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Firms should be prepared for more onerous record-keeping and reportingrequirements and factor in the costs of additional compliance obligations, including holding client funds under statutory trust. Staff training : Training staff on the importance of safeguarding and the new regulatory expectations is crucial.
Develop Written Policies and Procedures Clear and comprehensive written policies and procedures are essential for a strong compliance program. These should outline the company's compliance obligations, reportingrequirements, and internal controls.
They also need to collect and verify vendors’ details to comply with anti-crime regulations, adhere to tax reportingrequirements and deliver convenient digital payments to these suppliers. The continued use of manual-heavy procedures causes friction, however. Some firms employed digital approaches for part of this process; 72.1
Compliance cost encompasses the salaries of compliance staff and their training, regulatoryreporting costs, investment in technology upgrades, audit and legal fees, and the cost of implementing new regulatory guidelines and procedures. appeared first on The Fintech Times.
The reforms aim to address weaknesses in safeguarding practices, reduce consumer fund risks, and enhance regulatorycompliance, particularly in preventing fund shortfalls. Moreover, firms should designate a compliance officer who will be directly responsible for overseeing adherence to safeguarding requirements.
Healthcare : Patient care plans or medical reportsrequire timely approvals to ensure prompt treatment and adherence to healthcare regulations. Process : Secure and verifiable methods for final approval to ensure legal and proceduralcompliance.
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