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Compliance Risks in Financial Services in Belgium: Navigating the Complex Regulatory Environment
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Belgium’s financial services sector is facing an increasingly complex regulatory landscape, with numerous laws and regulations introduced or updated regularly. From AML/CFT to GDPR, e-privacy, MiFIDII, AssurMiFID, IDD, PSD2, CSDR, PRIIPS, ESG, and more, financial institutions must fully understand and comply with these requirements to avoid fines, reputational damage, and potential business opportunities.
Regulatory Environment: A Minefield of Complexity
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 the complexity. Are you up-to-date with the introduction, transposition, and development of new regulations? Financial crime, including AML/CFT and PSD2, GDPR, e-privacy, MiFIDII, AssurMiFID, IDD, CSDR, PRIIPS, ESG, and more, pose significant compliance risks.
Compliance is More Than Just a Regulatory Concern
It’s not just about complying with regulations; it’s about preserving organizational value and improving business opportunities. By embedding strong governance, reliable controls, and robust end-to-end monitoring mechanisms within your business, you can avoid fines and reputational damage while creating value for customers.
PwC’s Expertise in Compliance
With our highly qualified and experienced team of compliance professionals, PwC is uniquely positioned to provide the expertise to assist your organization with these challenges. We consider all aspects of regulatory obligations, from strategy and front-office activities to IT infrastructure and product distribution channels, while carefully considering the effects on internal control systems.
Our Compliance Offerings
- Regulatory Strategy: We help you develop a tailored compliance strategy that meets your specific needs.
- Compliance Diagnostic and Remediation: Our team conducts a thorough assessment of your current compliance framework and provides recommendations for improvement.
- Direct Support to Your Compliance Function: We provide dedicated support to your compliance team, ensuring they have the expertise and resources needed to meet their obligations.
- Corporate Governance Assessment: Our experts assess your corporate governance framework to ensure it is aligned with regulatory requirements.
- On-Site Inspection Assistance: We assist you in preparing for on-site inspections and provide guidance on how to respond to inspection findings.
- Assistance with Licence Application: Our team helps you navigate the licence application process, ensuring you meet all regulatory requirements.
- Ongoing Regulatory Awareness and Assistance: We stay up-to-date with changing regulations and provide ongoing support and guidance to ensure your organization remains compliant.
Regulatory Technology (RegTech)
Looking to introduce an innovative approach to compliance? Artificial intelligence, machine learning, and robotic process automation are revolutionizing regulatory compliance. We can help you develop and implement state-of-the-art technology or assess which solution best suits your company.
Tailored Approach
We understand that no two organizations are alike, and one-size-fits-all solutions don’t work. Our gap analysis study will quickly identify areas for improvement, and we’ll develop a target operating model and remediation plan tailored to your organization’s specific needs.
End-to-End Solution
Our approach encompasses all applicable requirements from A to Z, from guidance and analysis to practical implementation. We understand that being compliant is a firmwide endeavor and can help you create regulatory awareness throughout your organization.
Expert Compliance Team
PwC’s 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, wherever you do business.
Global Network
We have a solid track record of international collaboration on a wide array of compliance topics and reliable access to an unparalleled global network of expertise, allowing us to advise on cross-border projects, processes, and organizations subject to different regulations.
Market Abuse Regulation: Challenges in Implementation within Belgian Financial Institutions
The Market Abuse Regulation (MAR) has introduced significant changes for Belgian financial institutions. Our article provides key concepts and challenges of MAR implementation, highlighting the importance of compliance with this regulation.
Conclusion
PwC’s comprehensive approach can help you navigate the complex regulatory environment, ensuring compliance with all applicable requirements while preserving organizational value and improving business opportunities. Contact us to learn more about how we can assist your organization.