAEW)
● The Chartered Institute of Securities andInvestment (CISI)
● The Chartered Insurance Institute (CII)
● The Professional Risk Managers’International Association (PRMIA)
and conduct training to a wide variety ofaccredited and certified programmes andqualifications.
To date we have helped over 250 banks andfinancial institutions, including central banks, to trainand improve the performance of their staff. Ourtrainers and courses are considered to be amongthe best in the industry and we have just beenshortlisted as a finalist for the London ExportAwards 2010, exemplifying our place as one ofLondon's premier international businesses.
Risk Reward Limited – About Us
“The entireprogramme was very
interesting andoffers a compellingvalue proposition to
our Bankingbusiness” – S. Senanayake
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David BlackmoreDirector of Financial Crime
Risk Reward’s new Risk,Compliance and FinancialCrime team is led by DavidBlackmore, B.A., F.S.I., A.C.I.B.,A.Col. who is an
internationally renowned expert for more than 30years in banking and financial crime including anti-money laundering and sanctions compliance, fraud,terrorist financing, market abuse, insider dealing,corruption, sanctions breaches and moneylaundering deterrence.
This includes a distinguished career as a wholesaleand retail banker for Midland Bank (now HSBC) inthe UK and Mediterranean Europe. For more than15 years he has also acted as a professional traineron these topics for various Central Banks,commercial and institutional banks and otherfinancial institutions worldwide. He has brought thisbody of expertise to lead a team of risk, complianceand financial crime experts from the banking,accountancy, internal audit and insurance sectorsand to provide expert services and training in banksand financial institutions in developed butparticularly emerging markets.
Clients confirm that the utmost value to theirorganisation David and his team provides is thepractical and cost effective way of complying withthe letter and spirit of international, regional andnational anti-financial crime rules and regulation.
● Alpha Credit Bank, Greece’s largest privatesector banking group, where he had fullresponsibility for London internal audit and allcompliance functions. He successfully managedto pilot the Bank’s authorisation of theSecurities & Futures Authority and achieved‘listed’ status as the Bank of England.
● Italian International Bank David served asAssistant General Manager. He undertook thefull range of internal audit and SFA/Bank ofEngland/Guernsey Financial ServicesCommission compliance tasks, plus data
protection, money laundering reporting andrisk management including disaster recovery,general and professional insurances for IIB.
● Arab Bank Plc David formed a new team, andhe was the first appointed Head of Complianceand MLRO. David designed, developed andimplemented the Bank’s first AML manual,policies, procedures and associated trainingstrategy. He travelled widely in the Middle Easton AML training assignments for Groups unitslocated there.
● Sabanci Bank Plc (UK), Head of Complianceand MLRO. Here David drafted the company’sAML & Compliance manuals, policies andprocedures, and he designed and delivered thenecessary training to both senior managementand staff, both in the UK and Turkey.
Among his professional associations are his recentand current activities serving the British BankersAssociation’s Money Laundering Advisory Panel(MLAP) and was directly involved in thedevelopment of the Joint Money LaunderingSteering Group (JMLSG) 2006 Guidance.
David is a Member of both the UK ComplianceInstitute and the UK Securities and InvestmentsInstitutes Compliance Forum. He has been aMember of the USA based Institute of InternalAuditors – UK and Ireland Chapters since 1993.David became a full Member of the UK Institute ofMoney Laundering
David holds a degree in Politics (BA Hons) fromthe University of Leicester, and an ACIB (Associateof the Chartered Institute of Bankers (now knownas the Institute of Financial Services). He is aMasters of the Securities and Investment Instituteand is being considered for Fellowship. He recentlycontributed a chapter on Money Laundering forthe The Frontiers of Risk Management(Euromoney Institutional Investor, 2007), edited byDennis Cox. He is regular contributor on articlesrelating to money laundering and financial crime forthe British Bankers Association and the global RiskUpdate (Risk Reward Ltd).
