Financial Crime World

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Belgium’s Complex Financial Regulatory Landscape: Navigating the Minefield with Expert Guidance

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The regulatory environment for financial services in Belgium has become increasingly complex, with multiple authorities imposing an array of rules and regulations. 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 among the key players in this landscape. Financial institutions must stay up-to-date with the introduction, transposition, and development of new regulations to avoid non-compliance and potential fines.

Key Regulatory Requirements for Financial Institutions in Belgium

Financial institutions in Belgium must comply with a wide range of regulatory requirements, including:

  • Anti-Money Laundering (AML)/Counter-Terrorist Financing (CFT)
  • General Data Protection Regulation (GDPR) and e-Privacy
  • MiFID II and AssurMiFID
  • Insurance Distribution Directive (IDD)
  • Payment Services Directive 2 (PSD2)
  • Central Securities Depositories Regulation (CSRD)
  • Packaged Retail and Insurance-Based Investment Products (PRIIPS)
  • Environmental, Social, and Governance (ESG) considerations

The Importance of Compliance

In recent years, regulators have imposed increasingly large fines within the industry, raising pressure on financial institutions to comply. However, compliance should not be seen as a purely legal or regulatory concern. By embedding strong governance, reliable controls, and robust monitoring mechanisms, financial institutions can create value for their customers and preserve their organisational value.

PwC’s Expertise in Financial Institution Regulatory Compliance

PwC’s highly qualified and experienced team of compliance professionals is uniquely positioned to assist organisations with these challenges. We consider all aspects of regulatory obligations, from strategy and front-office activities to the impact on IT infrastructure and product distribution channels. Our comprehensive approach encompasses:

PwC’s Services

  • 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

Our Differentiators

PwC’s compliance offerings include:

Tailored Approach

We understand that no two organisations are alike, and our gap analysis study will quickly identify where you stand with your competitors and the regulatory requirements applicable to your organisation.

End-to-End Solution

Our comprehensive approach ensures that the desired result is achieved across the three lines of defence.

Expert Compliance Team

Our unique blend of experience and flexibility allows us to rapidly deploy a well-rounded team to suit your specific needs, wherever you do business.

Global Network

We have reliable access to an unparalleled global network of expertise, allowing us to advise on cross-border projects, processes, and organisations subject to different regulations.

Regulatory Technology (RegTech)

PwC can help financial institutions successfully develop and implement state-of-the-art technology, or work closely with you to assess which solution from a RegTech best suits your company. Artificial intelligence, machine learning, and robotic process automation are more than buzzwords; they have already started to revolutionise the field of regulatory compliance.

The Market Abuse Regulation (MAR)

Key concepts and challenges of MAR implementation within Belgian financial institutions include:

  • Insider Dealing
  • Market Manipulation
  • Disclosure Requirements
  • Record-Keeping
  • Supervisory Powers

PwC’s compliance team is experienced in assisting financial institutions with MAR implementation, ensuring that they meet the regulatory requirements and avoid potential fines.