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Belgian Banks Face Increasing Pressure to Comply with Complex Regulatory Requirements
The regulatory landscape in Belgium is becoming increasingly complex, with multiple authorities imposing various regulations on the country’s banks. From anti-money laundering (AML) and combating the financing of terrorism (CFT) to General Data Protection Regulation (GDPR), e-privacy, and Markets in Financial Instruments Directive II (MiFIDII), financial institutions must navigate a minefield of requirements to avoid fines and reputational damage.
Regulatory Environment Expands and Becomes More Complex
The National Bank of Belgium (NBB), the Financial Services and Markets Authority (FSMA), the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA), and the International Organization of Securities Commissions (IOSCO) are just a few of the authorities that have introduced new regulations in recent years. Financial crime, non-financial risks, risk culture, governance, and third-party risk management are just some of the key areas where banks must ensure compliance.
Compliance is More Than Just a Regulatory Concern
While the number of regulations has exploded, regulators have also imposed increasingly large fines within the industry. This has raised the pressure and cost to comply, but financial institutions should see it as an opportunity to preserve their organizational value and improve business opportunities by embedding strong governance, reliable controls, and robust end-to-end monitoring mechanisms.
PwC Helps Belgian Banks Navigate Compliance Challenges
With a highly qualified and experienced team of compliance professionals, PwC is uniquely positioned to provide expertise to assist organizations with these challenges. From strategy and front-office activities to the impact on IT infrastructure and product distribution channels, PwC considers all aspects of regulatory obligations.
PwC Offers Comprehensive Compliance Solutions
Our compliance offerings cover a range of topics, including:
- 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
PwC Leverages Technology to Streamline Compliance
Looking to introduce an innovative approach to compliance? Artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) are more than buzzwords. These technologies have already started to revolutionize the fields of regulatory compliance, helping reduce costs, improve efficiency and quality, and streamline processes.
PwC Delivers a Tailored Approach
We understand that no two organizations are alike, and one-size-fits-all solutions don’t work. Using a gap analysis study, we quickly identify where you stand with your competitors and with the regulatory requirements applicable to your organization. We expose any shortcomings and help develop a target operating model that suits your specific needs.
PwC Offers an End-to-End Solution
We guide you step-by-step to ensure that the desired result is achieved across the three lines of defense. Our approach encompasses all applicable requirements from A to Z; from guidance and analysis to practical implementation.
PwC’s Expert Compliance Team
Our compliance team consists of a diverse range of profiles, offering a unique blend of experience and flexibility to rapidly deploy a well-rounded team to suit your specific needs. We have reliable access to an unparalleled global Network of expertise, allowing us to advise you on cross-border projects, processes, and organizations subject to different regulations.
The Market Abuse Regulation
Key concepts and challenges of MAR implementation within Belgian financial institutions include:
- Identification of inside information
- Insider lists
- Trading during closed periods
- Insider dealing and market manipulation
- Supervisory powers
PwC can help you navigate these complexities and ensure compliance with the Market Abuse Regulation.