What services does ABM Global Compliance offer to private wealth managers?

ABM Global Compliance provides a range of services including FCA authorisation, AML/CTF policy development, risk management frameworks, governance and internal controls, regulatory reporting, and ongoing compliance support.

How can ABM Global Compliance assist with FCA authorisation?

We assist private wealth managers in obtaining FCA authorisation by preparing the necessary application documentation, establishing governance structures, and ensuring compliance with regulatory requirements.

What is included in AML/CTF & KYC/KYB policy development?

Our services include the development and implementation of anti-money laundering, counter-terrorist financing, and know-your-customer/business policies tailored to the specific needs of private wealth managers.

Why is a risk management framework important for private wealth managers?

A robust risk management framework helps private wealth managers identify, assess, and mitigate potential risks, ensuring compliance with regulatory requirements and protecting the firm's reputation.

What does ongoing compliance support entail?

Ongoing compliance support includes continuous monitoring of compliance status, staff training, and updates on regulatory changes to ensure private wealth managers remain compliant with evolving regulations.

Private Wealth Management | Regulatory Compliance Advisory

Overview

Private wealth management firms cater to high-net-worth individuals (HNWIs) and families, offering tailored investment strategies, estate planning, and financial advisory services. Given the sensitive nature of client relationships, compliance obligations extend beyond standard financial regulations to include strict confidentiality, robust suitability assessments, international tax compliance, and protection of client assets and data. Regulators expect firms to maintain transparent records while safeguarding client privacy, ensuring that advice remains in the best interest of clients at all times.

Key Compliance Challenges

Meeting KYC and Enhanced Due Diligence (EDD) Standards

Wealthy clients often have complex financial backgrounds, international holdings, and multi-jurisdictional structures. Firms must apply rigorous Know Your Customer (KYC) processes and enhanced due diligence (EDD) to accurately verify client identity, source of wealth, and source of funds, mitigating risks of money laundering and reputational harm.

Ensuring Suitability and Recordkeeping

Private wealth managers are required to provide personalized advice that aligns with each client’s investment objectives and risk appetite. Compliance demands robust suitability frameworks, thorough documentation of advisory interactions, and evidence that recommendations are consistently in the client’s best interest

Compliance with International Tax Regimes

Global transparency initiatives, such as the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), impose complex reporting requirements on private wealth managers. Ensuring accurate client classification, data collection, and timely reporting is critical to avoid penalties and regulatory scrutiny.

Protecting Client Assets and Data Privacy

With heightened cyber and data protection risks, private wealth firms must comply with data protection regulations while safeguarding client assets. Confidentiality is central to client trust, requiring strong internal controls, secure information systems, and compliance with GDPR and FCA data privacy expectations.

How ABM Can Help

Licensing Support

ABM provides end-to-end guidance on FCA licensing, helping private wealth management firms navigate regulatory requirements and secure approvals efficiently

Client Onboarding

We design robust AML/KYC frameworks tailored to high-net-worth clients, incorporating EDD procedures to address cross-border wealth structures and complex ownership arrangements.

Suitability Assessments

Our experts develop clear frameworks for documenting suitability assessments, ensuring advisory records demonstrate compliance with fiduciary and regulatory obligations.

Tax Compliance

ABM offers guidance on FATCA, CRS, and related tax reporting frameworks, ensuring accurate classification, reporting, and adherence to international tax transparency obligations.

Reporting & Monitoring

We assist firms with transaction monitoring, suspicious activity reporting, and preparation of FCA filings, ensuring obligations are met accurately and on time.

Audits & Assurance

Our compliance audits identify weaknesses, review KYC/EDD records, and prepare firms for FCA audits and inspections, strengthening internal control frameworks

Training

We deliver targeted training programs covering fiduciary responsibilities, AML/CTF requirements, client data privacy, and FCA conduct rules, equipping staff to maintain compliance at the highest standard.