UAE Central Bank Issues New Anti-Money Laundering Guide on Dealing with Politically Exposed Persons
The Central Bank of the UAE (CBUAE) has issued a new anti-money laundering (AML) guide and combatting the financing of terrorism (AML/CFT) for licenced financial institutions (LFIs) on risks related to politically exposed persons (PEPs), the regulator announced on Tuesday (2 August 2022). This set of guidelines comes to effect immediately.
Globally, money laundering activity is projected to more than double to $5.8 billion by 2027 from an estimated $2.8bn in 2022, research company Markets and Markets said in a report last month. The anti-money laundering task force imposed fines of more than Dh41 million ($11.16m) in the first six months of 2022 as it continues to rein in illicit financial activity. UAE imposed $11.2 million in penalties for anti-money laundering cases during the first half of 2022
Are you Following the UAE Anti-Money Laundering New Guide?
Licensed financial institutions (LFIs) offering services to politically exposed persons (PEPs) have been asked to develop “risk-based policies.” According to the state news agency, WAM, the guidelines consider Financial Action Task Force (FATF) standards and require LFIs to comply with its requirements within one month.
Under the new CBUAE guidelines, customers that are PEPs and transactions involving PEPs may expose LFIs to a heightened risk of terrorism financing, money laundering and other illicit finance – and these guidelines follow CBUAE’s recently introduced AML/ CFT guidance for licensed financial institutions on payment risks. The new guidance “will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account,” WAM said in a statement, adding that LFIs must comply with the regulator within a month.
PEPs and transactions related to them may expose LFIs to a higher risk of money laundering and terror financing, the lender said.
The guidance enables LFIs to do due diligence on PEPs and their direct family members or close associates.
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Governor of the CBUAE, Khaled Mohamed Balama, said, “We are keen to ensure that all LFIs comprehensively understand their role and responsibilities in mitigating relevant AML/CFT risks and safeguarding the UAE financial system from illicit activities. This guidance provides LFIs with further requirements and measures they must fulfil before and after initiating business relationships with politically exposed persons to stay anti-money laundering compliant. We will continue our efforts to issue similar regulatory guidelines, to enhance the efficiency and robustness of our financial system in line with international standards related to anti-money laundering and the financing of terrorism.”
Balama added this guidance provides LFIs with further requirements and measures they must fulfil before and after initiating business relationships with PEPs to stay compliant with anti-money laundering.
LFIs providing services to PEPs must develop risk-based policies, the lender said, adding this would ensure accurately identified PEPs or related customers before the start of the business relationship, risk rating and applying equivalent customer due diligence.
UAE has made positive advances in anti-money laundering, anti-financial crime: global watchdog
The regulator also said LFIs must constantly monitor business relationships and maintain a transaction monitoring system to track suspicious transactions.
Any unusual activity would then be reported to the UAE’s financial intelligence unit using the ‘goAML’ portal.
The UAE has announced various measures to fight and prevent money laundering in the country, including renewing anti-money laundering policies for payment risks.
ANTI-MONEY LAUNDERING (AML) SERVICES – AML ADVISORY SOLUTIONS MADE EASY!
There are many advantages to outsourcing portions of your Anti-Money Laundering (AML) compliance program to CRI Group™. CRI™ Anti-Money Laundering (AML) advisory services can help analyse systems and develop effective solutions that reduce your company’s risk of falling prey to employee, supplier or outside corporate and financial crimes.
An effective AML framework is a testament to your organisation’s position against crime. Our unmatched investigative capabilities, worldwide presence and long-standing 32 years of reputation for independence and integrity make us uniquely qualified to resolve regulatory concerns.
Our vast Compliance and Anti-Corruption network gives you much-needed protection when making critical bottom-line decisions crucial to your organisation’s success. Ensure you have the 360-degree analysis of your challenges – get in touch with the experienced CRI Group’s AML team for a bespoke quote. Leave it to the experts to provide you with the protection you need.
Let’s Celebrate Human Resources Appreciation Week
Being in Human Resources (HR) can be difficult to handle. After all, the HR department plays an integral role in ensuring the success of organisations by nurturing and developing human capital. However, they do not get enough credit. Human Resources Appreciation Week is a holiday to change people’s HR perspective and learn why their job is valuable for businesses.
History of Human Resource Professional Day
Governor-General Sir Patrick Allen referenced Human Resource Professional Day (HR Professional Day) in October 2013. He created this day to recognise and celebrate HR professionals.
HR professionals carry out multiple tasks in an organisation. They have to follow important legislation, help co-workers get paid, and get to plan those fun company parties after a long year’s work. It was not until Governor-General Hon Steadman Alvin Ridout Fuller declared it an official holiday in Jamaica in 2018 that HR Professional Day came into the spotlight. Human Resource Professional Day is designed to tribute to those working in HR departments worldwide.
Human Resources Appreciation Week is an opportunity to learn about what HR does to improve employees’ lives and allow people to join the HR industry. Human Resources Appreciation Week is about thanking and appreciating the hard work of HR staff since they handle the most difficult situations, such as staff negotiations, corporate liaison, and legislation interpreting.
HR Professionals Day-to-Day
Becoming an HR officer is great for someone with strong interpersonal skills, who likes helping others, and who is self-motivated. Working in HR means implementing policies, advising on, and developing plans relating to how staff are used and operate within a business.
Your role is to ensure that you have the right balance of workers in terms of experience and skills and that development and training opportunities are available so that colleagues can achieve their corporate aims and improve their performance.
Several different activities are covered in the HR department. This involves working practices, recruitment, pay, negotiation with work-related external agencies, diversity and equality, and conditions of employment too.
There are many different skills that HR professionals are expected to have. This includes the potential to cope with a leadership role, negotiate and influence effectively, so personnel policies are implemented, and have good organisational skills, management skills, and business awareness.
Aside from this, working in HR demands someone who has a willingness and curiosity to challenge organisational culture where needed, approachability and integrity, and interpersonal skills so that effective working relationships can be formed with people at all levels.
Celebrate Your HR Professionals in This Human Resources Appreciation Week
As you can see, being involved in HR is not easy, and a lot will be demanded of you. This is why Human Resources Appreciation Week is so important. It is a great chance to honour everyone working in this industry. Express your gratitude to HR professionals that work so hard for you.
It is also a great day to raise awareness about this job role and share information about what it is like to be part of the HR community. If you’re interested in working in HR, you should be able to find a lot of great information online during this period too, but here are a few articles you can here:
- What is continuous background screening?
- Employee Fraud: Why are human factors so important in risk management?
- Employee Screening During COVID-19: It doesn’t have to be complicated
- The consequences of neglecting background screening
- Employee Background Checks: A requisite for all businesses
- How to Identify and Prevent Employee Fraud?
Background Investigations: One-on-one interview with Zafar Anjum
Background Investigations: One-on-one Interview with Zafar Anjum
Having dedicated his career to a background investigation, fraud prevention, protective integrity, security and compliance, Zafar Anjum is a distinguished and highly respected professional in his field. As Group Chief Executive Officer (CEO) at Corporate Research and Investigations Limited (CRI Group™), he uses his extensive knowledge and expertise in creating stable and secure networks across challenging global markets. For organisations needing comprehensive project management, security, safeguard testing, background investigations and real-time compliance applications, Anjum is the assurance expert of choice for industry professionals.
