• Compliance and legislation

Compliance and legislation

Not a month goes by without a national or supranational government somewhere in the world bringing in a new rule that you as a bank, insurance institution, asset manager, payment provider or financial service provider, etc. must take into account, whether it be something to tackle fraud or money laundering, protect citizens or to stimulate sustainable banking. The rules and laws encourage and resist change at the same time.

Being and remaining compliant with this - often extremely complex - abundance of directives, laws and regulations is one thing. Keeping up to date with them is another. In any case it doesn’t make the challenge any easier. The list of expensive abbreviations alone makes outsiders dizzy: FATCA and CRS, DAC6, IFRS 9 and IFRS 17, PSD2, MiFID II, MiFIR, Basel IV... and new legislation and directives continue to make the list even more complex (AMLD V, CROE, DORA, TIBER, ESG, etc.).

Efficient processes as a leverage

Efficient, streamlined processes are vital in order to meet the increasing compliance pressure and to not fall behind. Technology solutions such as RegTech (Regulatory Technology) help you to respond quickly and accurately to the requirements of the new regulations.

Consider FATCA (Foreign Account Tax Compliance Act) or CRS (Common Reporting Standard) for example, which aim to exchange information between countries automatically in order to avoid international tax evasion. Thanks to our global network - BDO supports companies and organisations in nearly 170 countries - our experts are able to master the ins and outs of the European and global compliance requirements.

Cybercrime and data protection - two priorities of the European Strategy for Operational Resilience - are putting severe pressure on the technological solutions. For instance, the European Central Bank (ECB) imposes a whole series of measures on the financial sector, and in particular on the so-called FMIs (financial market infrastructure providers) in order for them to arm themselves against cybercrime. Frameworks such as NIS, ISO27001 and COBIT meet these requirements. But there was still a lack of streamlining. That is why the ECB launched the Cyber Resilience Oversight Expectations (CROE) with clear operational criteria for all players. Other European frameworks are the Digital Operational Resilience Act (DORA), a standard in the area of ICT resilience and risk management, and the Threat Intelligence Based Ethical Red-teaming (TIBER) that tests the cybersecurity of financial institutions.

In short, the financial sector depends on cutting-edge technology in order to satisfy all the requirements and obligations so that it can securely serve the markets that demand scale, consistency, and resilience. Our experienced experts can help and guide you in this regard.

Transfer pricing

Specifically with regard to the topic of transfer pricing, you can call on the expertise of our specialised team in Belgium. We’re no single-subject-minded specialists, but experts who actively listen with experience in numerous sectors. They are people who - just like you - continually ask themselves if an idea or recommendation can be carried out practically. People who also enjoy daily contact with over 250 transfer pricing professionals in the international BDO network.

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