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Belgium’s Banking Compliance Landscape: Navigating Regulatory Requirements
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The regulatory environment in Belgium’s financial services sector has grown increasingly complex, with numerous laws and regulations coming into force. 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 the International Organization of Securities Commissions (IOSCO) have introduced a range of regulations, including:
- AML/CFT
- PSD2
- GDPR
- e-Privacy
- MiFIDII
- AssurMiFID
- IDD
- CSDR
- PRIIPS
- ESG
The Pressure to Comply
Not only has the number of regulations increased, but regulators have imposed significant fines on non-compliant institutions. This has raised the pressure to comply, with financial institutions facing substantial costs and reputational damage. However, embedding strong governance, reliable controls and robust monitoring mechanisms can not only avoid fines but also create value for customers.
PwC’s Expertise in Compliance
Our team of highly qualified compliance professionals is uniquely positioned to provide expertise to assist organizations with regulatory 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. We’ll help you anticipate changes in the regulatory environment and achieve your most challenging compliance goals.
Our Proven Approach
PwC has a long track record of successful projects, having helped a wide range of financial institutions, from big Belgian banks and insurance companies to smaller players in the industry. Our compliance offerings cover topics such as:
- Regulatory Strategy: Developing a comprehensive regulatory strategy to ensure compliance with changing regulations.
- Compliance Diagnostic and Remediation: Conducting a thorough analysis of your current compliance status and developing a remediation plan to address any gaps or deficiencies.
- Direct Support to Your Compliance Function: Providing direct support to your compliance team, including training and guidance on regulatory requirements.
- Corporate Governance Assessment: Evaluating the effectiveness of your corporate governance structure and providing recommendations for improvement.
- On-Site Inspection Assistance: Assisting with on-site inspections by regulators and other external parties.
- Assistance with Licence Application: Helping you navigate the licence application process for new products or services.
- On-Going Regulatory Awareness and Assistance: Providing ongoing support and guidance to ensure that your organization remains compliant with changing regulations.
Our Differentiators
We offer a tailored approach, using a gap analysis study to quickly identify areas of improvement. Our specialists will build a corresponding remediation plan, with clearly defined priorities for action.
- Expert Compliance Team: Our team consists of diverse profiles who can rapidly deploy a well-rounded team to suit your specific needs.
- Global Network: We have reliable access to an unparalleled global network of expertise, allowing us to advise you on cross-border compliance challenges.
Looking to Innovate?
Looking to introduce innovative approaches to compliance? PwC can help you develop and implement state-of-the-art technology, such as AI, ML and RPA, to reduce costs, improve efficiency and quality, and streamline processes. We’ll work closely with you to assess which solution from a RegTech best suits your company.
Stay ahead by digitizing your business with PwC’s compliance expertise. Contact us today to learn more about how we can help you navigate the complex regulatory landscape in Belgium’s financial services sector.