Retail Banking
In a world of ever-increasing regulation, demonstrating that a firm is committed to meeting its legal and regulatory financial crime obligations has become a compliance and commercial imperative.
In retail banking, firms can struggle to reconcile evolving regulatory expectations with rising demands for an even faster and more efficient customer service at onboarding and throughout the business relationship. Inefficient financial crime controls and inadequate monitoring systems can exacerbate the perception of compliance as a sunken cost that negatively impacts the customer experience and business’ bottom line. Moreover, high expectations set by regulators can be a challenge when new firms try to enter the market and become authorised.
Retail banking is one of the cornerstones of the global financial system, and as such it is exposed to a variety of financial crime risks including:
- Fraud, especially identity fraud
- Money laundering, especially through:
- Money mule accounts
- Cash-generating businesses - Terrorism financing
- Sanctions risks
With the growth of fraud and money laundering across the world, rising geopolitical tensions engendering tougher sanction regimes, new legal requirements for consumer protection and fair value products, and stricter enforcement action from regulators, the cost of non-compliance has never been higher.
Our retail banking experience
Plenitude has an established track record in assisting retail banking clients to proactively assess the effectiveness of their existing Financial Crime Compliance framework, systems and controls, and implementing the required enhancements as part of S166 review or independent assessment, to mitigate the risks highlighted above. We also have supported multiple firms post regulatory review, to advise on the response plan and support the successful implementation of the required enhancements as part of a remediation or transformation programme, including large-scale KYC remediation as part of our Managed Service offering.
We have worked with a variety of institutions in the sector, from Tier 1 / Tier 2 global banks to challenger banks to building societies, as well as new firms seeking authorisation.
Our approach, benefits and outcomes we deliver
We understand that all firms’ business activity, customer base and risk appetite will differ. We therefore work closely with our clients to develop a deep understanding of their business and FCC framework in order to develop an effective, proportionate and risk-based approach to financial crime risk management.
Plenitude’s services and capabilities are grounded in our multi-jurisdictional expertise, our proprietary suite of tools and RegTech products, and our deep understanding of sector-specific regulatory obligations and needs. This enables us to deliver the following benefits and outcomes to our clients:
-
Market-leading advisory, transformation and technical expertise with tech-enabled delivery:
our full-service offering enables us to meet all of our clients’ needs. Our tech-enabled delivery approach leverages our extensive suite of proprietary tools and RegTech products which enables us to accelerate delivery and reduce overall engagement costs.
-
Regulatory compliance and assurance:
we enable clients to fully understand and meet their regulatory obligations, along with the ability to present robust documentation to demonstrate their conformance with regulatory requirements.
-
Enhanced efficiency, effectiveness and cost reduction:
our tech advisory, data analytics services and RegTech products enhance efficiency, optimise detection accuracy, streamline workflows and reduce false positives, leading to improved effectiveness and significant cost savings.
-
Access to cutting-edge technology and future-proofed compliance:
we enable our clients to stay ahead of evolving regulations and criminal tactics by optimising current systems and controls, deploying the latest AI-powered technology and data analytics services.
-
Compliance transformation:
we partner with clients to transform their entire compliance function, fostering a culture of data-driven decision-making and continuous improvement.
Our Services
Our capabilities address the entire spectrum of financial crime risks and, as a full-service provider, we can meet all of our clients’ needs in order to deliver a truly integrated consulting service. We can assist with a wide range of needs, including independent assessments, policy and standards enhancement, risk assessments, specialist tech and data support, and remediation and transformation program design and execution. No matter what the requirement, we are here to help.
Discover more about our services and see why our integrity, passion and delivery excellence have been praised by so many clients.
Data Analytics Services
Data quality, siloed systems, and the ever-evolving tactics of criminals make effective data analysis a constant battle. Firms need to break down these silos to get a holistic view of customer activity and identify hidden patterns that might indicate a financial crime threat.
Our specialists
Daniel Keay
Director
Jesal Punjani
Managing Director, Co-Head of Advisory & Transformation Service
Zubin Lee Kasture
Managing Director, Co-Head of Advisory & Transformation Service
Alejandro Escolar
Director, Head of Screening
Edward So
Director, Head of Transaction Monitoring
Tom McKay
Head of Data Analytics
Alex Brennan
Senior Manager
Christopher Duffy
Senior Manager
Graeme Ford
Senior Manager
Paul Mclear
Senior Manager
Stuart Phillips
Senior Manager
Tom Nickelson
Senior Manager
Fayad Heibi
Manager
Haseeb Ahmad
Manager
Liam Hurrell
Manager
Sean Bresnahan
Manager
Marwah Shein
KYC QC Lead
Phillip Kelly
KYC QC Lead
Related articles
Get in touch to speak to the team or to request a demo
Our best-in-class team are committed to building a secure financial system, safeguarding society, and empowering our clients to meet their regulatory obligations.
Contact Us