Michael Calleja | Senior Compliance Services Executive | Malta As we find ourselves in that pivotal time of year where subject persons traditionally undertake the important task of updating their Business Risk Assessments (BRAs), Customer
Are you ready for the regulator?
Guernsey is an excellent jurisdiction for financial services businesses, and thus a theme we have been exploring in our latest series of webinars. One of the reasons we are an excellent jurisdiction is because we are well regulated. The benefits of this are manifest; a good reputation in the financial world helps to drive good business into this island.
One of the consequences of being well regulated is that we are actually regulated; a licenced entity on the island can be confident that at some point or other they will be subject to an onsite inspection by the Guernsey Financial Services Commission (“GFSC”). So key a part of the GFSC’s regulatory arsenal are these visits that, as they announced on 8 June, resumed undertaking them even before we moved onto Stage 5 of the Covid recovery process.
Being well prepared for an onsite inspection is essential; and let’s face it licensees should be operating their business as though the Regulator were due in tomorrow. The consequences of a poor visit are numerous (costs, diversion of management time etc.) but can also end up being laid out for all to see, with you and your company added to the growing list of names who have been fined, banned, or otherwise held publically to account. The consequences of a bad visit can quite literally be career ending.
Happily though, Aspida Group is here to help. Whether you had the letter advising you of an imminent visit, or you just want your operations reviewed, we can perform a regulatory readiness check or a wider review of the resilience of your organisation to help put your mind at ease.
To learn more, view our webinar here.
Michael Calleja | Senior Compliance Services Executive | Malta Introduction Sanctions serve as a pivotal instrument in the international legal arsenal, utilized by nations and international coalitions to enforce legal standards, safeguard national interests, and
Corporate Social Responsibility has been at the very core of Aspida Group since its beginnings. Over the past year, Aspida Group has been committed to making a difference in the community through our Corporate Social