Q: To what extent have you seen an increase in corporate fraud in recent years? What are some of the common themes and underlying causes?
Anjum: Fraud always seems to be increasing. No matter how sophisticated our attempts to prevent it become, perpetrators are always adapting with new methods. According to the 2020 Association of Certified Fraud Examiners (ACFE) Report to the nations, asset misappropriation is the leading type of occupational fraud. It makes up 86% of fraud cases and causes a median loss of $100,000. On the other spectrum, financial statement fraud schemes are the least common (10% of cases) but are the most costly, causing a median loss of $954,000. A typical fraud case can last 14 months before detection and cause a loss of $8,300 per month – a whopping 5% of an organisations revenue is lost to fraud each year. There are various factors at play here, but it starts with ‘tone at the top’. Basically, corporate culture often sets the tone for how strict or lax an organisation prevents or detects fraud. Combine a lax approach with a country or jurisdiction where corruption is still prevalent, even considered ‘business as usual, and there will likely be a fraud.
Q: Could you outline the benefits of using background investigations to reduce potential fraud? Under what circumstances is it prudent to undertake a background investigation?
Anjum: It should be a priority to conduct thorough background investigations when engaging in a merger or acquisition, an initial public offering (IPO), engaging suppliers, contractors or new clients – your client relationships can affect your organisation’s reputation and your ability – to name a few situations. This can help you avoid becoming entangled with third parties that have hidden fraud and other legal issues. It will also make you aware of a potential partner who has credit risk, has claimed bankruptcy or is faced with debtor filings, for example. In one case, a company was seeking to engage a new supplier for medical supplies and equipment. A background investigation revealed that the warehouse’s physical location – claimed by this ‘supplier’ did not exist. The company’s principal had previously been charged with a ‘criminal breach of trust’. Three other civil damages claims against the principal were discovered, with millions claimed in liabilities.
Q: What are some of the best practice approaches to conducting a background investigation?
Anjum: One of the most important aspects of thorough background investigations is having a ‘boots on the ground approach. Online database searches can only take you so far. When conducting due diligence on entities or individuals, red flags that pop up often warrant further checking before they can be truly weighed as part of the decision process. For example, if you are considering partnering with another company and providing information for their physical location, do you have agents who can visit that location to make sure it is legitimate? Investigations sometimes discover that purported ‘headquarters’ is actually an abandoned home or vacant lot. Also, if certain credentials are claimed, you need to make phone calls or possibly a visit to the school or accrediting bodies to verify them. These are the important details that help you with facts that help guide your decisions.
EFFECTIVE RISK MANAGEMENT THROUGH BACKGROUND INVESTIGATIONS. FIND OUT HERE
Q: What kinds of legal or regulatory issues might complicate a background investigation?
Anjum: Privacy laws are probably the most important issue, and they need to be carefully understood and followed for every jurisdiction. In the UK, for example, the pandemic has created new data privacy issues, but prudent organisations are constantly evaluating their data protection strategies under the General Data Protection Regulation (GDPR). When it comes to background investigations, similar privacy considerations apply. You might want to check an individuals’ financial or credit history – relevant information if they own a business you seek to partner with or acquire, or if you are considering them for a high-level position at your organisation. Accessing such information is permitted in some jurisdictions and restricted by law in others. The last thing you want is to end up in court for violating someone’s privacy. It is best to engage a professional due diligence background screening firm. They will be trained and up-to-date on the laws governing your background investigations, plus they will have access to resources that most companies do not have.
Q: To what extent are background investigations more challenging in a cross-border or multi-jurisdictional context? How can these additional challenges be overcome or avoided?
Anjum: This goes back to the importance of having investigators in various locations, your ‘boots on the ground’, in your approach to due diligence. The world is much smaller these days as organisations seek to expand across international borders. And the COVID-19 is teaching leaders invaluable lessons in business efficiencies and future strategy. This can lead to obvious challenges – both following the laws and regulations in various jurisdictions and overcoming language and cultural barriers. That is why it is important to have access to locally-based agents – including certified fraud examiners and similarly credentialed professionals – to help with your checks, whether investigating a potential third-party partner or an individual being considered for employment. Another advantage is to have a set, written policy and process for conducting background investigations that you can reference and rely upon when undertaking key business decisions. In this way, your organisation is less susceptible to someone convincing you to bypass proper due diligence simply because it might seem logistically difficult to conduct an overseas investigation.
MITIGATE EMPLOYEE RISK BEFORE & AFTER HIRE? LEARN MORE HERE
Q: Once the background investigation results are collated, what are the key points to analysing?
Anjum: If red flags are uncovered, the best way to further investigate is to understand discrepancies. For example, suppose you are conducting background screening on a potential employee, and something comes up in their criminal record, rather than eliminating them from consideration. In that case, you should ensure that there was no error in your background check, investigate the discrepancy, gather all relevant information, and ask the person to explain what you found and why they did not disclose it. They might have an explanation that affects your decision process. In other words, do not overlook potential talent. According to Nacro, more than 11 million people in the UK have a criminal record – that’s 1 in 3 men – however, just over half of these had been convicted on only one occasion, and 85% were convicted before they were 30 years old. Not all of those have a prison record, however. Most convictions are for motoring offences, such as speeding or unpaid tickets.
Q: What essential advice would you offer to companies on developing internal policies and processes to combat fraud? should intensive background investigations form part of their standard procedures?
Anjum: Intensive background investigations should be a part of an organisation’s standard procedures. It should be part of a greater risk management plan, be set forth as written policy that owners and directors approve, and be reviewed and understood by management and other relevant personnel. Engage risk management professionals when developing your policies and procedures. They can help tailor a plan based o your organisation. Key questions to address should include; who will implement the plan, how an investigation is conducted, who evaluates and reports the results, etc. Sometimes organisations put forth a thorough, excellent programme for background investigations and then, six months or a year later, nobody is following it. The key to success is following through with it and ensuring your entire organisation understands the process and why it is so important. The security of your company depends on effective risk management.
The security of your company depends on effective risk management
Background investigations are critical to any company’s success because working with qualified, honest and hard-working employees and other businesses is integral to thriving in the business community. What you don’t know can hurt you, and the simple act of one bad decision can result in an unprecedented loss for your company.
From vendor and third-party screening to employment screening, CRI Group™ recommends background investigations as critical proactive measures to help keep your business safe. An effective background screening investigation will help screen for bad apples that can cause havoc down the road. Because we maintain a diverse talent base comprised of multilingual and multi-cultural professionals, CRI™ can traverse obstacles that often impede international background investigations. That’s why we are frequently contracted by our competitors to conduct background investigations in geographic regions not serviced or accessible by larger investigative firms.
