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Financial Crime

We help you prevent, detect, and investigate financial crime.

We will assess the potential of blockchain technology in your company and discuss possibilities of optimization.

financial crime compliance and consulting services

At MEMA, we specialize in providing comprehensive financial crime compliance services that help businesses prevent, detect, and investigate financial crimes effectively.

In today's dynamic regulatory landscape, staying proactive is more crucial than ever.

Our team is dedicated to ensuring that your organization is not only responding to potential regulatory incidents but is also continually focused on fulfilling your ongoing regulatory obligations.

Expert Financial Crime Consulting

Our financial crime consulting services are backed by robust technical expertise and a deep understanding of both the operational hurdles and regulatory expectations that businesses face. We offer tailored solutions designed to strengthen your defenses against financial crimes.

Comprehensive Financial Crime Services

  • Anti-money laundering (AML)
  • Risk and Regulation
  • Know your customer
  • Transaction monitoring
  • Fraud
  • Anti-bribery & corruption
  • Sanctions

To find out more about how MEMA can support your financial crime requirements, please contact us.

Ongoing FCA Compliance

As an FCA authorised person or firm, you might need help to ensure you comply with the FCA’s rules.

We provide our clients with support they need to maintain compliance and avoid breaching the rules. Our bespoke service is individually tailored to each of our client’s requirements and objectives to help them meet in the best way possible.

Whether you need documentation to help you remain compliant, want ongoing advice or support, impartial monitoring of your activities or anything else, MEMA may be able to help.

Why Choose MEMA?

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MEMA has been supporting firms through the FCA compliance process since 2019. In that time, we have helped hundreds of businesses to successfully gain and retain FCA authorisation.

We have a unique blend of experience from ex-regulators, big 4 consultants and fin/regtech specialisation. Our team is highly experienced and expertly skilled. We specialise in providing our clients with solutions to often complex regulatory requirements and compliance needs.

Our unique industry insight and comfort with compliance enables our team to support you to the fullest extent possible, helping to develop your business model and compliance.

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October 15, 2021

The FCA Register

As an institution with financial services activities, you are likely to require authorisation by the FCA.

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April 11, 2021

Notfication for FCA Directory Persons

Have you completed your FCA Directory Persons? If you have not heard or are wondering, by 31 March 2021, the FCA is proposing that solo regulated firms (you) must submit their Directory Persons data via Connect.

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February 6, 2023

5 Steps for Conducting Effective Compliance Control Monitoring for Financial Firms

Compliance control monitoring is a crucial aspect of maintaining regulatory compliance for financial firms. The Financial Conduct Authority (FCA) requires firms to have robust controls and monitoring systems in place, and it is up to individual firms to implement these measures effectively. In this article, we will discuss the steps that firms can take to conduct compliance control monitoring.

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Insights

August 29, 2022

Who would be considered a Politically Exposed Person (PEP)?

“A Politically Exposed Person (PEP) is a natural person who is or has been entrusted with prominent public functions and includes his/her immediate family or persons known to be close associates of such persons, but shall NOT include middle ranking or more junior officials.”
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December 12, 2022

What is the FCA Consumer Duty and how does it affect your firm?

The FCA Consumer duty is a key principle of the regulatory framework that governs the financial sector in the UK. This principle requires financial firms to always act in the best interests of their customers and to put the interests of consumers first when carrying out their activities.
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August 12, 2022

The UK Financial Crime Legislation framework

MEMA has produced this financial crime series for firms, to understand the steps they can take to reduce their financial crime risk. It does not include all the financial crime risks a firm may face but provides an understanding of FCA expectations in this complex field.
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October 12, 2022

How to get FCA authorised (part 2)

As part of our How To series on 'How to get FCA authorised'. We are addressing all aspects of preparing for FCA authorisation. This will look to cover a range of key items your business should consider from the location of offices, and expected fees to resourcing.
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Navigate the New Financial Crime Landscape with FCA's Updated Guide and MEMA Consulting's Expertise

