Providing AML & Safeguarding Audit Services to Fire Financial Services Limited

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Fire Financial Services Limited (trading as Fire) is a regulated provider of payment services. The Firm consists of two legal entities:

  1. Fire Financial Services Limited, an Irish incorporated entity (“Fire-EU”), regulated as a Payment Institution by the Central Bank of Ireland (“CBI”); and
  2. Fire Financial Services Limited, a UK incorporated entity (“Fire-UK”), authorised as an Electronic Money Institution by the Financial Conduct Authority (“FCA”).

Fire is a payments services provider, helping businesses automate their payments and access a range of integrated payment services, through an API.

AML Audit

We have carried out several AML audits for Fire since 2017, ensuring the requirements of applicable legislation in both jurisdictions are met, namely:

  • The Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CIA) as amended by the Criminal Justice Act 2013 and 2018 (CIA) in Ireland; and
  • The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Act 2017 (MLR 2017) as amended by the Money Laundering and Terrorist Financing Regulations 2019 (MLR 2019) in the UK.

Our work included reviewing the Firm’s compliance with its Anti-Money Laundering & Countering Financial Terrorism & Financial Sanctions Policy (AML & CFT Policy), Customer Due Diligence (personal and business) Policy and the AML Risk-Based Approach Policy for both personal and business accounts.

We performed a high-level review and testing of specific areas, such as:

  • Governance – AML training, role of the MLRO and internal reporting
  • MLRO independence
  • Client on-boarding and Customer Due Diligence (personal and business) processes to include testing for compliance with Customer Due Diligence documentation as defined in the Firm’s AML & CFT Policy
  • Reporting of suspicious transactions/activity
  • PEP and sanction screening processes at client on-boarding and later stages of the customer relationship
  • Transaction and activity monitoring
  • MLRO independence
  • On-going compliance – transaction monitoring, PEP and sanctions screening, etc.

On each occasion our final report summarised our findings, recommendations and conclusions and incorporated management comments. Our report was then circulated to the Audit & Risk Committee and the Board of Directors (Fire-EU and Fire-UK).

Safeguarding Audit

Fire-EU must satisfy the CBI and Fire-UK must satisfy the FCA that they have adequate arrangements in place to safeguard the funds of payment service users. The Firm engages an independent third party to perform audits of their established safeguarding procedures annually.

During 2023, we were engaged to carry out safeguarding audits for both entities in accordance with the respective requirements prescribed by the CBI and FCA.

Our final reports outlining our findings and recommended actions were presented to the Audit & Risk Committee and Board of Directors (Fire-EU and Fire-UK). The reports in respect of Fire-EU were subsequently shared with the CBI in accordance with the requirements of the CBI Dear CEO Letter dated 20th January 2023 and the CBI Safeguarding Notice dated 25th May 2023.

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Seamless Transition to Xero for Enhanced Financial Efficiency for Here’s Health

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Here’s Health is an Irish retailer that provides a wide range of top-quality Natural Products allied with the best advice in Nutrition, Healthy lifestyle, Natural Remedies and Wholefoods.

Financial Systems Transformation

The client was using Sage 50 (on premise) for a number of years and was looking for a more efficient and automated cloud solution. Having discussed their needs we recommended implementing Xero along with a range of applications to create an eco-system that best suited their business needs. This implementation would provide real time access to financial information from anywhere and multi-user access making it easy to collaborate with their team and accountants. We implemented Hubdoc which increased productivity and reduced the time it takes to process purchase invoices and supplier payments. We also linked their ecommerce platform to Xero to facilitate an automated transfer of data.

We provided tailored training to Here’s Health to assist with the transition from Sage to their new eco-system. We continue to support them with any queries as they arise to ensure they continue to enjoy the full benefits of their new system.

Flexible Short-Term Secondment

As the decision to migrate to Xero was made a few weeks into the financial year, we were able to quickly deploy a senior accountant from our team of Xero experts to support the internal finance team to bring all financial transactions up to date on Xero. This support allowed them to focus their attention on adapting to the new system and to attend practical training sessions with our Xero implementation team.

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Short-Term Finance Outsourcing Provider for Cork City FC

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Short-Term Finance Outsourcing Provider for Cork City FC

Cork City FC are a League of Ireland soccer club.

While recruiting for an in-house bookkeeper, the client needed a short-term resource solution. They approached Crowleys DFK to manage their day-to-day finance function until a permanent hire.

Initial Review

At the start of the engagement, we carried out a comprehensive review of the organisation’s financial processes and procedures. During this review, we identified opportunities to automate work processes.

Financial Systems Developments and Transformation

Following our initial review we introduced time-saving technological solutions for bank payments (Parolla), debt collection, bank feeds to Xero and the automation of their fixed asset register and monthly depreciation calculations.

Temporary Outsourced Finance Function 

In our role as their short-term finance outsourcing provider, we handle tasks such as processing sales and purchase invoices, managing bank reconciliation, maintaining the general ledger, conducting monthly balance sheet reconciliations, preparing monthly management accounts, and generating weekly debtors and creditors reports. The organisation has a tailored technology driven solution in place which seamlessly integrates Xero with Shopify, Hubdoc, Parolla, and live bank feeds.

Our payroll team manages their weekly payroll needs and undertake special assignments as requested. This includes preparing payroll forecasts and providing insights on projections.