Meet our CEO
Zafar I. Anjum is Group Chief Executive Officer of CRI Group™ (www.crigroup.com), a global supplier of investigative, forensic accounting, business due to diligence and employee background screening services for some of the world’s leading businesses organisations. Headquartered in London (with a significant presence throughout the region) and licensed by the Dubai International Financial Centre-DIFC, the Qatar Financial Center-QFC, and the Abu Dhabi Global Market-ADGM, CRI Group safeguards businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers seeking to affiliate with your business. CRI Group maintains offices in UAE, Pakistan, Qatar, Singapore, Malaysia, Brazil, China, the USA, and the United Kingdom.
Contact CRI Group™ to learn more about its 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous risks posed by third-party partnerships.
CONTACT INFORMATION
37th Floor, 1 Canada Square, Canary Wharf, London, E14 5AA United Kingdom e: zanjum@crigroup.com | LinkedIn | Schedule a meeting | t: +44 207 8681415 | m: +44 7588 454959
What is BS7858 Standard? And Why it is Important?
What is BS 7858 Standard?
The British Standards Institution (BSI) has recently revised the British Standard for Security Screening of Security Personnel (BS7858:2004). The new code of practice BS7858:2019 came into effect at the end of September 2020, substituting the revoked BS7858:2012 revised standard, which was rescinded on the 31st March 2020. The BS7858 standard has become progressively more crucial when it comes to the protection of individuals, goods & services, estate, and personal data. The BS7858 safeguards such elements by guaranteeing that the veracity of the person authorized to access such sensitive data is certified and retains as such.
There is a lot of misrepresentation circulating regarding the changes to BS7858 Standard which CRI Group, as the only company in the Middle East and Asian region with an implemented BS 7858:2019 standard and BS 102000:2018 code of practice for investigative services and ISO27001 (Information Security Management System) certification, want to help clean up.
Why is the standard so important?
It is no secret that confidence is key when it comes to the mass of decision ruling. Instilling confidence in its personnel is critical for all organizations and their triumph, particularly when said personnel oversees susceptible individuals, valuable resources or data protection. Organisations have to be able to guarantee that their security personnel have been subordinate to the best meticulous screening process. This ensures pleased clients, as well as pleased personnel as the foundation to a fortunate and reliable organization, begins from within. The BS7585 aids organizations to avoid scandals such as:
- British Airways (BA): fined £20 million by the UK’s data protection authority over data security failings which permitted unauthorized access to be acquired to private data and payment card information concerning more than 400,000 of its consumers
- Sina Weibo: when hackers stole the private data of 172 million users – this included real names, site usernames, gender, location, and phone numbers. The data was sold on the dark web for a mere ¥1,799 ($250) but caused considerable harm, distress and chaos to the daily lives of Weibo’s users.
- Canva: the Australian graphic design tool suffered an attack that exposed 137 million users email addresses, usernames, names, cities of residence. The hackers also managed to view, but not steal, files with a partial credit card and payment data.
The revised BS7858 has been made clear that the responsibility and accountability for the security and effectiveness of the vetting process rest with the organization itself and leading management. The BS7858:2019 connects with the move we have seen worldwide to corporate social responsibility and compliance and follows that trend. Other occurrences of the movement consist of instances such as the GDPR (April 2016) and the FCA (Dec 2020) which both expect leading management to be practical in their approach to compliance.
As a significant volume of data requires authentication in a screening process, several organizations may find executing an employee screening and vetting process to be highly complex. Additionally, the degree of evaluation of the applicant’s provisional data must be carried out effectively as well as promptly and include specific checks, such as credit checks or checks against the Financial Services Register.
BSI brought the BS7858 Standard to 2021 with the inclusion of:
Right to Work checks in line with Disclosure and Barring Service (DBS) identity requirements:
In antithesis to common acceptance, the BS7858-compliant vetting checks do not need to include DBS checks. This is due to the fact that the Security Industry Authority (SIA) oversees these criminal record checks as part of an individual’s registration process. Nevertheless, they do continue to be a measure of best practice, and the revised Standard firmly contends in its favour. See 7.3.2 (c) and 7.7. (j) in the 7858 Standard. Organizations can also refer to the SIA’s ‘Get Licensed’ handbook which asserts that when an operative is in connection with children or susceptible adults, the Standard or an alternate heightened degree of admission should be deemed essential.
Global watchlist checks during the application process
7.4 (c) of the BS7858 Standard comprises the compulsory requirement to examine a variety of international watchlists, sanctions and fraud databases. Hitherto to this, the Standard simply asked the examining of the HMG sanctions list.
Social media checks as an advised best practice for pre-and post-employment
Personnel social media posts could generate problems for organisations that are operational in protected and regulated conditions; BSI has updated the BS7858 Standard to consider this matter. The BS7858:2019 Standard urges organisations to complete social media screening pre and post-employment.
Searching for supplementary data utilizing best practice social media and additional open-source internet checks can support your organisation with superior perceptions and decrease your employee risk.
For extra assistance on social media and further knowledge on the perils of social media within your organisation, please see our article and free playbook on “Risks of Cybercrime & Social Media“. A complete Guide on How to Protect Your Organisation and Team!
Other significant changes of the BS7858 Standard:
- Removal of character references
- Approval to passing on pre-employment screening records from vocation to vocation.
- Conditional Offer: Formerly, there were two steps an employer was obliged to follow before making an offer of conditional employment; fulfilling the stipulated preliminary checks and adequately fulfilling limited screening on the subject. The new standard initiated the third element on top of the other two conditions – to commence a risk review and confirm that “the degree of risk in the envisioned employment has been evaluated and is deemed to be acceptable and documented” and consequently, the organization is happy to extend the offer based on their evaluation and the candidate’s risk profile.
- Preservation of candidates’ background screening records during their employment. Ineffective applicants records can be retained for 12 months while for ex-employees, particular records can be kept for an additional seven years after the employment ended.
- All groups involved in carrying out BS7858 vetting should be prepared for envisioned obligations.
It is clear to see that the BS7858 standard is crucial for employment in not only the security region but each region of employment; pre-employment screening expending the updated BS7858 standards promises that each member of the public, from manual laborer’s to office workers, can maintain life in a safe environment.
If the new standard still feels a little daunting to you, why not consider booking a free 30-minute consultation with one of our experts here at CRI Group? Our specialists have years of experience and are qualified to offer your organization personalized guidance to fit your professional requirements. Don’t hesitate, get in touch today and stay ahead of the vetting rules and regulations.
Author bio
Zafar I. Anjum, is Group CEO of CRI Group (www.crigroup.com), a global supplier of investigative, forensic accounting, integrity due diligence and employee background screening services for some of the world’s leading business organizations. Headquartered in London, with offices in UAE, Pakistan, Qatar, Singapore, Malaysia, Brazil, China and USA, CRI is licensed by the Dubai International Financial Centre-DIFC, the Qatar Financial Center-QFC, and the Abu Dhabi Global Market-ADGM.
