KSG Risk Solutions

KSG Risk Solutions is a Risk, Compliance and AML/CFT solutions provider, focused on assisting regulated financial service providers and funds with meeting their regulatory obligations. Our team has a wealth of experience in Risk, Compliance and AML/CFT in Cayman, Bermuda, BVI and the U.S.

Expertise

  • CIMA Inspection remediation
  • AML / CFT
  • Policies & Procedures
  • AMLCO Outsourcing
  • MLRO / DMLRO Outsourcing
  • Cayman Islands/ Bermuda / BVI / US compliance

Team

Francis Donoghue is a highly experienced Compliance professional, with over 18 years’ experience in Compliance, Risk and AML/CFT both onshore and offshore, and 8 years’ experience as a practicing solicitor in Scotland.

Prior to moving to the Cayman Islands in 2007, Francis was a solicitor in Scotland working with the Financial Services Agency (now the Financial Conduct Agency) and subsequently providing regulatory advice to regulated financial institutions in the U.K. with one of Scotland’s largest law firms.

On moving to Cayman in 2007, Francis took up the role of Global Head of Compliance with a Cayman-based Bank, Fund Administration, Trust and Corporate Services provider. In 2016 Francis relocated to Bermuda as Compliance Manager with a large, international Trust and Corporate Services provider before returning to Cayman in 2017 as Head of Compliance for an international Life Insurance and Banking services provider with offices in Cayman, Puerto Rico and mainland U.S.

Francis has gained valuable experience of the regulatory regimes in the U.K, Cayman and Bermuda, and is a specialist in AML/CFT compliance and in providing bespoke solutions to financial services providers. He is known for his pragmatic, commercial but reasoned approach to the compliance risks faced by regulated firms, and for offering up effective, efficient solutions.

Francis is a member of the Association of Certified Anti-Money Laundering Specialists (“ACAMS”) and of the International Compliance Association (“ICA”).

Outsourced Anti-Money Laundering Compliance Officer (“AMLCO”)

Regulated financial services providers in the Cayman Islands, as well as regulated and unregulated funds in the jurisdiction, need to appoint a natural person with sufficient experience to perform the AMLCO role for the firm or fund. The AMLCO is responsible for a number of important regulatory tasks, such as ensuring that policies and procedures are kept up to date following changes to laws and regulations, ensuring that the compliance function within the entity or fund maintains appropriate systems and controls, reporting to the Board and responding to requests for information by competent authorities.

KSG Risk Solutions can provide an extremely experienced person to fulfil this role or alternatively, can assist you in identifying a suitable person from within your organization, and provide adequate training to that person to allow them to fulfil the role.

Outsourced Money-Laundering Reporting Officer (“MLRO”) / Deputy MLRO (“DMLRO”)

Every financial services provider must designate a suitably qualified and experienced person as MLRO, as well as a Deputy MLRO (who must be of similar status and experience to the MLRO). These people should have a good understanding of the types of transactions which the provider handles and should be fully conversant with the associated AML/CFT risks.

The roles of MLRO and Deputy MLRO can be outsourced, should a provider not have appropriately qualified, experienced or independent staff, and KSG Risk Solutions can assist with this.

Policy and Procedures enhancement

The laws, regulations and guidance concerning money laundering and regulatory compliance are constantly evolving, and KSG Risk Solutions can assist you with enhancements to your existing policies and procedures documents to ensure that you remain compliant, while maximizing efficiency.

AML Audits

Financial services providers must ensure that regular, periodic AML Audits are performed to ensure that they continue to adhere to the applicable Anti-Money Laundering laws, regulations and guidance. KSG Risk Solutions can work with you to design an audit plan and perform the appropriate testing of your compliance with these requirements. With extensive experience and knowledge of Trusts, Corporate Services, Banking, Insurance, Fund Administration and Insurance we are well placed to understand your business model and the AML/CFT risks, and to prepare a suitable audit plan.

Regulatory Inspection Remediation

KSG Risk Solutions can assist you with the remediation of issues raised during a CIMA, or other regulator, inspection. These remediation projects can be time-consuming and our services will allow you to comply with the remediation requirements while not having to re-allocate staff from their ongoing duties. We can assist you in developing a remediation plan and identifying the correct resources to ensure that the objectives of that plan are met.