Benefits to the Client

  1. Our outsourced cost-effective technology driven solution provides the management team with real time financial data and financial insights to support them to drive strategy and growth.
  2. Improved financial work practices have reduced the time spent by management dealing with financial queries which allows them to focus their efforts on their core business activities.
  3. The organisation can now track the investment required for each team following the introduction of departments on Xero.
  4. As part of the annual Club Licensing process, the Football Association of Ireland (FAI) requires submission of detailed financial information for each club. Our outsourced solution ensures our client has the relevant information available to them to complete the annual FAI Club Licensing submissions while adhering to the strict deadlines enforced by the FAI.
  5. At the end of our assignment, we will provide the necessary support and training to onboard their new in-house bookkeeper.
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Providing Acquisition Services to Kinzen

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Kinzen are a global leader in protecting online communities from harmful content.

In addition to providing outsourcing services to Kinzen, we worked closely with them on the project management of the sale of the company to Spotify.

Our work included:

  • Managing financial and tax due diligence
  • Liaising with the client’s solicitors
  • Negotiation of working capital calculations
  • Dealing with purchaser’s internal and external transaction team
  • Reviewing and advising on share purchase contracts
  • Preparation of distribution waterfall

“The team at Crowleys were an extension of the team at Kinzen. Their attention to detail, rigour, strategic advice, forecasting, insights and work ethic was critical to the success of Kinzen and its eventual acquisition by Spotify.”

– Áine Kerr, Co-founder and COO, Kinzen

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Providing Outsourced Services to Kinzen

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Kinzen are a global leader in protecting online communities from harmful content.

We provided a fully outsourced finance function to Kinzen, delivering:

  • Bookkeeping
  • Management reporting
  • Projections
  • Cashflow forecasting
  • Payroll services
  • Maintenance of share cap table

We also carried out year-end compliance work, including:

  • Preparation and audit of the financial statements
  • Corporate tax compliance including R&D tax claims
  • Company secretarial compliance

Additionally, we provided various other advisory services, including:

  • Employee share option schemes
  • Tax advice on employing staff in other jurisdictions including working with DFK member firms’ partners in other jurisdictions to run payroll for remote employees

In 2022, Kinzen were acquired by Spotify and we were heavily involved in this transaction.

“The team at Crowleys were an extension of the team at Kinzen. Their attention to detail, rigour, strategic advice, forecasting, insights and work ethic was critical to the success of Kinzen and its eventual acquisition by Spotify.”

– Áine Kerr, Co-founder and COO, Kinzen

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Co-Ordinating a One-Stop Shop Global Service for LocalEyes

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This large Italian IT service management company wanted us to expand our service offering to their offices located in 6 countries around the world.

Initially, we were engaged to provide management accounting and payroll services to the Irish subsidiary of this client. As our relationship developed, the client recognised the benefit of utilising our DFK network to provide services to their worldwide offices.

Working closely with our DFK colleagues, we now provide an integrated and robust global service to include:

  1. Audit.
  2. Corporation tax.
  3. Management accounting.
  4. Corporate compliance (including provision of registered office).
  5. Payroll.
  6. HR consultancy.
  7. Business consultancy.

Crowleys DFK coordinate the one-stop shop global service and act as the single point of contact for the client. This ensures the efficient and timely review, approval and sign-off of payroll, management accounts, VAT and various ad-hoc queries between the client and advisors in DFK firms across 6 different countries.

“LocalEyes has worked closely with Harry O’Sullivan and the teams at Crowleys DFK for a number of years for tax advice, accounting and audit services. Crowleys DFK’s partners (Harry-Advisory, Tony-Audit, Siobhan-Tax) have provided LocalEyes with the highest level of service in Ireland and European locations and assisted in the evolution of the company. We look forward to a continued business relationship.”

– Max Landoni, CFO, LocalEyes

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Leading Technology Company Required Fully Outsourced Group Finance Function

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Leading technology company, which effectively onboards teams to implement and integrate digital transformation services, from start-ups to leading global enterprises.

The group comprises companies in Ireland, USA, South Africa as well as employees in Italy.

We provide a fully outsourced group finance function. Our work includes the following:

  1. Bookkeeping
  2. Management reporting
  3. Financial reporting
  4. Tax compliance
  5. Corporate secretarial compliance

Ad hoc and advisory work includes the following: cashflow management, updating CAP table following new shareholder investments, advisory relating to employee share option scheme, implementation of customer pricing models, financial projections, advisory in relation to new shareholder investments and capital raises and accounting and advisory in relation to new product launches.

“The Crowleys DFK team have come to feel like an integral extension of our own team. We not only enjoy working with them, we look forward to every engagement with them. They have enabled us to grow and to become better versions of who we are as a business on a daily basis. We learn from them continually and we look forward to growing the partnership for many years to come.”

– Claire Haidar –  CEO, WNDYR

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New York based software development company chooses Dublin as its EU base

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This New York based software development company chose Dublin as its EU base to develop a new suite of software products.

We advised the company on the optimum corporate structure, with the objective of qualifying for Ireland’s corporate tax rate of 6.25% available for activities within the Knowledge Development Box (KDB).

In addition, we assisted the company with decisions to assign, transfer or retire existing IP, establish separate group companies for developing new IP, advised on re-location of US/Non-US employees.

Working with Enigma’s other tax and legal advisers (in various jurisdictions) we advised on share-for-share group transaction and associated Stamp Duty Relief advices and claim.

We provide a fully outsourced finance function to our client who has no in-house finance staff.

Working with the US based Group CFO, services we now provide:

  1. Monthly payroll and management reporting services.
  2. VAT advisory with regard to its e-commerce resellers.
  3. Statutory audit & preparation of statutory financial statements.
  4. Tax compliance and advisory services.

We are trusted advisors at the Board table providing continuous advisory services within the team of tax advisers, accountants and lawyers from several countries.

“If you setup your business in Ireland, do not look for anybody else other than Eddie Murphy at Crowleys DFK. The Firm and the man are serious professionals. I endorse these folks!”

– Alvin Estevez – Shareholder and Advisor to EnigmaSoft Ltd

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