Plenitude, the Financial Crime, Risk and Compliance specialists offering advisory, transformation services and innovative RegTech products, has appointed former HSBC UK Head of Financial Crime Compliance and Money Laundering Reporting Officer (MLRO), Allan Clare as Senior Advisor. Allan will help deliver Plenitude’s ambitious growth plans and business strategy to meet the challenges posed by the evolving financial crime landscape.

Financial crime is multi-faceted and its impact is felt in many ways across society and the economy. Organisations are paying a heavy financial cost, collectively spending billions trying to prevent financial crime, yet they have seen the threats of money laundering, fraud, theft and corruption continue to grow. The combination of heightened regulatory scrutiny and consumer expectations of financial institutions means it has never been more important for organisations to meet their customer, legal and regulatory obligations.

Allan Clare’s appointment follows a sustained period of growth for Plenitude, having recently announced a number of senior new hires and expanding its technology offering. The firm works across the spectrum of financial institutions globally, providing deep subject matter expertise, advisory and transformation services on some of the largest and most complex financial crime initiatives in the industry. Beyond helping clients mitigate risk, Plenitude improves the productivity of compliance divisions through the use of innovative technology to automate, streamline compliance workflows and provide enhanced insight into the vast array of related laws, regulations, guidance and risk indicators.

Allan Clare has decades of financial crime risk and compliance (FCC) experience, leading and managing financial crime functions and mitigation programmes at systemically important financial institutions. Prior to joining Plenitude, Allan has held Managing Director roles at HSBC, Barclays and Nationwide Building Society and has extensive expertise of the insurance market as Director of Risk, Financial Crime & Security at RBS Insurance Group with responsibility for all financial crime risks across all insurance brands and businesses.  

Commenting on the announcement, Allan Clare said: “Effective financial crime risk management and compliance is critical to making our society and economy safer. Plenitude has developed a well-deserved reputation for serving its clients with first rate advisory, transformation and technology solutions. I am looking forward to helping the firm continue to grow, bringing my insights and experiences to bear so that Plenitude continues to provide robust and sustainable programmes to meet clients’ requirements not just for today but tomorrow.”

Alan Paterson, Plenitude Managing Director, added: "We are delighted to appoint Allan as a Senior Advisor given his extensive FCC industry experience and expertise. This builds on our recent appointments of Barbara Patow and Shahmeem Purdasy and further demonstrates the calibre of our Senior Leadership Team at Plenitude. Allan will play a key role in terms of guiding the business and providing strategic advice which will be invaluable as we grow and develop our offering to meet the increasing industry demand for our advisory, transformation services and RegTech subscription products.”