FTI Consulting brings Financial Crime Compliance unit to Greater China

DigitalCFO Newsroom | 25 April 2022

Global management consultancy FTI Consulting has expanded its Risk & Investigations offering in China with the launch of a Financial Crime Compliance practice.

FTI Consulting’s dedicated Financial Crime Compliance practice helps clients – mostly banks and companies in regulated sectors – with designing, implementing and managing financial crime compliance programs. The practice provides an end-to-end offering, from strategy and compliance expertise, to regulator relationships and the deployment of technology solutions. 

Operating out of FTI Consulting’s offices globally and in Asia, the practice has now established an on the ground team in China. 

“We are delighted to expand our presence into China,” said Rod Francis, Asia Leader of the Financial Crime Compliance practice at FTI Consulting. “This move further enhances our ability to help our clients address the risks associated with their businesses, ensure compliance in the context of a complex and developing regulatory landscape, and resolve regulatory inquiries.” 

The launch comes at a time of a surge in financial crime across Asia, following a period of unprecedented personal and corporate financial pressure and increased legal and regulatory scrutiny, according to recent research. The latest Association of Certified Fraud Examiners Benchmarking Report reported that over 90% of senior business and government officials reported a jump in fraud over the past year.

Meanwhile, 2021 saw heightened activity around regulatory fines and settlements, as regulators including the US (under the Foreign Corrupt Practices Act) ramp up their financial crime enforcement. 

Jackie Yu and Lilian Sin

Leading the new practice are two veterans of the financial crime space, Jackie Yu and Lilian Sin. The duo both join FTI Consulting from Deloitte. 

Appointed a Senior Managing Director in Shanghai, Yu brings experience in anti-money laundering, sanctions compliance, fraud investigations and financial technology. Prior to Deloitte, Yu served as Head of the AML Department at the Bank of East Asia China. 

With his expertise in AML and sanctions compliance, China’s central bank appointed Yu a member of the Financial Action Task Force expert group and a member of China’s fourth FATF Mutual Evaluation — an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and counter-terrorist financing.

Appointed a Managing Director in Hong Kong, Sin advises clients on the increasingly complex issues in relation to US and international sanctions, as well as China’s own expanding sanctions regime. 

Most recently at Deloitte, where she led the firm’s Financial Crime Compliance practice for Mainland China. Prior to the Big Four firm, Sin spent 16 years at HSBC, where she held senior leadership roles within financial crime, including Head of Sanctions in Hong Kong, Regional Head of FCC Operations, and Regional Head of FCC Program Change for the Asia Pacific region. 

“The firm’s strengths enable us to attract leading specialists in the industry, and the additions of Jackie and Lilian are further proof of that,” concluded Francis.

Source: Consultancy.asia