Compliance in Cross-border banking?
No financial institution operating at an international level can nowadays deal with the current everchanging regulatory environment without a proper cross-border policy.
Financial institutions that provide cross-border services face an increasing regulatory burden. Regulatory requirements have become more onerous, particularly since the events of 2008 and enforcement activity by national regulators has become more common.
The surge in regulatory activity has led to a greatly increased volume of rules that are extremely complex and constantly evolving, that vary from one jurisdiction to another, and that must be understood and complied with equally both in the country where the financial intermediary is based and where the client is situated.
Ensuring compliance with a rapidly growing body of regulation and law has undoubtedly become a critical strategic imperative for financial services companies. International rules that have already come into force or are planned, including MiFID II, UCITS, AIFMD, MAD; PRIPS, Basel III, FATCA, enhanced Know Your Customer and Anti-Money Laundering rules, have imposed major additional compliance burdens on firms, obliging them to reinforce their internal controls and invest heavily in expanding their compliance teams.
However, ensuring regulatory compliance is just one of many strategic imperatives that firms must pursue. Equally important is the need to provide the highest possible levels of service to clients wherever they are and to enable the business to meet business goals such as geographical expansion and endogenous growth.
Balancing these regulatory and commercial goals is now more challenging than ever. To rely on compliance experts having a pragmatic approach is more crucial than ever.
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