Contact Details
Zafar Anjum, MSc, MS, LLM, CFE, CII, MABI, MICA, Int. Dip. (Fin. Crime), Int. Dip. (GRC)
CRI Group Chief Executive Officer
37th Floor, 1 Canada Square, Canary Wharf, London, E14 5AA, United Kingdom
t: +44 207 8681415 | m: +44 7588 454959 | e: zanjum@crigroup.com
Review and Reassess Your Organisation’s Third-Party Relationships
Is it the Time to Review and Reassess Your Third-Party Relationships?
The global pandemic is rattling economies worldwide, disrupting supply chains, interrupting production, wreaking havoc on industry sectors and shuttering businesses; this impacts third-party relationships businesses have. At some point, organisations that affiliate with outside providers will eventually have to deal with any number of operational interruptions resulting from a third-party relationship-related issue. And while the risks involved in partnering with outsiders haven’t changed over time, the potential level of liability has been ratcheted up several notches.
International Borders have been ripped down. Technology has improved the way businesses communicate. Easy access to data and information enables the media to report on business news before a business can respond. Consequently, the markets are quick to react based on this 24/7 on-demand news cycle. The result of this increased liability can be highly problematic:
- Business litigation has skyrocketed.
- Corporate reputations are negatively impacted due to the fallout from the current global pandemic.
- Risk management frameworks are continually evolving to acclimate to changing business environments.
- Board members are becoming increasingly subjected to intense scrutiny from outside critics.
THE CHALLENGE: The Global Business Climate is Changing. So Are Your Third-Party Partners.
- Organisations suffer financial loss as the supply chain falters and loses customers because of poor-quality service from a third party.
- Company data systems are exposed and breached because of poor security practices by third parties.
- Companies are experiencing supply chain issues due to poor disaster recovery procedures by third parties.
- Organisations are increasingly being exposed to litigation because relationships with an outside provider significantly violated contractual terms, potentially resulting in regulatory exposure.
If your organisation requires any of the following within your compliance checklist, then you must consider a third-party risk management solution:
- Have a lack of visibility or understanding danger of the risks posed by your relationships with many types of third parties?
- Want greater visibility into third-party performance and risks?
- Need to improve operational costs, process, efficiencies, and organisational agility associated with your third-party relationships?
- Need to gain greater control over the related risks?
- Want to be confident that third parties are compliant with your business’ policies and their own based on government regulations and industry requirements?
The role or size of the third party is not as important as the nature of the relationship they have with your business. Think of your third-party access to your sensitive data or property! A cleaning company with access to your filing cabinet represents a different but still significant risk. And remember, you are accountable for the inappropriate actions of any of your third parties.
THE SOLUTION: 3PRM: A Third-Party Certification Program; Qualify Your Partners. Protect Your Organisation.
Corporate Research and Investigations Limited (CRI Group™) is pleased to announce the rollout of its 3PRM-Certified™ program, specifically designed for organisations across the Middle East, Europe and Asian regions.
This highly specialised Third-Party Risk Management assessment and certification program was developed to help organisations accurately determine the legal compliance, financial viability, and integrity levels of outside partners, suppliers, and customers who seek to affiliate with and represent your business.
The 3PRM-Certified™ program consists of gap analysis and investigative due diligence on targeted third-party partners, suppliers and agents seeking to affiliate with your organisation. This highly thorough program can reveal any anti-corruption, compliance and risk management deficiencies associated with the international regulatory framework.
CRI® Group employs a network of locally qualified, subject-specific auditors, investigators, certified fraud examiners and industry-specific professionals across the Middle East, European and Asian regions who can provide expert counsel in offering 3PRM-Certified™ strategies as an effective pre-emptive measure.
OUTCOMES – Identifying red flags
- Undisclosed third-party transactions
- Material misrepresentations or omissions
- Unreported financial liabilities
- Criminal or regulatory sanctions
- Prior bribe or corruption allegations
- Undisclosed legal or bankruptcy proceedings
- Politically Exposed Persons (PEPs)
RESULT: A highly educated market responds immediately with their pocketbooks.
Has your organisation vetted its third-party relationships lately? CRI Group’s 3PRM™ Third-party risk management strategy can safeguard your organisation against unwanted business dealings and risks from the third party. Contact CRI Group to learn more about our 3PRM-Certified™ third-party risk management strategy program and discover an effective and proactive approach to mitigating the risks associated with corruption, bribery, financial crimes and other dangerous threats posed by third-party partnerships.
We look forward to assisting you. Feel free to reach out to our CEO, Zafar I. Anjum, MSc, MS, LLM CFE, CIS, MICA, Int. Dip. (Fin. Crime), Int. Dip. (GRC), MBCI, CII Int. Dip. (AML) | e: zanjum@crigroup.com | t: +44 7588 454959
Who is CRI Group™?
Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
We’d like to share with you 10 great reasons to partner with CRI Group™ today:
- CRI Group’s Personal Touch: Our high level of service sets us apart from our competitors: As your partner, our team become members of your team – working for you with our “boots on the ground” approach to gathering information. Our experts excel at deterring, detecting and investigating fraud and other crimes against businesses.
- Our Vast Business Intelligence Network: We access information from 180 countries, gathering local knowledge in places our competitors cannot. Our presence in Pakistan, Oman, Turkey, Saudi Arabia, Libya, Qatar, Egypt, Kuwait, Bahrain, as well as other countries in Africa and the whole of Southeast Asia, means that many of our competitors contact us for information from those countries.
- Competitive Pricing: CRI Group™ does not maintain the high overhead of larger firms, many of which lack our specialisation and level of individual client attention. We work within your budget, as CRI Group’s prices are consistently lower than our competitors’ rates.
- “3PRM” – Our Third-Party Risk Management Strategy™: At CRI Group™, we have developed our own comprehensive service for helping clients manage third-party risks. Our team of experts provide the highest level of protection for companies worldwide.
- CRI Group’s Wide Knowledge Base: Our experts come from a variety of professions and possess industry knowledge and experience serving clients spanning the oil and energy, banking, investments, international finance, and public and privately held multinational business sectors. CRI Group™ professionals work closely with your business to analyse systems and develop effective solutions that reduce the risk of your company falling prey to employees, suppliers or outside crime.
- Our Background Checks Catch Everything: CRI Group’s background screening and pre-employment screening services expose vulnerabilities and threats within your organisation and can significantly reduce the potential of business and financial crime, fraud and malpractice from occurring within your workplace.
- We’re Recognised and Acclaimed: As well as winning awards for “Anti-Fraud Advisor of the Year,” “Leading Adviser in UAE”, and “Business Due-Diligence Firm of the Year,” CRI Group™ is also working towards the “Investors in People” accreditation.
- We are Discreet: Let’s face it; there are some problems you just don’t want announced to the world. Fraud, internal investigations, due diligence or liability issues – CRI Group’s experts are trained to maintain the highest levels of client confidentiality. We keep your private business private.
- Our Updates Keep You in the Know: As industry experts, we offer a publication called Fraud 360, which is produced on a quarterly basis, with monthly email updates offering awareness, knowledge, latest trends and helpful advice for companies on fraud. If you would like to be on our mailing list, please subscribe here.
- CRI Group™ is Truly International. We maintain offices in UAE, Turkey, Pakistan, Qatar, Singapore, Hong Kong, the United States and the United Kingdom. For more information, please visit www.crigroup.com.
