Financial Crime World

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Tunisian Banks Face Complex Compliance Challenges: CUBE Offers Proactive Solution

The financial services sector in Tunisia is grappling with an increasing number of regulatory requirements, resulting in significant operational and commercial challenges for banks. According to recent statistics, Tunisian banks have faced substantial fines due to non-compliance with regulatory issuances since 2008, amounting to $325 billion.

Regulatory Uncertainty Looms Large

The growing complexity of regulations has led to a steep increase in Anti-Money Laundering (AML) fines, rising by 50% since 2022. Furthermore, bank compliance executives are increasingly concerned about new rules, with 43% citing this as their biggest weakness. Moreover, industry-specific regulations have emerged as the largest vulnerability for banks, impacting 45% of them.

Transforming Compliance Function through Automation

To address these challenges, CUBE offers a comprehensive regulatory management solution that enables banks to automate processes, close supervision gaps, and boost operational efficiencies. By leveraging artificial intelligence and machine learning techniques, CUBE’s Automated Regulatory Intelligence provides the gold standard of compliance software for banks in Tunisia.

A 4-Step Plan to Enhance Compliance Function

To help Tunisian banks navigate regulatory uncertainty, CUBE has developed a 4-step plan to transform their compliance function:

  • Horizon scanning: Stay ahead of regulatory changes and updates.
  • Intelligent obligation management: Map changes to internal policies and controls.
  • Automated mapping: Standardise and streamline compliance processes.
  • Continuous monitoring: Ensure ongoing compliance and risk assessment.

Get in Touch with CUBE

For Tunisian banks seeking to improve their compliance function, CUBE offers a dedicated team that can assist with questions, suggestions, or exploring their Automated Regulatory Intelligence solutions. Download the free playbook to learn strategies for cutting compliance risk, improving efficiencies, and adding value with AI.