In response to evolving regulatory landscapes and recent global events, the Financial Conduct Awareness (FCA) has unveiled proposed updates to its Financial Crime Guide, CP24/9. The revisions aim to enhance sanctions systems, address proliferation financing, and refine transaction monitoring with a focus on modern technologies like Artificial Intelligence and cryptoassets. With these updates, the FCA seeks to fortify financial crime prevention measures and ensure firms are well-equipped to meet new challenges. As firms adapt to these changes, MEMA Consulting stands ready to offer expert guidance and tailored support, helping businesses align with FCA's stringent standards and navigate this complex regulatory terrain effectively.
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April 25, 2022

What to take away from the FCA's Business Plan 2022-2023

The FCA has released its new business strategy for the next 12 months.
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February 12, 2024

Financial crime poses significant threats that undermine market integrity and public trust

Financial crime undermines market integrity and public trust, prompting the FCA's 3-year strategy. MEMA advises firms to use tech, collaborate, educate, strengthen compliance, foster responsibility, and support AML reform. For assistance, contact MEMA's experts.
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April 11, 2021

Preparing financial projections for the FCA

In this article, we briefly cover the financial projections that companies are expected to produce when submitting their application to the Financial Conduct Authority (FCA).
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AML compliance in cryptocurrencies is impacted by the EU's expansion of policies

The European Parliament has decided to approve a set of rules to enhance the EU's anti-money laundering and terrorist financing tools, with a specific focus on the cryptocurrency business. The regulation mandates the implementation of heightened due diligence protocols and identity verifications for customers. Obligatory entities, including cryptocurrency asset managers and institutions, are required to notify Financial Intelligence Units (FIUs) or other competent authorities of any suspicious activities. An elevated degree of due diligence is being applied to the cryptocurrency sector.
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August 9, 2022

What are UK sanctions and how to conduct sanctions screening?

Sanctions are normally used by the international community for one or more of the following reasons:
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May 15, 2021

Understanding virtual asset service providers

Virtual asset service providers have been defined as a new financial sector facing significant money laundering and terrorist financing risks.
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March 8, 2023

Buy now pay later agreements to become regulated in the UK

Currently, BNPLs and STFC companies benefit from the exemption under Article 60F of the Financial Services and Markets Act (Regulated Activities) Order 2001 (RAO). Firms providing BNPL products benefiting from the 60F Exemption do not have to be FCA authorised and the agreements do not need to be in a prescribed form under the CCA.
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April 5, 2023

Review of the Senior Managers & Certification Regime (SMCR)

On 30 March 2023, the UK government and regulators initiated a review of the Senior Managers & Certification Regime (SMCR) through a Call for Evidence from Her Majesty's Treasury (HMT) and a joint Discussion Paper (DP23/3) from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
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October 12, 2021

Understanding the Regulatory Landscape

At MEMA, in discussions with our customers (current and prospective) we identified a common theme, understanding the regulatory landscape is problematic and requires clearer descriptions aid understanding.
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April 11, 2021

Deconstructing the Dear CEO Letter

On 26 October 2020, the FCA issued its warning to CMC firms regarding their steps taken to fully investigate the merits of each potential claim before pursuing it.
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Your key contacts

ADEMOLA OMOSANYA

Ademola is an accomplished consultant with over a decade of experience across regulation, banking, and consumer credit. As MEMA Consultants co-founder, he leverages extensive regulatory expertise to guide clients through critical processes and full compliance. His experience across sectors enables tailored solutions to complex business challenges. Ademola partners with clients as a strategic advisor to help futureproof their business through an in-depth understanding of the regulatory landscape.

MISAH MARAGH

Misah is a director at MEMA Consultants with over a decade of experience in financial services. Holding a legal background and postgraduate qualification, she previously worked at the Financial Conduct Authority. Misah has led compliance transformation for global consumer services organisations across Europe, the Caribbean, and Latin America. Her expertise includes implementing compliance frameworks for financial regulations, FCPA, UK Bribery Act, data privacy, and Sarbanes-Oxley. Misah is skilled at advising clients on operational and strategic projects, leveraging her in-depth knowledge of regulatory environments to deliver solutions tailored to complex business needs.

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Financial Crime