Whilst the Financial Conduct Authority in the UK states that “RegTech applies to new technologies developed to help overcome regulatory challenges in financial services”, at Aspida we see utilising RegTech as wider to provide substantially more benefits to businesses.
It is obvious to most that knowing your stakeholders is key to success, but how many regulated financial services businesses consider a key external stakeholder to be regulators?
At first it was Health & Safety officers that were tagged the “business prevention team” then it was Compliance Officers. However, today it seems to be the corporate Governance team that has inherited that particularly unwelcome moniker.
Aspida’s Doug MacKay takes you through the practical steps that can be taken to ensure you comply with the economic substance rules, without relying on any Covid exemptions on travel restrictions.
Compliance was once seen as the ‘business prevention unit’, however here at Aspida from our very origins we have seen compliance as a business enabler and our practical and pragmatic tagline has become even more prevalent in recent years.
It’s obvious to most that knowing your stakeholders is key to success, but how many regulated financial services businesses consider a key external stakeholder to be regulators?
Maintaining the integrity of the financial market is a key objective for the FIAU. In the current climate, it is important for Subject Persons to maintain effective systems and controls to prevent money laundering and terrorist financing – this should include the timely reporting of Suspicious Transaction Reports (STRs) of any new perceived threats.
The new Fiduciary Rules and Guidance consolidate and strengthen the regulatory framework for licensed fiduciaries.
The benefit of effective intelligence is clearly that it enables recipients to execute a task in an effective manner.
At first it was Health & Safety officers that were tagged the “business prevention team” then it was Compliance Officers. But today it seems to be the corporate Governance team that has inherited that particularly unwelcome moniker.
