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Compliance Crucial for Financial Institutions in Germany, Says KPMG

In an increasingly complex regulatory landscape, financial institutions in Germany must prioritize compliance activities to stay ahead of the curve. According to global consulting firm KPMG, a robust compliance strategy is crucial not only to avoid penalties and reputational damage but also to drive business growth.

Adapting to Regulatory Changes

As regulatory requirements continue to evolve, German financial institutions must adapt their compliance frameworks to ensure they are effective, efficient, and aligned with their business strategies. KPMG advises clients on customized compliance solutions that take into account current market trends, legal requirements, and technological innovations.

Expertise in Four Key Areas

KPMG offers expertise in four key areas:

  • Compliance Management Framework: Designing and implementing effective compliance management systems to monitor and manage risks of non-compliance.
  • Compliance Excellence: Operationalizing compliance programs across various lines of defense and ensuring continuous improvement.
  • Combating Financial Crime: Identifying and mitigating risks across specialist, organisational, and geographical areas, including implementing effective know-your-customer requirements and anti-money laundering measures.
  • Tax Compliance: Navigating complex regulations such as FATCA/CRS, DAC 7, and UK CCO, providing technical advice and customized implementation concepts for financial institutions.

RegTech and IT Compliance

KPMG also offers expertise in RegTech and IT compliance, helping financial institutions leverage digital solutions to reduce costs and increase efficiency. The firm advises on implementing artificial intelligence (AI) applications and integrating innovative technologies into existing processes.

“Compliance is no longer just a regulatory requirement but a key driver of business growth and competitiveness,” said [Name], Partner at KPMG Germany. “We work closely with our clients to develop tailored compliance solutions that meet their unique needs and help them stay ahead of the curve.”