Governing bodies have stressed how essential it is to have complete and robust compliance programs in place, with emphasis on data protection, information security, vulnerable customers and complaint handling. In these difficult times, people are extremely stressed and anxious, which may lead to additional complaints where service or product expectations have not been met. Whilst […]
Carrying out effective and compliant due diligence is not just for businesses with obligations under the Money Laundering Regulations 2017 or for those authorised or supervised by the FCA or HMRC. Most firms will be required to complete due diligence on suppliers, customers and/or employees to meet business and sometimes legal obligations. It is essential […]
With more and more firms setting up under FCA regulation, Know Your Compliance Limited offer the most comprehensive FCA Compliance Manual on the market, already used by thousands of organisations in a vast array of regulated sectors, we understand how to write policies, procedures and templates that can be fully customised and save hours of […]
Most businesses are required to carry out some form of due diligence in meeting their regulatory, contractual or legal obligations and to mitigate the risks associated with standard business relationships such as working with suppliers, customers, employees and other third parties. Carrying out effective and adequate due diligence also helps to protect an organisations’ customers […]
A risk management program is an essential part of any organisations compliance regime and provides a multifaceted approach to identifying, evaluating, preventing and monitoring risk at an internal and external level. All organisations are subject to a certain level of risk from areas such as money laundering, data protection and information security. However, some businesses […]
Last month, the Financial Conduct Authority (FCA) handed out a £37,805,400 fine to the London branch of Commerzbank AG for significant failings related to anti-money laundering controls and measures. This costly fine included a 30% discount, as the firm offered to settle at an early stage of the investigation. The full fine without an early […]
During the Covid-19 crisis, it is more important than ever for regulated firms to consider their approach to treating customers fairly and vulnerable customers. The FCA have published a statement on their expectations for firms to maintain a high-level of compliance in both areas and for organisations to assess their existing controls and measures to […]
YES! Organisations should be reading the Recitals alongside the Articles to ensure complete compliance with, and understanding of, the Regulation. The Recitals provide a mixture of additional information and supporting context, supplementing the Articles and making them more relatable; as well as providing essential information for effectively implementing the GDPR. Article 25 for example – […]
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Do Your Staff Need GDPR Training Sessions? Most employees should already be aware of their data protection obligations and how they can ensure that personal data is protected and processing lawfully. However, the GDPR brings with it numerous changes and additions that all staff must be aware of – which is why we have created […]