Subscription Services – Obligations Register
In today’s environment of heightened regulatory scrutiny, ensuring a financial institution meets financial crime obligations in all jurisdictions where it operates is a critical requirement, regardless of its size or client/product focus. The consequences of getting it wrong are not limited to reputational damage or fines from regulators alone, but directly impact the bottom line through increased costs of compliance.
Plenitude has developed a standardised Financial Crime Obligations Register, which provides a complete and up to date reference of all the applicable laws, regulations and guidance across jurisdictions where most global financial institutions operate, and provides monthly updates covering new or emerging obligations.
We conduct monthly horizon scanning in relation to changes to financial crime laws, regulations, statutes and guidance. We augment this service with our deep regulatory knowledge and pragmatic approach to help clients interpret obligations and align their existing controls. Our Obligations Register gives clients assurance that obligations are being met and any gaps are identified.
Brexit and Financial Crime: How the law is expected to change?
Brexit brings uncertainty. The endless back and forth between the UK and EU to structure a deal that is acceptable by both sides and the political change of hands has caused anxiety in the industry as to how best to prepare for Brexit. Plenitude is actively monitoring the potential Financial Crime (FC) regulatory changes in the event of Brexit. To date, about 22 Statutory Instruments have been proposed – e.g. the Counter-Terrorism Sanctions (EU Exit) Regulations 2019 – to amend the existing money laundering, terrorist financing and regime specific sanctions legislations.
Additional documents are expected to be released as the authorities continue to update the FC regulations and issue new guidance in preparation for Brexit. Firms should ensure these changes are monitored and analysed to identify any potential gaps in policy and controls. Plenitude is actively working with its clients to advise them on new Brexit related obligations as part of their wider horizon scanning and obligations register services.
We recognise that organisations may be well advanced in developing/maintaining their Financial Crime Obligations Register. We therefore offer flexible engagement options to align to your current level of maturity and budget.
The Obligations Register Service is offered in three variants:
BASIC (SELF SERVICE)
- We offer you access to our up-to-date Obligations Register on a monthly basis for a fixed fee (in the future you will be able to self-serve through our online portal).
- In addition, we offer you monthly updates highlighting any changes.
- You may freely export from our Register, and utilise the content as needed
ADVANCED (SELF-SERVICE + SME INPUT)
- Includes all the features offered by the Basic level, but we additionally provide limited access to our Subject Matter Experts, where you can discuss any concerns, or the anticipated impacts of any obligations on the back of our monthly update.
- This level of engagement can also be offered at a fixed monthly fee.
CUSTOMISED (DEDICATED SUPPORT)
- We build an Obligations Register specific to our client, focused on your area of interest. In addition, we provide dedicated resources to work with your internal teams to operationalise the register.
- This solution is usually provided on a Time and Materials basis, and pricing is subject to a detailed discussion on scope and an understanding of your specific needs.