The sharing of financial information through a structured dialogue between the public and private sectors helps enhance the understanding of the risks to the integrity of a country’s financial system as well as the detection, investigation, prosecution and punishment of financial crimes. In many jurisdictions, both the public and private sectors are eager to develop a public-private financial information sharing partnership (FISP) to provide the institutional framework for a more informed risk-based decision-making process. However, getting an FISP off the ground and managing it on an ongoing basis can be a complicated process of coordinating resources, communicating with industry and government leaders, and developing the proper technical and regulatory requirements.
K2 Integrity is uniquely positioned to help jurisdictions and private-sector entities design, establish, manage, and maintain strong and effective FISPs, in the financial, nonfinancial, and virtual asset sectors. Whether the FISP is focused on strategic objectives to develop a more common understanding of risks and strategies for mitigation, or on the operational goals of enhancing investigations to better target suspects and entities of concern, K2 Integrity has developed a comprehensive suite of services that supports the work of both our public and private-sector clients in setting up strong and sustainable partnerships for the fight against financial crimes.
Strategic Advisory Services
We support the establishment or enhancement of an FISP with legislative and regulatory drafting support, development of governance structures and internal operating protocols, and vetting procedures and security clearance protocols, as well as the formation of accountability frameworks with clearly defined responsibilities and consequences for breach of obligations. We also implement communications strategies to build trust among partners, drive external support for the work of the partnership, and report on its achievements.
Ongoing Operational Support
On an ongoing basis, we provide managed services to organize and administer the day-to-day operations of the FISP or to act as the FISP’s executive secretariat. We support FISPs by serving as an advisor on the strategic or operational objectives of ongoing and new projects, such as procedural AML/CFT questions, communication plans to build continuous domestic public and private support of the FISP, or the development of a correspondent banking approach.
Cybersecurity being paramount in the exchange of information through an FISP, our in-house IT experts establish and maintain technological infrastructure, including security and cyber defense strategies, unique to the needs of the FISP.
Capacity Building and Training Services
The support of the partners within an FISP as well as the public at large is a key component to the FISPs overall success. We partner with the FISP to conduct awareness raising seminars and workshops to ensure support for the initial establishment of the FISP. Once up and running, we focus on assisting the FISP in providing trainings for public and private sector participants of the FISP through both in- person seminars and through the firm’s DOLFIN (Dedicated Online Financial Integrity Network) platform.