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Learning About Regulatory Compliance in Banking PART 1 - YouTube
Channel: FinCrime Agent
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today you will learn about the key areas
of
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regulatory compliance that financial
institutions must
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have in place in order to comply with
the regulations within anti-money
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laundering and financial crime
so let's get right into today's video
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hi and welcome to FinCrime Agent i'm
Marco Beranzoni and this is my channel
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where i'm talking about financial crime
and anti-money laundering related topics
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press the bell
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description of this video for very
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useful links
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you can become part of the Patreon
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receive some unique material like copy
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of the slides that are presented in my
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so let's move into today's video we are
going to talk
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about regulatory compliance you will
learn about the high level
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areas where financial institutions must
comply
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in order to stay within the regulations
for financial crime
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and anti-money laundering. The information
on regulatory compliance that
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i'm sharing with you on this video today
are really high level
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but if you are now learning about
regulatory compliance
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for banking and financial institutions
it should give you a good sense of
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the key areas and then you can learn
more about those ones
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in the description of this video where
you can see a link
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of the financial conduct authority
guidance
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and this is where most of this
information are taken from
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the first point that i want to talk
about is around systems
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and controls we will go into the details
of
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all of the different areas that are in
scope
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for the regulatory compliance but
just to start with this important that
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you understand that there will be
policies and procedures across all these
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different
areas that financial institutions must
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maintain
updated and easy to access by all the
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staff
so this is one point to include in the
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system and controls: having strong
policies and procedures
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in place across all the areas of
financial crimes.
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within system and controls financial
institutions
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must be able to demonstrate that they
have
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efficient systems in order to detect
their potential risk and they must
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assess
therefore those systems and monitor them
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regularly to make sure that they are fit
for purpose
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out of all those system management
information
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must be created and produced in order to
escalate to senior management the
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potential risks
faced in money laundering and financial
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crime
so it's important that the quality of
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the data that is extracted
out of those systems and reported to
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risk
committees are accurate and
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are able to demonstrate when there are
risks to be identified
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for that financial institution another
area to highlighting here is the staff
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training
there are trainings rolled out to bank
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staff
across the different areas of financial
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crime to make sure that they are updated
with the new regulation and any changes
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with the operating model
of the financial institutions those are
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compulsory trainings
that staff will need to complete on a
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regular basis
and demonstrate that they are updated
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with all those aspects
one more point within system and
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controls is the risk assessment that
must be produced
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to highlight how financial institutions
can adopt
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a risk-based approach and how they
prioritize
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on the financial crime areas to be
focused on
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at present and in the long term
let's talk now about the different teams
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and how they operate to make sure the
financial institution
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is compliant with the regulations let's
start to talk about fraud for example
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which is mainly divided
in the two areas the systems to identify
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potential fraud risks and protect the
customers
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and and to stop transactions for fraud
reason
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and then the internal fraud protection
this is where
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the financial institution would maintain
under control their staff
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to make sure that there are no potential
fraud activities being completed by
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their own staff all those are completed
by
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a number of systems and there will be
procedures in place to demonstrate that
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they comply
with the requirement for fraud
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prevention
one more area that i want to cover is
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the sanctions and
asset freeze within
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this space financial institutions must
ensure that they are not doing business
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or they are not facilitating the
transfer of funds
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with entities individuals or
countries that are included in the
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economic
sanctions list so systems must be in
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place
in order to monitor those type of
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activities
for customer name screening as well as
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transactions
screening when there is identification
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of a true match
with any of those entities then there is
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the
obligation for the financial institution
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to complete
the reporting to the relevant
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jurisdiction in order to comply with
economic sanctions requirements those
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were the main
elements i wanted to highlight regarding
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regulatory compliance
i have taken example of those ones from
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the fca
guidance so if you want to find out more
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about those specific
areas there is a very user-friendly
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document that is provided by the fca
and you can find this in the description
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of this video
and learn even more about regulatory
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compliance in banking from there
i hope you have learned something new
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today and the contents that i shared
were
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useful for you if you have enjoyed my
video please share it
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with your contacts that may benefit from
this type of contents
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and remember to subscribe to FinCrime
Agent
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and press the bell to be notified once
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with that time at the end of today's
video thank you for watching
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and until next time see you soon
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