Check out our Why Partner With CRI Group™ InfoPack
WEBINAR | Compliance and Adequate Due Diligence for Third-Party Risk Managements
Building a Culture of Compliance and Trust Through ISO 37301:2021 CMS: Compliance adequate Due Diligence for Third-Party Risk Management – corporate compliance program
Free Webinar | 4 August 2022 | 2 pm – 3 pm UAE Time | in collaboration with ABAC™
CRI Group™ is hosting a free webinar on August 4th in collaboration with sister brand the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence. Our intention is to be able to provide resources on corporate compliance and due diligence to organizations around the globe that will aid them in expansion and an ethical working environment. Take advantage of this free webinar on compliance and adequate due diligence for Third-Party Risk Management.
Compliance in the Workplace
The compliance standard directs an organization to establish ideals and ethics. It involves the organization to illustrate those ideals and ethics adequately in a manner in which team members can recognise them and submit to them. A compliance standard necessitates that an organization train team members on ideals and ethics and demands that the organization hold team members liable for their conflicts and behaviors. In other words, compliance helps to define the force in the wake of the organization and its motivational efforts. However, many authoritative figures view compliance as intrinsically fundamentalist as they assume that the objective of compliance is to rein in conduct that couldn’t be further than the truth. Compliance provides a compelling instrument of prolonged adjustment. If everyday behavior branches from education and codes of conduct, and codes of conduct branch from ethics, expression, and alteration; over time, these said principles can intensely influence administrative behavior. Standards can be deemed as a leveraging point, and in the long run, compliance centers on the driving principles of an organization therefore, it is incredibly important to implement them into your corporate culture which is what we intend on discussing in our webinar.
Discussion points
- Most individuals are vaguely aware of what fraud prevention entails but many cannot fully comprehend how intensive and impactful a proper fraud prevention strategy can be. Our speaker will be looking at the following points.
Meet our speaker, Samia El Kadiri
Consultant, Author & Trainer, 6σGB |IRCA- QMS Lead Auditor | TOT | Auditor | Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence
She brings in over eight years of progressive experience working in private and government owned entities in compliance, management, quality assurance and excellence functions. Possess keen understanding, oversight and reporting mechanisms on Financial Crimes – Anti-Money Laundering, UAE Central Bank regulations, Dubai and UAE federal government mandates. She Developed and delivered various number of workshops and awareness sessions to leaders and decision makers on “Good Corporate Governance Practices”, “Development of Strategic Plan and Effective Policies” and “Financial Ethics” (AML&CFT according to local Guidelines). She authored reports and research papers on Compliance and the evolution of CG in the MENA region. She participated in the ESG Index; MENA wide Environment, Social and Governance (ESG) Index in cooperation with Standard & Poor’s with the support of the International Finance Corporation (IFC). She is a Consultant at DIFC – Hawkamah Institute for Corporate Governance charged with leading entities consultancy and advisory engagements in identifying the relevant controls, processes and frameworks and recommend areas of improvements. She works closely with clients in assessment and development, advisory and succession planning across multiple industries (Dubai and Federal Government entities, Healthcare, Financial institutions including Banks, and Real Estate) and functional topics (Ethics, Strategic excellence, ESG, Clinical Governance, Regulatory Compliance, Audit & Risk , Policies & Procedures…etc.). Prior to joining Hawkamah she was the Regulatory Compliance Officer and Chief Editor of Compliance newsletter at Wall Street Exchange, a member of Emirates Post Group where she developed systems, policies and procedures for compliance of relevant UAE laws. Prior to that she worked with the American Clinics for Psychiatry and Neurology where she focused on health care compliance of Dubai Healthcare Authority’s mandates. Prior to ACPN she worked at Roads and Transport Authority (RTA) in Dubai where she focused on government excellence, quality management, and customer happiness. She is Graduated with a BSC in Economics. She is a Certified Train the Trainer – Institute of Leadership and Management (UK), In addition to other accreditations related to Anti-Money Laundry (AML) and Counter Financing Crimes. She is fluent in English, Arabic and French.
Who should attend?
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By Job Title:
- Investigation Director/Manager
- Internal Audit Director/Manager
- Internal Control Director/Manager
- Chief Compliance/Legal /Ethics/Financial/Risk Officer
- Compliance & Ethics Director/Manager
- General Counsel/Legal Director
- Legal Manager /Legal Counsel
- BD & Commercial Director/Manager
- Purchasing Director/Manager
- …
From Accounting Firms & Consulting:
- Managing Director
- Executive Director
- Partner
- Associate Attorney & Attorney
- …
Why ISO?
Issued in April 2021, the ISO 37301 framework offers a certifiable global benchmark for compliance systems and explains in detail how to construct a compliance management system to comply with international official standards and regulations. This standard is also acknowledged to indicate compliance with social and ethical principles across the globe. The International Organization for Standardization (ISO) is an independent, non-governmental body that has developed and implemented the ISO 37301. Corporate compliance continues to be one of the utmost risk interests for management – to which the key solution in preserving integrity and confidence within an organization and third-party representatives is to implement a robust compliance program. The ISO 37301 further urges organizations to place emphasis on the methodical implementation of an organization-wide compliance system as a means of efficiency and compliance understanding the workplace. Like other ISO standards for management systems, such as the ISO 37001 standard for anti-bribery management systems, the ISO 37301 pulls on the founded ISO value of “Plan-Do-Check-Act” (PDCA) – a standard which necessitates those certified organizations to operate within an unremitting development progression sequence.
About CRI Group™?
Based in London, United Kingdom, CRI™ is a global company with experts and resources located in key regional marketplaces across the Asia Pacific, South Asia, the Middle East, North Africa, Europe, North and South America. We have experts’ speakers who know the industry inside out and have worked in the field for years and are dedicated to our mission of safeguarding the corporate world by detecting and exposing those elements that can cause irreparable harm to an organization while standing up against the outside forces, who through corruption, collusion, coercion, and fraud, can cause financial, organizational, reputational, and legal harm to our global clients. CRI Group™ also holds BS 102000:2018 and BS 7858:2019 Certifications, is an HRO certified provider and partner with Oracle. Our webinars, resources and other events are always designed with our clients in mind. Expect to be provided detailed insights and expert opinions to all your questions and queries regarding compliance adequate due diligence for third-party risk management, corporate compliance program and what it means for your organization. CRI Group™ has safeguarded businesses from any risks, providing investigations (i.e. insurance fraud), employee background screening, investigative due diligence, business intelligence, third-party risk management, forensic accounting, compliance and other professional investigative research services. In 2016, CRI Group™ launched the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 37301 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC™ operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals.
CRI Group™ invites you to schedule a quick appointment with us to discuss in more detail how our risk management solutions can help you and your organization.
What is Fraud Investigation?
