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Cordium launches solution to help firms comply with the Criminal Finances Act

Jun 6, 2017

Topics: Compliance |


Cordium, the market-leading provider of governance, risk and compliance services, has launched a solution to help firms adapt to the new requirements of the Criminal Finances Act, set go into effect in September 2017.
Introduced by HM Revenue and Customs, the new legislation is intended to prevent the facilitation of tax evasion in the UK and abroad. All UK business entities are within the scope of the changes and must take appropriate steps to prevent criminal activity.
To assist firms with this process, Cordium has developed a solution aligned with the six guiding principles that constitute a reasonable prevention defence, as outlined by HMRC:

  • Risk assessment – Determine areas of vulnerability and necessary courses of action
  • Proportionate procedures – Implement appropriate risk management policies and systems
  • Top-level commitment – Ensure a culture of compliance from the senior level down
  • Due diligence – Maintain a thorough knowledge of all parties acting on firm’s behalf
  • Communication and training – Ensure policies are understood throughout the organisation
  • Monitoring and review – Regularly assess effectiveness and make improvements, as needed

Matthew Crisp, Managing Director, Cordium, said, “Fund managers, wealth managers, and other financial service businesses are subject to a higher risk of facilitating tax evasion and we expect such businesses to be held to a higher standard when it comes to the changes required. The speed with which the new rules have materialized means that firms need to act immediately to ensure compliance. Our new solution will help clients adapt to the measures as quickly as possible in a manner that is practical from a business perspective.”

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About Cordium
Cordium is a market-leading provider of governance, risk and compliance services to the asset management and securities industry. Cordium has offices in London, New York, Boston, San Francisco, Malta and Hong Kong. The firm employs more than 200 experienced professionals who support over 1,500 clients in the financial services industry. For more information, visit


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