The next decade marks a significant turning point in terms of innovations in the financil and banking sector, especially as to FinTechs and online exchanges. The digitalisation of the sector has been underway for several years and will continue, with the addition of massive arrival of cognitive technologies. Thanks to analysis of large volumes of data, the financial system will gradually learn the slightest expectations of every client. The bank of tomorrow will essentially be a technological platform integrating an ecosystem of services offered by the bank, but also by third parties (Fintechs or others), associated with a set of cognitive technologies that will profoundly modify the work of the client advisor as well as the bank’s relationship with its clients. For obvious cost reasons, the back office, which has long been the bank’s core business, will be increasingly outsourced as part of Business Process Outsourcing (BPO) or simple SaaS operations. In a word, the bank is going to change its face completely. The customer will be at the heart of this new system.

 

Yet entering in the financial work is increasingly complex, and this must not hide the weight of regulatory constraints. Year after year, regulatory load is becoming heavier and heavier. This is particulary evidenced by the May 2018 deadline for the GDPR regulation on the protection of private data, the recent introduction of the Payment Service Directive (PSD3),  as well as new risks, a constant fact in banking. KYC, AML, and so many barbaric acronyms indicate a serie of rules financial have to comply with. 

 

If they do not comply with these obligations, companies face heavy penalties.

 

Financial and Banking compliance is ever more complex. And not every legal service is ready to handle the next compliances with ease.

 

Our process explained

 

 

Schéma2-min
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Our experts

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“It may seems self-evident, but the best way to avoir any problem
in banking law is prepare an answer to every question .”

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Mr. Fabregue is a veteran expert of KYC regulation and our Legal Head. After working with both Swiss, French and British companies, he has acquired an extensive knowledge of European and international regulation to this regard.
You can find his personal website on Tax and Banking regulation on Iusblog.com
He also manages the general expertise on Banking.

  • We will analyse all your infrastructures – both legally and IT Wise – and then each of your services in accordance with privacy requirements (GDPR).
  • Draft a full Know Your Client (KYC) compliance process.
  • Train your employes and collaborators according to the industry standards in Anti-Money-Laundering (AML) practices.

 

All  risks of non-compliance will be communicated to you with their solutions !

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Financial and banking compliance consultancy (EU countries and Switzerland ) ⋆ Eternos Corporation