Fraud is one of the biggest and most damaging risks businesses face. The headlines are full of organisations both in the private and public sectors affected by fraud, irregularity or other wrongdoing – either as a victim or accused. Statistics show that the threat of Corporate Fraud increases markedly in a down economy. And when such fraud occurs, it takes an average of 18 months to detect. In that timeframe, the damage to your business can be both widespread and irreversible. The hidden costs related to corporate fraud drains an estimated five per cent of revenue from corporations worldwide.
Fraud Risk Assessment and Fraud Risk Management: A Proactive Approach to Prevention and Detection
Historically, most major corporate fraud cases have been perpetrated by senior management who can circumvent internal controls and often work in collusion with other employees. By establishing a strong workplace environment that promotes ethical behaviour, deters wrongdoing and encourages all employees to communicate any known or suspected activity to the proper authority, you would be taking a proactive approach to prevention and detection.
What is the Fraud Investigation Process?
When fraud is suspected within the organisation, CRI Group’s experienced fraud analysts use proven techniques to aggressively investigate the case, collect evidence and determine the facts. Once the type of fraud is determined, a process of gathering all evidence possible to bulk out the investigation case starts. Evidence can be collected through a variety of means and methods.
These methods include conducting detailed asset checks, background verifications, surveillance checks and stylised forms of investigation and analysis; including employee investigations and investigations of an entire business. Subsequently, the victims and potential fraudsters will be interviewed. Our analysts work with your management, internal security and legal teams to uncover the truth and bring proper closure to the case.
Are You Auditing Your Fraud Prevention Program Regularly?
- Review and assessment of your current fraud risk management program, including policies, procedures, controls, reporting functions, responsibilities assignment and investigative requirements to identify the organisation’s susceptibility to fraud and vulnerability by the department.
- Developing fraud prevention measures and implementing Anti-fraud controls.
- Defining detection methods that encompass internal audits, suspicious transaction reporting, whistle-blower strategies, and program enforcement.
- Re-engineering targeted job functions or internal controls to mesh with fraud risk management program refinements.
Take Extra Precaution with Fraud and White-Collar Crime Investigations
Fraud and white-collar crime investigations and risk consulting services have helped financial institutions, corporations, partnerships, and individuals worldwide minimise fraud and thereby satisfy capital markets, reduce legal costs, and maintain their reputation and brand equity. CRI Group’s global team of Certified Fraud Examiners are trained in virtually every aspect of corporate fraud, including:
- Money Laundering
- Intellectual Property Crimes
- Embezzlement
- Check & Credit Card Fraud
- Online Cybercrime
- Accounting Fraud
- Cash Theft
- Asset Misappropriation
- Bribery
- Corruption
- Contract & Procurement Fraud
- Payroll Fraud
CRI Group™ develops preventative measures that have helped organisations worldwide identify a material weakness in internal controls to mitigate collusive activity and reduce the liabilities associated with corporate fraud. Our trained investigators leverage our collective investigative experience, leading technology tools, global reach and credibility with regulators to bring you insights with precision and speed.
Our international team of Certified Fraud Examiners (CFEs) work with companies to analyse and assess fraud prevention measures, develop solid risk management programs, provide training for executives, board, management and staff, establish effective communications strategies for reporting suspicious behaviour, and implement investigation and corrective action policies that meet regulatory and compliance requirements.
CRI Group™ professionals work with your organisation on an unbiased level, strengthening your fraud risk management program by:
- Adhering to the organisation’s written code of conduct
- Reviewing existing fraud risk management programs
- Training employees to properly identify fraud
- Developing internal and external reporting channels
- Identifying senior management, board and employee responsibilities
- Conducting and monitoring the progress of investigations
- Providing thorough reporting of investigative results
- Testifying as expert witnesses, if required
Who is CRI Group™?
Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
CRI Group™ invites you to schedule a quick appointment with us to discuss in more detail how our risk management solutions can help you and your organisation.
Why CRI Group™?
- CRI™ has one of the largest, most experienced & best-trained integrity due diligence teams in the world.
- We have a flat structure which means that you will have direct access to senior members of staff throughout the due diligence process.
- Our multi-lingual teams have conducted assignments on thousands of subjects in over 80 countries, & we’re committed to maintaining & constantly evolving our global network.
- Our solutions are easily customisable, flexible & we will tailor our scope to address your concerns & risk areas; saving you time & money.
- Our team of more than 50 full-time analysts is spread across Europe, Middle East, Asia, North and South America & is fully equiped with the local knowledge to serve your needs globally.
- Our extensive solutions include due diligence, employee pre & post background screening, business intelligence & compliance, facilitating any decision-making across your business no matter what area or department.
In 2016, CRI Group™ launched the Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including ISO 31000:2018 Risk Management- Guidelines; ISO 37000:2021 Governance of Organisations; ISO 37002:2021 Whistleblowing Management System; ISO 37301:2021 (formerly ISO 19600) Compliance Management system (CMS); Anti-Money Laundering (AML); and ISO 37001:2016 Anti-Bribery Management Systems ABMS. ABAC™ offers a complete suite of solutions designed to help organisations mitigate the internal and external risks associated with operating in multi-jurisdiction and multi-cultural environments while assisting in developing frameworks for strategic compliance programs. Contact ABAC™ for more on ISO Certification and training.
Supply chain due diligence act will enter into force on 1 January 2023, are you ready?
The German Parliament (“Bundestag”) adopted the “Act on Corporate Due Diligence in Supply Chains” (Supply Chain Due Diligence Act – “Act” or “LkSG”), and the act will enter into force on 1 January 2023. Originally adopted on 11 June last year, 2021, the act aims to improve the protection of the environment and international human rights by setting binding standards for large companies and their value chains.
Background
Following the 2011 UN Guiding Principles on Business and Human Rights (UNGPs), Germany adopted a National Action Plan on Business and Human Rights, which recalled (but without setting legal standards) that companies should respect human rights in their operations, their value chains, and it is a well-known fact that most human rights violations occur at the beginning of the supply chain. But, and unsurprisingly, ten years after the adoption of the UNGPs, according to a study commissioned by the government:
- only 13-17% of German companies were considered to be “in compliance” with their obligations
- while 83-87% were not, and
- less than 1% were classified as “companies with an implementation plan” concerning these obligations.
As part of the fight against human rights violations and environmental degradation, the LkSG act notably aims to protect people from modern slavery, forced labour, human trafficking, hazardous work and exploitation under the standards of the International Labour Organisation (ILO) and the relevant articles of the International Covenant on Economic, Social and Cultural Rights (UN Social Covenant).
The LkSG act is the first in Germany to establish binding standards for companies concerning human rights and the environment. This is a huge milestone as it marks a shift away from the voluntary standards and self-regulation principles.
Who is affected?
- From 1 January 2023 onwards: All companies with at least 3,000 employees that have their head office, administrative seat or statutory seat in Germany OR companies that have a branch in Germany and usually employ at least 3,000 employees in this branch;
- From 1 January 2024 onwards: All companies with at least 1,000 employees that have their head office, administrative seat or statutory seat in Germany OR companies that have a branch in Germany and usually employ at least 1,000 employees in this branch.
