Location :

Home

Industries

Retail

---

Retail

Firms that offer retail financial services and products to private or retail customers have to comply with vast amounts of detailed and complex regulations. For example, "know your customer", anti-money laundering and record keeping requirements can all be time consuming and expensive to comply with.

Firms that are active in the retail sector feature prominently on regulators' agendas. Regulators frequently review the products and services that firms offer to ensure they are fit for purpose and that financial promotions or marketing materials are accurate and not misleading.

With such extensive regulatory and media interest in the retail sector, there is tremendous pressure on firms and senior management teams to actively manage the firm's reputational risk while balancing the demands of clients and regulators.

Complinet's range of products and solutions has enabled a large number of international firms to meet ongoing compliance obligations and respond to fast-moving regulatory change.

Customers we have helped to meet these challenges include: Citigroup, Bank of America, HSBC, Deutsche Bank, ABN AMRO, Wachovia, Société Générale, HBOS, Royal Bank of Canada, Nordea Bank.

Challenges and Solutions for the Retail Sector

Regulatory Requirements	Challenges	Resolutions and Solutions
Multiple regulators over multiple jurisdictions	Keeping up with global and local regulatory change Quickly understanding the impact of that change on your operations Enabling rapid compliance across the business Capturing relevant information for senior management to provide appropriate oversight and control	UK Retail Banking, Investment & Insurance Products Tracker MiFID Regulatory Insight AML Regulatory Insight e-learning programs
Tougher, more complicated CIP, AML, KYC and enhanced due diligence requirements	Gathering and using varied sources of information to support KYC activity Unifying all CIP, AML, KYC and enhanced due diligence processes. Applying a risk-based approach Applying a global approach Managing high-volume retrospective screening Automating ongoing screening Monitoring high volume of transactions Avoiding high-profile enforcement actions	Global Screening Electronic identity verification Sanctions, watch and politically exposed person list screening Media searching Transaction monitoring AML e-learning programs
Maintain up-to-date and auditable policy and procedures	Keeping up with regulatory changes Applying change to internal policies Keeping manuals up-to-date Keeping policy and procedure consistent Communicating change across the organization Monitoring and auditing staff attestation Keeping track of product risk as regulation changes	Policy Manager Tracker

Back to top