The Red Flag Group, a Hong Kong-based compliance advisory and due diligence & technology firm, has launched its financial services practice to help banks and other financial institutions deal with the changing and increasingly complex regulatory landscape that has formed in the wake of the global financial crisis.
The new financial services practice will include Michael Clement, who has an experience in building compliance programs, internal audit, compliance and risk management. Prior to his appointment, he was most recently an associate director with a global consulting firm in Hong Kong.
In addition, Perminder Kaur has been appointed as a due diligence manager, Asia South. Mrs Kaur has experience in the field of anti-money laundering, particularly conducting due diligence enquiries in Southern Asian countries. Prior to joining the firm, she worked as a compliance professional in a Hong Kong- based firm.
Scott Lane, principal and CEO at The Red Flag Group, said: “We are seeing reforms in financial services sector across the globe because regulators have been made aware that systematic risks in banks can hurt economic sectors that they used to think were unrelated.
“Because of the changing regulatory environment, not only do firms in the financial services sector run the risk of being liable to massive fines as well as criminal prosecution, there is also the danger of damage to a firm’s reputation associated with a high profile investigation by a regulator.
“Our due diligence practice continues to grow and extend into new markets, with a growing focus on India and South East Asia, so it is essential that we have professionals with backgrounds like Mrs Kaur’s, with rich experience in regional due diligence and law, to provide clients with local intelligence.”
