Private banks have been faced with dramatic changes in their regulatory environment since the financial crisis:
- Anti Money Laundering (AML): many private banks have been fined heavily for AML failures. In addition, private banks have to massively increase their client take-on checks and transaction monitoring.
- Anti Bribery and Corruption (ABC): private banks have to identify Politically Exposed Persons and monitor their transactions for money laundering and bribery or corruption.
- Tax evasion: the global trend is to make Private Banks responsible for preventing their clients evading tax.
- Commission driven sales: some relationship managers sell unsuitable and risky high commission products leaving the private bank to compensate clients.
GRC-Maestro can be used as a quick and efficient GRC solution for private banks to meet their legal and regulatory requirements.