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Compliance Audits for Financial Institutions in Belgium: Navigating the Minefield of Regulatory Requirements

The regulatory environment of financial services in Belgium has become increasingly complex, with a multitude of laws and regulations governing anti-money laundering (AML) and combating the financing of terrorism (CFT), data protection, electronic privacy, third-party risk management, and more. Financial institutions must navigate this minefield to avoid fines and reputational damage.

Regulatory Requirements

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) have introduced numerous regulations, including:

  • MiFIDII
  • AssurMiFID
  • IDD
  • PSD2
  • CSDR
  • PRIIPS
  • ESG

Financial institutions must stay up-to-date with these developments to remain compliant.

Benefits of Compliance

However, compliance is more than just a legal or regulatory concern. It can create value for customers by:

  • Embedding strong governance
  • Relating controls
  • Robust end-2-end monitoring mechanisms within the business

PwC’s experienced team of compliance professionals can assist financial institutions in navigating these challenges.

PwC Compliance Offerings

PwC’s compliance offerings include:

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

The firm has a proven approach and a long track record of successful projects, helping financial institutions ranging from large banks and insurance companies to smaller players.

PwC Differentiators

PwC’s differentiators include:

  • Compliance offerings
  • Regulatory technology
  • Tailored approaches
  • End-2-end solutions
  • Expert compliance teams
  • Global networks

The firm can help financial institutions introduce innovative approaches to compliance using artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) to reduce costs, improve efficiency, and quality.

Gap Analysis Studies

PwC’s team conducts gap analysis studies to identify shortfalls in compliance and develop target operating models tailored to each client’s needs. The firm also provides end-2-end solutions, guiding clients step-by-step to ensure compliance across all applicable requirements.

Global Network

PwC’s global network offers unparalleled expertise in cross-border projects, processes, and organizations subject to different regulations. With a solid track record of international collaboration, the firm can advise on key concepts and challenges of Market Abuse Regulation (MAR) implementation within Belgian financial institutions.

Achieving Compliance Goals

By working with PwC, financial institutions in Belgium can achieve their most challenging compliance goals while preserving organizational value and improving business opportunities.