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What are the top compliance concerns for financial services?

Financial compliance services face a lot of compliances just like all businesses facing these days. Ignoring the compliances issues faced by the financial institutes will lead to significant risks, loss ofincome and it might damage reputation.

To overcome those potential risks posed by the financial compliances, financial institutes should understand the potential of the compliance and follow the strategies suggested by the expertise financial services compliance consultants.

Here are the top compliance concerns for financial services

1. Data Breaches:

Financial institutes are responsible for holding a lot of sensitive data like personally identifiable information of the customers. Owing to that, financial institutes are the primary target for cyber attacks. To avoid such attacks financial institutes should follow comprehensive risk assessment planning and strategies.

2. Knowing the Customer

Financial institutes are the key to perform illegal money transfers or money laundering activities for several terror groups worldwide. To be frank, if an institute responsible for money laundering activities means it will face huge repercussions from regulators. To avoid such things staffs need to be trained enough to record client’s information appropriately.

3. Risk Management Training

Emerging risks factors are the biggest challenges faced the financial institutes today. Staffs and security personnel must be trained enough about the potential vulnerabilities so that during the typical situation they can act wisely and in the defensive line.

4. Following International Standards on Reporting

For financial institutes, recording information is vital and the process of recording varies between countries to country. Because of that a financial institute that does international businesses finds themselves in the typical situation on sorting to reporting standards. To avoid that, reporting standards must be streamlined among the institutes from various countries.

5. Tighten Regulations and Scrutiny

The increase in scrutiny and regulations on financial service industry will lead to less compliance. When compared with other financial institutes, Australian based financial institutes have heavy regulations that include overseas regulations. The financial organization should compliant those regulations to avoid penalties and fines.


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