Compli-Serve

The compliance professionals

[Compli-Serve @CompliServe]

As mentor and friend to many within the Compli-Serve family and the broader community,Richard's legacy is marked by his dedication&unwavering commitment to excellence.The firm has grown to become a trusted partner in compliance,known for its integrity and high standards.

[Compli-Serve @CompliServe]

Richard's unexpected departure has left a significant void in the compliance industry, where he was revered as a pioneer and a visionary leader. Richard Rattue's contributions to the field of compliance and regulatory services were unparalleled.

[Compli-Serve @CompliServe]

It is with deep regret and profound sadness that Compli-Serve announces the sudden passing of its founder and Managing Director, Richard Rattue, on 9 June 2024.

[Compli-Serve @CompliServe]

Looking back on compliance failings: In 2016, the Monetary Authority of Singapore withdrew the status of Swiss bank BSI in Singapore over 41 breaches of anti-money laundering requirements, fining the bank SGD $13.3 million. A costly error that would be best avoided going forward.

[Compli-Serve @CompliServe]

Compliance lesson: The Financial Transactions & Reports Analysis Centre of Canada fined an unnamed Canadian bank CAD $1.1 million for failing to report a suspicious transaction & various money transfers in 2016, marking the first time the regulator had penalised a bank.

[Compli-Serve @CompliServe]

AML learnings: In 2021 Westpac Banking Corporation agreed to pay a record penalty of A$1.3 billion to settle the largest breach of money laundering & terrorism financing laws in Australian history, failing to report over 19.5 million fund transfer instructions to regulators.

[Compli-Serve @CompliServe]

Looking back on the SEC fining Deutsche Bank AG $16 million for hiring unqualified officials to win or retain business back in 2019, serves as a strong reminder of the importance of screening employees and customers to meet regulatory requirements.

[Compli-Serve @CompliServe]

When TVFAS was fined R400 000 for AML failings, the FSCA allowed half to be paid in 3 years’ time but rectifying & maintaining compliant operations was paramount to this decision – reminding us that regulators will consider leniency provided compliance is transparent & upheld.

[Compli-Serve @CompliServe]

Avoid non-compliance: In 2020, the Financial Conduct Authority fined Commerzbank London £37.8 million for failing to establish adequate AML controls. The deficiencies included shortcomings in the bank's automated monitoring system and failures in due diligence on its clients.

[Compli-Serve @CompliServe]

Compliance may involve a lot of admin but avoiding the necessary checks & balances can result in large fines & reputational damage. Ashburton Fund Managers’ R16 million penalty from the FSCA is a good example of why compliance should always be prioritised.

[Compli-Serve @CompliServe]

Compli-Serve is pleased to announce two promotions of staff this month. @TanyaVAJ Tanya Van Aswegen has been appointed as Chief Operating Officer, while Kelly Matthews has been appointed as Senior Bookkeeper. Read more via @FAnews_Online https://t.co/AOINHqVS49

[JUTACompliNEWS @CompliNEWS]

🚨 #CPDDeadline Alert for FSPs, KIs, and Reps! 📆 Don't let the 31 May 2024 cut-off catch you off-guard. Ensure your Continuous Professional Development hours are on track. #CompliNEWS is here to help you fulfill your CPD requirements while keeping you updated on the latest 💼📈

[Compli-Serve @CompliServe]

Compli-Serve's James George comments on this latest report: "As we navigate regulations and risks, a blend of innovation and traditional know-how can help to keep costs down while ensuring compliance and customer satisfaction."

Read more via @ITOnlineSA
https://t.co/bqqMGXHQzw

[Compli-Serve @CompliServe]

“Ethics and compliance are two sides of the same coin,” says James George, Compliance Manager at Compli-Serve SA. While they overlap, they serve different purposes. Do you know the difference?

[Compli-Serve @CompliServe]

Tomorrow marks one year on the FATF grey list for SA. The financial services industry plays a pivotal role in identifying & reporting suspicious activities, sharing knowledge and adopting innovative technologies to enhance the detection and prevention of illicit financial flows.

[Compli-Serve @CompliServe]

“While #compliance keeps us in check, #ethics keeps us in heart,” – James George, Compliance Manager at Compli-Serve SA.

[Compli-Serve @CompliServe]

Regulators help to shape the compliance landscape. Consider Treating Customers Fairly (TCF); an ethical stance has become a regulatory requirement in many jurisdictions. But enforcing #compliance and instilling #ethics can be a challenge requiring a culture shift in business.

[Compli-Serve @CompliServe]

“While compliance is about ‘can we do it?’, ethics asks ‘should we do it?’. Being ethical goes beyond just following the rules; it's about doing what's right, even in the absence of a specific regulation,” says James George, Compliance Manager at Compli-Serve SA.

[Compli-Serve @CompliServe]

An example of compliant, unethical behaviour is recommending a financial product that meets regulatory standards but isn't necessarily the best fit for a client's needs, attracting higher commissions or other incentives. It’s important to prioritise compliance and ethics, always.

[Compli-Serve @CompliServe]

Some further #compliance tips for the year from our MD, Richard Rattue turn to tech, including the importance of integrating #AI into business operations to stay ahead of the curve. Do also keep #crypto compliance considerations in mind, such as ensuring licenses are up to date.