For wealth managers, intelligent automation provides an opportunity to address current challenges and create a far more efficient, effective, scalable and controllable …
With global events moving fast it is important to reflect on how digital capabilities can help to protect your business and ensure compliance and full alignment with the existing sanctions regime, asset freezes and full FCC measures. The UK is going to push through new economic crime law, I’m sure that other Western economies will implement new economic controls as well. Asset and Wealth managers will need to implement changes and protocols to ensure full compliance with sanctions and legislation which is a rapidly evolving and changing landscape. This post looks at some of the things financial institutions and service providers need to think about.The FCA states that it is good practice to check your existing clients against the HM Treasury list which is frequently updated as well as all new customers prior to providing services or transactions. It is also recommended that you continue to check for any updates to the HMT list with any changes to a client’s details.
Remember, even providing financial advice can be a breach. It is good practice to include directors, beneficial owners of corporate customers and any third-party payees in your checks. According to the FCA, it is useful to consider the following facts about financial sanctions:
The burden on financial services businesses to ensure full compliance with the sanctions protocols across national boundaries has increased by an order of magnitude. It is difficult to imagine how full compliance can be achieved with lists being updated on a daily and sometimes hourly basis. The only way to ensure that your business is fully compliant and aligned to the existing sanctions regime and FCC regulation is through intelligent automation.
For further details contact
David Landi – Head of Asset Management
E: David.landi@pskinetic.com
www.linkedin.com/in/david-landi/
For wealth managers, intelligent automation provides an opportunity to address current challenges and create a far more efficient, effective, scalable and controllable …
Global wealth managers need to compete in an eco-system that is increasingly data-driven. Changing demographics and client expectations require leadership teams to …
According to Gartner, by 2024, three-quarters of wealth management enterprises will take their AI projects from pilot to operational, yet a recent survey …
It is time to put intelligence into onboarding with our ‘Intelligent Glue’.