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Compliance
Understanding Compliance in Europe and Key Jurisdictions
Compliance refers to the adherence of financial institutions to legal, regulatory, and ethical standards. In Europe, particularly in Germany, Austria, Switzerland, Luxembourg, and Liechtenstein, compliance encompasses systems, processes, and behaviors designed to ensure organizations operate transparently and responsibly while mitigating risks. Effective compliance frameworks safeguard institutions from financial penalties, reputational damage, and operational disruptions, ensuring alignment with national and international standards.
Legal and Regulatory Requirements for Compliance
Financial institutions across Europe face rigorous compliance requirements set by EU regulatory bodies and national authorities.
European Union
- ECB: The European Central Bank highlights compliance as a supervisory priority under the Single Supervisory Mechanism (SSM). Institutions must ensure adherence to Anti-Money Laundering (AML), Counter Terrorist Financing (CTF), and market integrity standards.
- EBA: The European Banking Authority provides guidelines.
- EIOPA: The European Insurance and Occupational Pensions Authority mandates compliance under Solvency II, with strict obligations on governance and risk mitigation.
- ESMA: The European Securities and Markets Authority enforces compliance under MiFID II, targeting investor protection and market transparency.
Germany
- BaFin and Deutsche Bundesbank: Compliance requirements in Germany are outlined under the KWG and MaRisk, focusing on internal audit, risk management, and anti-financial crime measures.
Austria
- FMA: Austria’s Financial Market Authority enforces compliance standards under BWG and VAG, emphasizing AML, CTF, and governance requirements.
Switzerland
- FINMA: The Swiss Financial Market Supervisory Authority mandates compliance through its Anti-Money Laundering Ordinance (AMLO) and Circular 2017/1, focusing on financial crime prevention and risk management.
Luxembourg
- CSSF: The Commission de Surveillance du Secteur Financier requires institutions to implement compliance frameworks under CSSF Circular 12/552, with a focus on AML and CTF measures.
Liechtenstein
- FMA: The Financial Market Authority aligns compliance requirements with European directives, ensuring robust frameworks for risk and governance.
Leitner & Associates‘ Compliance Solutions
We offer comprehensive solutions to ensure your institution achieves and maintains compliance excellence:
- Audit: In-depth audits to assess and enhance your compliance framework.
- Consulting: Tailored advice to design, implement, and optimize compliance structures.
- Training: Bespoke training programs to equip teams with essential compliance knowledge and skills.
- Interim Management: Experienced professionals to manage compliance functions during transitions.
- Outsourcing: Full-service compliance management to streamline operations and ensure adherence to regulations.
Products for Compliance Implementation
From building frameworks from scratch to refining existing systems, our products provide end-to-end support:
- Commentaries: Expert analysis and interpretation of compliance regulations.
- Guidelines: Comprehensive guides to establish effective compliance frameworks.
- Policies: Well-defined documents outlining compliance roles and responsibilities.
- Procedures: Step-by-step instructions for implementing compliance measures.
- Control Plans and Checklists: Practical tools to monitor compliance and mitigate risks.
- Reports and Training Certificates: Documentation and validation of compliance efforts and expertise.
Why Choose Leitner & Associates for Compliance?
At Leitner & Associates, we specialize in delivering robust compliance frameworks tailored to your institution’s unique needs. From greenfield implementation to the optimization of existing systems, we help you navigate the complexities of regulatory compliance with precision and confidence.