Even if companies with fewer employees are not addressees of the LkSG Act, they may still be indirectly affected; therefore, due diligence obligations could still apply. This is because the companies directly affected would be obliged to enforce compliance to the best of their ability with human rights in their supply chain. The measures necessary for this can have a direct impact on their suppliers, for example, through the implementation of a code of conduct. In addition, the directly affected companies will often be dependent on the active support of their suppliers and thus have this support be contractually assured, e.g. in the form of reporting obligations as part of their risk analysis.
New risk management and reporting duties for businesses
With newly imposed due diligence obligations on environmental protection and on human rights, businesses must introduce iterative and ongoing, or in certain circumstances ad hoc, due diligence processes specified by the LkSG.
Identification and management of an organisation’s supply chain and the risks that come with it require the implementation of due diligence processes. The term “supply chain” refers to all products/services of a business, including all manufacturing and services, in Germany and/or abroad, from the extraction of raw materials to their delivery to the end customer. Furthermore, due diligence processes should implement the following criteria:
- type and scope of the business activities of the company subject to the due diligence obligations,
- the ability of the company subject to the due diligence obligations to exert influence (so-called leverage),
- typically expected severity of the violation, and
- type of contribution by the company subject to the due diligence obligations to cause a violation.
Who is CRI® Group?
Based in London, CRI® Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, TPRM, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be. CRI® Group also holds B.S. 102000:2013 and B.S. 7858:2012 Certifications and is an HRO certified provider and partners with Oracle.
In 2016, CRI® Group launched the Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including ISO 31000:2018 Risk Management- Guidelines; ISO 37000:2021 Governance of Organisations; ISO 37002:2021 Whistleblowing Management System; ISO 37301:2021 (formerly ISO 19600) Compliance Management system (CMS); Anti-Money Laundering (AML); and ISO 37001:2016 Anti-Bribery Management Systems ABMS. ABAC® offers a complete suite of solutions designed to help organisations mitigate the internal and external risks associated with operating in multi-jurisdiction and multi-cultural environments while assisting in developing frameworks for strategic compliance programs. Contact ABAC® for more on ISO Certification and training.
7 Reasons Why You Should Perform Global Integrity Due Diligence Investigations
Why should you perform global integrity due diligence investigations?
Global integrity due diligence investigations provides your business with the critical information it needs to make sound decisions regarding mergers and acquisitions, strategic partnerships, and the selection of vendors, suppliers, and employees. Due Diligence on potential business partners when adding a new vendor or hiring a new employee is vital to confirm the legitimacy and reduce the risks associated with such professional relationships. It will ensure that working with an, i.e. potential trade partner will ultimately achieve your organisation’s strategic and financial goals.
Why perform due Diligence?
To answer questions such as “Does trade partner adhere to (inter)national regulations on anti-corruption and anti-bribery?” or “Is it possible that there is a liability risk in your supply chain?,” performing due Diligence across your business is key to:
- Quantify the real risk of a financial transaction, particular if the transaction takes place in a jurisdiction unfamiliar to you
- Meet legal compliance and/or get regulatory approval
- Assist in accurate decision-making
- Identify red flag issues
- Provide leverage for business valuation and negotiation
- Verify that investment or acquisition criteria have been met
- Ensure the other party or company is trustworthy
At CRI™, we provide due diligence services where ever you are. Use our DueDiligence360™ reports to help you comply with anti-money laundering, anti-bribery, and anti-corruption regulations ahead of a merger, acquisition, or joint venture. You can also use them for third-party risk assessment, onboarding decision-making, and identifying beneficial ownership structures.
Identify key risk issues clearly and concisely using accurate information in a well-structured and transparent report format. Our comprehensive range of reports includes specialised reports that support specific compliance requirements. Protect your reputation and the risk of financial damage and regulator action using our detailed reports. They enhance your knowledge and understanding of the customer, supplier, and third-party risk, helping you avoid those involved with financial crime.
VIEW DUEDILIGENCE360™ BROCHURE
CRI™ investigators employ a proven, multi-faceted research approach that involves a global array of databases, courts and public record searches, local contacts, industry and media resources, and in-depth web-based research. Our resources include:
- International business verification
- Individual business interest search
- Personal profile on individual subjects
- Company profile on corporate entities
- Historical ownership analysis
- Identification of subsidiaries and connected parties
- Global/national criminality & regulatory records checks
- Politically Exposed Person database
- International digital media research
- Company background analysis
- Industry reputational assessment
- FCPA, UK Anti-Bribery and corruption risk databases
- Global terrorism checks
- Global financial regulatory authorities checks
- Money laundering risk database
- Financial reports
- Asset tracing
- Country-specific databases that include litigation checks, law enforcement agencies & capital market regulators.
Clients who partner with us benefit from our:
- Expertise: CRI™ has one of the largest, most experienced and best-trained integrity due diligence teams globally.
- Global scope: Our multi-lingual teams have conducted assignments on thousands of subjects in over 80 countries, and we’re committed to maintaining and constantly evolving our global network.
- Flexibility: Our DueDiligence360™ service is flexible and can apply different levels of scrutiny to the subjects of our assignments, according to client needs and the nature of the project.
At CRI™, we specialise in Integrity Due Diligence, working as trusted partners to businesses and institutions worldwide. Our people work with energy, insight and care to ensure we provide a positive experience to everyone involved – clients, reference providers and candidates.
CRI Group™’s unique identity and vision evolved from our fundamental desire to support our clients and candidates. Safeguard your business and its integrity with DueDiligence360™. Our DueDiligence360™ expose vulnerabilities and threats that can cause serious damage to your organisation and can significantly reduce business. The world’s largest corporations trust CRI® and consultancies – outsource your due Diligence to an experienced provider, and you will only ever have to look forward, never back.
We are always ready to assist you in effectively managing your business and organisation efficiently and risk-free manner that best suits your needs. CRI Group™’s investigators and Certified Fraud Examiners understand fraud patterns. They are trained to recognise the elements of fraud characteristics and where they might come into play at any organisation. Through this knowledge, we can help you uncover the trail of fraud and help bring about a quick and successful resolution.
Having global coverage, CRI™ works directly with the key personnel to lead and conduct fraud investigations, including, if needed, your internal board of directors, audit committee, ethics and compliance officers, general and in-house counsel, corporate security, human resources, and C-level executives. Explore our broad range of risk management solutions for your business.
Check out our Why Partner With CRI Group™ InfoPack
Who is CRI Group™?
Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
In 2016, CRI Group™ launched Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including ISO 31000:2018 Risk Management- Guidelines; ISO 37000:2021 Governance of Organisations; ISO 37002:2021 Whistleblowing Management System; ISO 37301:2021 (formerly ISO 19600) Compliance Management system (CMS); Anti-Money Laundering (AML); and ISO 37001:2016 Anti-Bribery Management Systems ABMS. ABAC™ offers a complete suite of solutions designed to help organisations mitigate the internal and external risks associated with operating in multi-jurisdiction and multi-cultural environments while assisting in developing frameworks for strategic compliance programs. Contact ABAC™ for more on ISO Certification and training.