Expertise, Experience & Know-how
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Global Markets & Clients
AfricaAfrican Banking CorporationBanque africaine de développement Barclays Bank (South Africa)BDO (Mauritius)Cavmont Capital Bank (Zambia)Central Bank of NigeriaChaseBank (Kenya)Citizens SME Agency (Botswana)Commercial Bank (Zambia)Commercial International Bank (Egypt)Development Bank (Rwanda)Développement Bank PHB (Nigeria)Eco Bank (Ghana)Egyptian Banking Institute (Egypt)Exam Ready (South Africa)Finance Bank (Zambia)First Atlantic Merchant Bank (Ghana)First Bank (Nigeria)First Rand Bank (South Africa)FITC - Financial Institution Training
Centre (Nigeria)Guaranty Trust Bank (Nigeria)HFC Bank (Ghana)Housing Finance (Uganda)Indefund (Malawi)Intercontinental Bank Plc (Nigeria)Intermarket Banking (Nigeria)Investment Banking & TrustInvestrust Bank (Zambia)Investec (South Africa)LEFISA Ventures (Lesotho)National Bank (Malawi)National Commercial Bank (Saudi
Arabia)National Investment Bank (Ghana)Nedbank (South Africa)Nigeria Capital Market InstituteOmnifinance (Cote D'Ivoire)Press Trust (Malawi)Prudent Bank (Nigeria)RawBank (Congo)Rokel Commercial (Sierra Leone)Sierra Leone Commerce BankStandard Corp. & Merchant BankTrust Bank (Ghana)UBA (Nigeria)UBA Capital (London)Union Bank (Cameroon)Zenith Bank (Nigeria)
Russia & CISAlfa Bank (Ukraine)Bank TuranAlem (Kazakhstan)Banking institute of ArmeniaCentral Bank of ArmeniaEurasian Bank (Kazakhstan)HSBC (Armenia)Im Bank (Russia)Prometey Bank (Armenia)Raiffeisen Bank (Russia)Troika Dialog (Russia)
UK & Ireland/EuropeABN-AMRO Bouwfonds (Netherlands)ACCA (UK)AccBank (Ireland)Association of Cyprus Commercial
BanksBanco de SabadellBanco Santander TottaBank Julius Baer & Co Bank Mandiri Ltd (Cyprus)Bank of Bermuda (Luxembourg)Bank of ChinaBank of England (UK)Bank of IrelandBank Saderat plcBank Sepah International plcBarclays Bank plcBNP ParibasBrewin Dolphin Bell Lawrie LtdBritish Bankers' AssociationBrunel University (UK)C Hoare & CoChristiania Bank (Norway)City Speakers International (UK)Clariden Bank (Switzerland)Combined Insurance (UK)Commerzbank AGCo-operative Bank (UK)Co-operative Financial ServicesCoutts & CoCredit Agricole Asset ManagementCredit Suisse (Switzerland)D C Gardner (UK)Danske Bank A/SDepfa Bank PlcDeutsche Postbank AGDexia Bank Belgium London BranchDNB ASA (Norway)Euromoney (UK)EuroNBank (Greece)Eximbank (Romania)Fortis Bank (Netherlands)Habib Bank (Switzerland)Harrods Bank LtdHrvatska Postanska (Hungary)HSBC (UK)HVB Bank (Czech Republic)ICAEW (UK)ICICI Bank (India)Im Bank (Russia)ING Group (Netherlands)International Development (Eire)International Moscow Bank (UK)Investec (UK)JP Morgan Chase (UK)Kredietbank (Luxembourg)Laiki Bank (Cyprus)Landsbanki (Iceland)Lloyds Banking GroupMISMKB Bank (Hungary)National Australia Bank LtdNatixisNederlandse Waterschapsbank
(Netherlands)Nomura Bank International PlcNordea (Finland)Nordic Investment Bank (Norway)
PWC (Romania)Rabobank (Netherlands)Raiffeissen Zentralbank (Austria)Royal Bank of Scotland (UK)Russian Commercial Bank (Cyprus)Samba Financial GroupSampo PlcChartered Institute for Securities and
Investment (UK)Santander BankSociété GénéraleStandard Chartered Bank (UK)Swedbank (Sweden)The Bank of Tokyo Mitsubishi UFJ LtdThe Royal Bank of Scotland PlcTotal Solutions (Netherlands, Dubai)Unisys (UK)Yorkshire Building Society
Middle EastAbu Dhabi Audit AuthorityAbu Dhabi Centre for Corporate
GovernanceAbu Dhabi Investment AuthorityAl Rajhi Bank (Saudi Arabia)Al-Ahli Bank (Kuwait)Al-Mashreq Bank (Dubai)Al-Mujaz (Saudi Arabia)Arab Banking CorporationArab National Bank (Saudi Arabia)Bahrain Institute of Banking
and FinanceBank AudiBanque Saradar (Lebanon)Banque Saudi Fransi (Saudi Arabia)Byblos Bank (Lebanon)Commercial Bank of KuwaitCommercial International Bank (Egypt)EFG-Hermes Fund ManagementEngro Polymer & Chemicals LimitedEnhance (Dubai)Finance Al Ain International GroupFinance Gulf Takaful Insurance CoFinancial Control Guaranty
