REGULATORY WATCH / SCREENING / MONITORING & EXPERTISE - Private Banking
Typically, a regulatory watch / screening or monitoring is managed either internally by the compliance department / dedicated team or outsourced to an external service provider.
Bernadotte Consulting can support you to make the process more efficient.
We provide professionals with a monthly / quarterly regulatory watch / screening / monitoring newsletter with the following important elements of a Regulatory Watch / Screening / Monitoring for Luxembourg and European regulatory changes (other countries can be included upon request):
1. Monitoring the regulatory environment:
Continuous monitoring of the Luxembourgish and European regulatory landscape to identify new developments.
2. Recognition, prioritization and implementation:
Once new regulatory requirements have been identified, their impact must be assessed and appropriate measures planned to ensure compliance. This also includes prioritization of regulatory changes according to their business impact, focusing on the right measures to be implemented within your organization.
A high-level impact assessment is included in our service and can be enhanced on request, in case you wish us to look into your business and applicability / implications more in detail.
The regulatory watch / screening / monitoring is available in 2 versions:
A basic version in which you will find a list of all Luxembourgish and European regulatory changes with a short impact analysis on the type of business.
Costs: price per month / per quarter upon request
A more extensive version listing the changes and providing a more in depth analysis on the implications of the changes.
Costs: price per month / per quarter upon request
A separate Gap-analysis can also be performed on your existing policies to check if those are up to date and do correspond to the regulatory expectations.
A list or all applicable regulations is to be held by your institution. Bernadotte Consulting can provide you with such list or check the completeness of your existing list of applicable regulations.
Compliance
Gap analysis - analysis if regulatory requirements are respected in policies, processes
Assistance with the implementation of new regulations - participation in projects as subject matter expert
Drafting/updating of policies and procedures - update as per regulatory changes and requirements
Drafting of periodic and annual Compliance reports and/or preparing the Compliance Risk Assessment
Awareness raising and training on different Compliance topics
Support in Compliance projects as subject matter expert
Interaction with the authorities - compliance reports, interviews etc.
Prevention of Anti-Money-Laundering & Financial Crime
Support for KYC reviews at onboarding and/or periodic reviews
AML/FC risk assessment and/or AML/FC risk appetite/reports
Support in AML/FC projects as subject matter expert
Annual and periodical AML/FC training
Compliance and Independent Board of Directors mandates
Interim Chief Compliance Officer or Senior Compliance Officer for a determined period of time supporting the Compliance department where necessary
Independent Board Member for private banks
Support in AML/FC projects as subject matter expert
Annual and periodical AML/FC training
