Compliance Advisory

Assistance with Compliance for Banking Businesses

It is important that a bank attempts to measure the effectiveness of its efforts to manage their compliance risk. This can involve a bank assessing whether it is achieving the desired compliance culture and behavior, assessing the behavior of individual bank staff and businesses, and assessing the effectiveness of the contribution of the compliance function to managing compliance risk. This is an area of development for all banks, particularly in terms of evaluating whether management of their compliance risk reduces net risk to an accepted or defined level.

Compliance for an offshore banking business usually includes:

  • Personal account approvals, monitoring and reporting
  • Monitoring reports to clients and transaction reporting
  • Responding to requests for information from the regulatory authorities
  • Monitoring and surveillance of research activities (Chinese Walls, publication of reports and investment views and disclosures)

Starting Business can assist offshore banking businesses to have a clear and meaningful understanding of what compliance risk means, make compliance risk assessment for the bank’s operations, draft tailor-made procedures of how to train relevant staff and explain the functions that are involved in managing compliance risk.

Please Contact our advisory team for further advice and guidance in order to effectively manage your international banking business compliance risk.