Trust AssuranceFirst Gulf Bank (Dubai)Fleming Gulf (Dubai)Fransabank (Lebanon)Global Investment Bank (Kuwait)Institute of Banking Studies (Jordan)Institute of Banking Studies (Kuwait)Investments Emirates Int’l
Investment CoIslamic Development Bank (Jeddah)Israel Discount Bank LtdNational Bank of Abu DhabiNational Bank of KuwaitNational Commercial Bank (Kuwait)Red MoneyRiyad Bank (Saudi Arabia)Samba Financial GroupSaudi Arabian Monetary AgencyTotal Solutions
AsiaABN-AMRO (Hong Kong, Singapore)Banco Nacional Ultramarino (China)Bank Negara (Malaysia)Bank of Baroda (India)Bank of ChinaBank Negara Indonesia (Persero)Bank TuranAlem (Kazakhstan)Barclays Private Banking (Hong Kong)Canara BankDFCC (Sri Lanka)Dhaka Bank Ltd (Bangladesh)Dutch Bangla Bank (Bangladesh)Ethan Hathaway (Hong Kong)ICBC (Hong Kong China)L B Finance Ltd (Sri Lanka)Mercantile Bank Ltd (Bangladesh)Mitsubishi UFJ Securities
International PlcMonetary Authority (Hong Kong)Monetary Authority (Singapore)National Development Bank
(Sri Lanka)Norinchukin Bank (Japan)Orient Financial Services (Sri Lanka)Oriental Bank of Commerce (India)Overseas Chinese BankingPremier Bank (Bangladesh)PT Bank BNI (Persero)RedMoney (Malaysia)State Bank of Bikaner & Jaipur (India)Swiss Reinsurance (Hong Kong)TBK (Singapore)Whitestone (Singapore)
AmericasBBank of AmericaCentral Bank of BrazilCentral Bank of MexicoCitizen's BankComerica IncEnbridge IncFederal Reserve Bank of DallasFirst Citizen's BankFirst Niagara BankFederal Reserve Bank of New YorkFRB of New YorkFreddie MacING GroupJohnson Financial GroupLance IncLegg Mason & CoMISMorgan StanleyNorthern TrustProtivitiState Street
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More information:www.riskrewardlimited.com
Just like the ocean, criminals never stand still but arealways manoeuvring to find new ways of makingmoney at someone else’s expense. In turn policy-makers and regulators the world over seek waysto prevent, deter and prosecute wrong doers andthose who knowingly or recklessly breach rulesdesigned for the public benefit.
Consequently ’financial crime’ has come to have anever-wider meaning. It now encompasses:
● Internal Fraud● External Fraud● Money Laundering● Terrorist Finance● Finance to assist the proliferation of
Weapons of Mass Destruction● Breaches of Arms Control● Market Abuse● Insider Dealing● Bribery and Corruption● Breaches of Sanctions legislation● Ineffective data security controls over
client information ● Illegal deposit – taking and lending
This is a truly daunting and ever-expanding remitfor Money Laundering Reporting Officers (MLROs),nominated officers, compliance officers, seniormanagers, risk managers and all those charged withanti-financial crime compliance in financial firms andrelated entities. In order to meet these challengesRisk Reward now offers a fully-comprehensiverange of solutions ranging from large scaleconsulting and major training programmes down toindividual support and in-house seminars. Weoperate throughout the financial services industryand have expertise in almost every area of bankingand finance worldwide.
Consulting & Technical SupportServicesWe only recruit seasoned experts to join ourconsulting and training staff and our commitmentis to provide the best in the business – technicaland compliance professionals who are not only wellqualified but who possess a minimum of 15-20years of proven experience at senior levels and arealways up to date with the latest development. This
means our consultants and trainers can add valuefrom day one by adapting seamlessly to individualclient approaches, methods and structures andmore often than not, find they are able to suggestnew or amended strategies for consideration basedon their own past experience.
