A traditional U.S. retail and commercial bank had acquired a bank specializing in crypto and expanding fintech services with limited familiarity in how these new services would impact financial crimes exposure. The acquiring bank was suddenly responsible for managing significant AML and fraud risks associated with the acquired institution’s client base and product offerings. With its AML and risk teams already at full capacity, the bank needed immediate support to reassure management, the board of directors and regulators that appropriate controls were in place.
Dominion Advisory Group—now part of SolomonEdwards—quickly assembled a senior team of AML and risk experts to assess the software systems, monitoring solutions, personnel, operations and governance structures of both institutions. After identifying the most effective practices and systems from each, we developed a detailed integration plan that aligned with regulatory expectations.
We then led the project management effort, ensuring that compliance controls were not only integrated swiftly but also optimized for the higher risk profile of the combined client base. This approach included harmonizing operations, standardizing policies and enhancing governance to support the expanded risk management requirements.
The integration of compliance systems and processes enabled the bank to address regulatory concerns promptly and manage its expanded risk profile with confidence. Our efforts established a robust AML framework that ensured both immediate and long-term compliance stability. This success led to an ongoing advisory relationship, with our team providing support for further integration initiatives and risk management enhancements.
Dominion Advisory Group, now part of SolomonEdwards, brings specialized expertise in anti-money laundering (AML) advisory and financial crime consulting. Learn more about our services in the Banking & Financial Services industry.