OUR MISSION AND VISION
- CRI™ mission is to safeguard the corporate world by detecting and exposing those elements that can cause irreparable harm to a business
- Stand up against the outside forces that, through corruption, collusion, coercion and fraud, can cause financial, organisational, reputational and legal harm to our global clients
- Stand out as the preeminent provider of specialised investigative services that enable our clients to exhibit the highest standards of business integrity, ethics and behaviour
Anti-Money Laundering (AML) Services, Why Do You Need it?
There are many advantages to outsourcing portions of your Anti-Money Laundering (AML) compliance program to CRI Group™
CRI™ Anti-money laundering (AML) advisory services help analyse systems and develop effective solutions that reduce your company’s risk of falling prey to employee, supplier or outside corporate and financial crimes. An effective AML framework is a testament to your organisation’s position against crime.
Our unmatched investigative capabilities, worldwide presence and a long-standing reputation for independence and integrity make us uniquely qualified to resolve regulatory concerns.
Our vast Anti-Corruption and Compliance network provides the protection you need when making critical bottom-line decisions crucial to your organisation’s success. Leave it for experts. Ensure you have the 360-degrees analysis of your challenges – get in touch with the experienced CRI Group’s AML team for a bespoke quote.
Meet stakeholder expectations and safeguard your corporate reputation and competitive positioning
As a global business entity with a range of subsidiary partner operations that cross several distinct business sectors (including but not limited to telecommunication, financial services, petrochemicals, energy production/distribution, chemicals, fertilisers and food), your organisation needs to recognise that it is targeted by hostile entities seeking to take advantage of your market presence.
One of the critical challenges is corporate finance’s control and movement and the need to ensure that effective Anti-Money Laundering (AML Framework) procedures and practices are in place. Refusal to accept the risks and your organisation is openly exposed to:
- Corporate Fraud;
- Corruption;
- Exploitation from the theft of money & other assets.
You need to comply with national, regional, and international legislative frameworks such as:
- Section 453 of the 2017 Companies Act (Pakistan); and
- UK’s Proceeds of Crime Act (POCA) 2000).
More fundamentally, money that is unknowingly, unwittingly or (in the case of fraud and corruption) even consciously ‘laundered’ through the organisation could ultimately support, finance and promote international terrorism and the drugs trade.
A money-laundering prevention program is an essential element among institutions’ measures to protect their operations and promote trust among their clients and partners. CRI Group™ works with clients to design, implement, and refine comprehensive AML policies and procedures and establish an overarching compliance strategy and culture, including firm-wide training on AML compliance that reflects the latest regulatory and enforcement trends and industry best practices.
As global corporate citizens aware of their responsibilities, any international organisation must comprehensively address these concerns and implement policies, procedures, and associated risk assessment mechanisms.
Consequences of an absent AML framework
To have insufficient controls and be charged with engaging in money laundering can have any of the following negative consequence
- Damaged corporate reputations & brand devaluation
- Eroding employee morale
- Potential consumer boycotts
- Negative investor perceptions
- Possible legal action
- Fines & potential jail terms for directors
Contact CRI™ today and learn more about how your organisation can remain in full compliance with all applicable AML laws and regulations, giving you, your partners and your clients the confidence of knowing that the organisation, and its reputation, is protected from the negative consequences of money laundering.
AML Due Diligence with CRI Group™
Complying with AML regulations requires taking a risk-based approach towards assessing the risks from doing business with customers and third parties. CRI Group™ offers a broad spectrum of risk-based screening, monitoring, and due diligence solutions that suit the needs of AML compliance professionals. We provide tailored solutions commensurate with the level of risk involved.
There are many advantages to outsourcing portions of your AML compliance program to CRI Group™. More and more, in-house compliance professionals have faced internal financial pressures and resource constraints while looking to build an effective and robust AML program. CRI Group™ can help supplement your existing efforts and provide AML and due diligence solutions capabilities worldwide.
AML Service Capabilities
CRI™ excels at deterring, detecting and investigating crimes against businesses. We achieve success using a global network of professionals specially trained in Anti-Corruption, Risk Management and Compliance due diligence, and corporate investigations. More importantly, our technical capabilities and multi-national resources enable us to perform the following scope of work for your organisation to demonstrate adequate procedures and to provide a complete solution consisting:
- In-Depth AML Risk Assessment
- GAP Analysis for the scope of ISO 37301 Compliance Management System
- Provision of AML Framework
- Global Sanction Screening & Third-Party Risk Management
- Money laundering reporting officer (MLRO)
- Policy statement
- AML framework – scope of the AML framework
- What is money laundering – regulatory requirements
- Identifying financing terrorism
- Corporate principles – an ethical & integrated business approach
- Screening of politically exposed persons & sanctions
- Suspicious activity reporting, tipping off & sar submission
- Record keeping
CRI™ professionals work closely with your business to analyse systems and develop effective solutions that reduce your company’s risk of falling prey to employee, supplier or outside corporate and financial crimes. Our vast Anti-Corruption and Compliance network provides the protection you need when making critical bottom-line decisions crucial to your organisation’s success.
CRI Group™ excels at deterring, detecting and investigating crimes against businesses. We achieve success using a global network of professionals specially trained in Anti-Corruption, Risk Management and Compliance due diligence, and corporate investigations– a complete 360-Degrees AML management solution. More importantly, our technical capabilities and multi-national resources enable us to perform the following scope of work for your organisation to demonstrate adequate procedures:
- In-Depth Anti-Money Laundering Risk Assessment;
- GAP Analysis for the scope of ISO 37301 Compliance Management System;
- Provision of AML Framework; and
- Global Sanction Screening and Third-Party Risk Management
CRI Group™ helps clients expertly and efficiently resolve gaps and deficiencies in their AML compliance programs. We offer diligence remediation services to assist our clients with changes in the law and/or internal firm policies. CRI Group™ also offers transactional remediation services when clients require a “look back” to evaluate in-house performance and compliance.
Who is CRI Group™?
Based in London, CRI Group™ works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions and other professional Investigative Research solutions provider.
We have the largest proprietary network of background screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are, we have the network needed to provide you with all you need, wherever you happen to be.
CRI Group™ also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
In 2016, CRI Group™ launched Anti-Bribery Anti-Corruption (ABAC™) Center of Excellence – an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including ISO 31000:2018 Risk Management- Guidelines; ISO 37000:2021 Governance of Organisations; ISO 37002:2021 Whistleblowing Management System; ISO 37301:2021 (formerly ISO 19600) Compliance Management system (CMS); Anti-Money Laundering (AML); and ISO 37001:2016 Anti-Bribery Management Systems ABMS. ABAC™ offers a complete suite of solutions designed to help organisations mitigate the internal and external risks associated with operating in multi-jurisdiction and multi-cultural environments while assisting in developing frameworks for strategic compliance programs. Contact ABAC™ for more on ISO Certification and training.
CRI Group™ invites you to schedule a quick appointment with us to discuss in more detail how our risk management solutions can help you and your organisation.
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CONTACT US
Headquarter: +44 7588 454959
Local: +971 800 274552
Email: info@crigroup.com
Headquarter: 454959 7588 44
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Email: info@crigroup.com
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