We can work with an existing in-house team byproviding expert knowledge in specific areas, or wecan supply additional capacity to an over stretchedcompliance/financial crime function. Our expertscan undertake complete reviews where requiredand will recommend what resources would benecessary to achieve an individual client’s goalsbearing in mind at all times that businesses are runon a commercial as well as a regulatory basis.
Training ServicesWe also provide full professional training servicesand have been doing so successfully for banks andother institutions worldwide and have a particularexpertise in Africa, the Middle East, Asia and otheremerging markets. We can provide large scalemulti-business unit cross-border trainingprogrammes on a wide range of related issues orwe can train 1:1 and small groups of individuals,from Board level to general staff, whose skillsmerely need refreshing.
Customised training courses are often arranged tomeet both the client’s requirement and those of itsparticular regulatory bodies. Training can bedelivered either at the client’s own premisesworldwide or in our training facilities in London. Alist our core training courses for anti-financial crimeand compliance appears later in this brochure.
Delivering Best in Class Qualityand Value Our costs are extremely competitive and wepledge to deliver an expert service at all times. Weare well aware that we are always judged solely onthe basis of client satisfaction and regard themaintenance of outstanding standards andprofessionalism as paramount. Why not call usand see if we can meet your needs?
Financial Crime: Overview
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Risk Reward offers a wide range of servicesspecially tailored to meet the needs of anti-financialcrime functions operating in the financial servicesindustry around the globe. Our aim is to work withclients to make this critical control function truly“best in class”.
Money Laundering and FinancialCrime and Deterrence ServicesAll institutions are trying to maintain theirreputation and reduce unnecessary losses. Moneylaunderers target financial institutions to disguisethe source of their funds. When an institution isfound to have unwittingly supported a moneylaunderer they suffer financial and reputational loss,apart from the potential for regulatory action.
It is important for all firms to do what couldreasonably be expected of them to both identifyand deter all financial crime. To assist firms in thisarea, Risk Reward Limited has launched a newrange of money laundering deterrence services.
Professional Services Aligned toYour NeedsIt is important to recognise the “all crimes” elementand not just focus on the application of proceduresto identify, detect and report suspicions of drugtrafficking, for example. Money laundering is muchmore than that and in the UK in particular has beenextended to address the reporting and monitoringof the proceeds of all criminal activity wherevercommitted (with minor exceptions).
Risk Reward financial crime experts can assist youin a range of ways from deciding upon the systemsthat you wish to employ to actually conductingdetailed investigations.
● Carrying out Financial Crime RiskAssessments, advising on systems andcontrols to manage or counter these risks anddrawing up Action Plans to implement therequired systems and controls.
● Developing risk-based policies andstructures by working with SeniorManagement to decide upon the objectives
and definitions appropriate for the in the areaof money laundering deterrence and otherfinancial crime.
● The implementation of reportinginvestigation policies and procedures.
● The implementation of money launderingand financial crime deterrence awarenessand/or training programmes.
● Fast-tracking advisory services forresponses to post-regulatory ‘red letters’and practical solutions required to demonstrateto the regulator that your organisation is takingadvise to rectify the caution.
● Auditing or risk reviewing clients’ anti-financial crime systems and controls,presenting reports to Audit Committeeand/or the Board as appropriate.
● Making presentations to Boards and/orSenior Management on the UK (or otherjurisdiction) anti-financial crime regime andlatest developments.
● Software selection and implementationand the extent to which they are likely toidentify the suspicious transactions whilstavoiding false positives.
● Assisting with the implementation andtesting of new software, including whereappropriate the design of new scenarios andmethodologies that leverage from the existingsolutions.
● The investigation of specific cases ofpotential money laundering, fraud orother financial crime, primarily to identifyadditional controls that could be implemented.
● Undertaking specific bespoke reviews of afirm’s compliance with UK andinternational Sanctions requirements.
● Advising UK clients on preparing formanagement of and follow-up onregulatory reviews including FSA ARROW 2reviews.
● Specific Induction and Advanced trainingfor Money Laundering Reporting Officers(MLRO) and Nominated Officers (NO).
● Undertaking s166 ‘Skilled Person’ reportsfor FSA authorised firms.
Financial Crime ServicesExpertise, practical experience and know-how, combined with serviceexcellence, rapid response and good value for money
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We deliver training to banks, regulators and insurers across the world via trusted and reputable affiliates including government training centres, training companies and directly on an in-house basis.
