Is there a way to avoid regulatory penalties? 😲
Is there a way to avoid regulatory penalties? 😲
Regulatory non-compliance with circulars, guidelines, and directions leads to penal action.
– Penal action not only brings the risk of financial impact BUT, BUT,
– The Reputational damage as well…….
Here’s a brief survey that suggests KYC non-compliance by non-banks led to recent penal actions by regulators in India. To a great extent, it’s true.
What can I do to avoid such a situation:
– Strong Compliance Leader who understands the law of the land very very well. #compliance #management
– Strong Compliance culture -Tope at the Top is a must. I call it DNA.
– Strong framework, SOPs, and methods
– & many more such as robust regulatory affairs, supervisory management, managing regulatory communications, inspections, and automated systems. #regulatoryaffairs #financialservices
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