A large Northern European bank retained StoneTurn as remediation consultant to oversee the Bank’s remediation of its control environment, as well as compliance program deficiencies. The issues, identified during an internal investigation of alleged money laundering violations, stemmed from the non-resident portfolio in a Baltics branch.
The Bank engaged the StoneTurn team to provide independent third-party assurance to the Bank and government officials on whether the Bank’s ethics and compliance program are reasonably designed and implemented to mitigate, prevent and detect financial crime risks and violations, and whether its remediation program and compliance program is comprehensive and timely.