Financial Crime World

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Navigating Banking Compliance in Belgium: A Checklist for Financial Institutions

Belgium’s banking sector is faced with an increasingly complex regulatory landscape, making it challenging for financial institutions to stay compliant. The National Bank of Belgium (NBB), Financial Services and Markets Authority (FSMA), European Banking Authority (EBA), European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA), and International Organization of Securities Commissions (IOSCO) are all contributing to this complexity.

Compliance Challenges

  • Anti-money laundering and counter-terrorism financing (AML/CFT)
  • General data protection regulation (GDPR)
  • E-privacy
  • MiFID II
  • AssurMiFID
  • Insurance Distribution Directive (IDD)
  • Payment Services Directive 2 (PSD2)
  • Central Securities Depository Regulation (CSDR)
  • PRIIPS
  • ESG

Importance of Compliance

While regulatory compliance may seem like a daunting task, it is essential for financial institutions to prioritize compliance to avoid fines and reputational damage. By embedding strong governance, reliable controls, and robust end-to-end monitoring mechanisms, institutions can create value for their customers while also ensuring they are compliant with regulations.

PwC’s Compliance Expertise

PwC’s team of experienced compliance professionals offers expertise in regulatory obligations, from strategy and front-office activities to the impact on IT infrastructure and product distribution channels. We help financial institutions anticipate changes in the regulatory environment and achieve their most challenging compliance goals.

Our Compliance Offerings

  • Regulatory strategy
  • Compliance diagnostic and remediation
  • Direct support to your compliance function
  • Corporate governance assessment
  • On-site inspection assistance
  • Assistance with licence application
  • Ongoing regulatory awareness and assistance
  • And more

PwC’s Approach

Our approach is tailored to each client’s specific needs, taking into account their unique circumstances and goals. Our end-to-end solution ensures that all applicable requirements are met, from guidance and analysis to practical implementation. We also offer innovative regulatory technology (RegTech) solutions, including artificial intelligence, machine learning, and robotic process automation.

Expertise and Proven Track Record

With a proven track record of successful projects and a global network of expertise, PwC is well-positioned to help Belgian financial institutions navigate the complex world of banking compliance.