For information on Public & In House Courses please contact your local training provider or Risk Reward Limited.
Financial Crime Training CoursesRisk Reward has been undertaking financial crime training, both in-house and public courses, for many yearsfocusing on the following areas:
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More information:www.riskrewardlimited.com
Anti-Bribery and Corruption Controls FC001
Anti-Money Laundering FC026
Anti-Money Laundering and Terrorist Financing FC002
Anti-Money Laundering Briefing for LegalProfessionals FC003
Anti-Money Laundering for Private Banking and Wealth Management FC004
Auditing Financial Crime Regimes FC005
Bribery Act 2010 (UK) FC006
Bribery and Corruption FC007
Combating Fraud and Crime in Banks & Financial Institutions FC008
Data Protection FC029
FATF FC009
Financial Crime Regimes for Central Banks CB010
Fraud FC027
Fraud Detection, Prevention and Resolution FC016
Fraud Awareness for Banking Supervisors and Regulators FC025
Fraud for Bank Internal Auditors FC010
Fraud Risk Management FC024
International Sanctions and Counter Proliferation FC011
Market Abuse FC012
Market Abuse and Insider Dealing FC013
Money Laundering and Financial Crime Deterrence FC014
OFAC Sanctions FC015
Practical Workshop in Regulation and Compliance FC017
Preparing for Down Raids and Regulatory Reviews FC018
Preventing, Detecting and Investigating Financial Crime FC019
Risk Management of Financial Crime FC020
Risk Management of International SanctionsBreaches FC021
Risk-Based Anti-Money Laundering for NOs and MLROs FC022
Treating Your Customer Fairly FC030
Understanding Money Laundering Deterrence FC023
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For your consideration
Advisory ServicesRisk Reward provides independent, impartial andhighly professional consultancy services acrossnearly all disciplines in the financial and bankingsectors. We operate in most parts of the world,specialising in emerging markets and operate mainlywithin Europe, the Middle East, Africa, and Asia. Ourservices include introducing risk controls,procedures and processes, credit market andoperational risk, Basel II implementation andcompliance, analysis, valuation for mergers andacquisitions and general advice. We have over 600specialist consultants available to assist your needs.For more information please contact LisetteMermod at [email protected] or ring+44 (0)20 7638 5558
Training ServicesAt Risk Reward we offer a vast range of trainingprogrammes covering almost every aspect of riskmanagement, corporate governance, banking,treasury, investment banking and a variety of othersubjects. The key to our clients’ success is that wefind out from the client exactly what their trainingneeds are beforehand and then engage our experttrainers to design and write course materials toorder. For more information please contactCariska Pieters at [email protected] orring +44 (0)20 7638 5558
Additional brochures available● Risk Management● Internal Audit● Treasury & Capital Markets● Banking● Islamic Banking and Finance● Banking● Training Course Catalogue
If you would like to be sent a copy of any of thebrochures, please contact us at any time with yourrequest or alternatively visit our website fordownloadable versions.
Additional Risk Reward services
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“The feedback on the AML courseconducted in Dubai by David
Blackmore received an overwhelmingresponse. I went through the feedback
forms personally and each andevery participant has marked him 5out of 5. They were happy with the
content and his style of conductingthe course. Thank you.”
– R. Paul, Managing Director, FG FZE
More information:www.riskrewardlimited.com
RISK REWARD LIMITED
60 Moorgate1st FloorLondon ECR2 6ELUnited Kingdom
Office hours: London (GMT)09.00 – 19.00 Monday – Friday
tel: +44 (0)20 7638 5558fax: +44 (0)20 7638 5571email: [email protected]: www.riskrewardlimited.com
Americas / MexicoArmando Nuricumbotel: +52 (55) [email protected]
USALisette Mermodtel: [email protected]
UK and EuropeCariska Pieterstel: +44 (0)20 7638 [email protected]
Central and Eastern EuropePaul Costeatel: +40 72 [email protected]
Judit Kovácstel: +36 (0)2094 [email protected]
Africa – Southern AfricaCraig Rodtel: +27 83 300-5551 tel: +27 11 [email protected]
Francophone AfricaLisette Mermodtel: +44 (0)7968 970 [email protected]
Gulf RegionMonika Palotaitel: +971 50 212 [email protected]
Asia – Hong KongFiona Leetel: +852 2273 [email protected]
Russian Federation & CISYuri Ganfeldtel: +44 20 7630 [email protected]
