Financial Crime World

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Belgium’s Banking Sector Grapples with Complex Regulatory Landscape

The financial services industry in Belgium is facing an increasingly complex regulatory environment. From Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) to General Data Protection Regulation (GDPR), e-Privacy, and MiFID II, financial institutions are under pressure to stay up-to-date with the ever-evolving regulatory landscape.

The Regulatory Environment Expands

The National Bank of Belgium (NBB), Financial Services and Markets Authority (FSMA), European Banking Authority (EBA), European Securities and Markets Authority (ESMA), and other regulatory bodies have introduced numerous regulations, making it challenging for financial institutions to navigate the minefield. Some key areas that require attention include:

  • Non-financial risks
  • Risk culture
  • Governance
  • Third-party risk management
  • Environmental, social, and governance (ESG) considerations

The sheer number of regulations has led to increasingly large fines being imposed on financial institutions. However, regulators view compliance as an opportunity for businesses to preserve their organizational value and improve business opportunities by embedding strong governance, reliable controls, and robust monitoring mechanisms.

PwC Offers Expertise in Regulatory Compliance

To help financial institutions navigate this complex landscape, PwC has a highly qualified and experienced team of compliance professionals. Our services include:

  • Regulatory strategy
  • Compliance diagnostic and remediation
  • Direct support to the compliance function
  • Corporate governance assessment
  • On-site inspection assistance

Regulatory Technology: A Key Differentiator

PwC is at the forefront of introducing innovative approaches to compliance using artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA). Our expertise in regulatory technology (RegTech) enables us to help clients digitize their business and stay ahead of the competition.

Tailored Approach: A Key to Success

We understand that no two organizations are alike, and one-size-fits-all solutions don’t work. Our tailored approach involves:

  • Gap analysis study to identify strengths and weaknesses
  • Development of a target operating model
  • Creation of a remediation plan with clearly defined priorities for action

End-to-End Solution: Ensuring Compliance Across the Organization

Our end-to-end solution encompasses all applicable requirements from A to Z, ensuring that every part of the business is involved in achieving compliance. We create regulatory awareness throughout the organization and guide clients step-by-step to ensure the desired result is achieved across the three lines of defense.

Expert Compliance Team: Global Network at Your Service

Our unique blend of experience and flexibility allows us to rapidly deploy a well-rounded team to suit specific needs, wherever you do business. With access to an unparalleled global network of expertise, we can advise on cross-border projects, processes, and organizations subject to different regulations.

By partnering with PwC, financial institutions in Belgium can navigate the complex regulatory landscape with confidence, ensuring compliance and creating value for their customers.