Compliance & Internal Audit for Financial Institutions

The main compliance activities include:

• Creation and a continuous revision of internal regulations of a financial institution (ensuring compliance with the legal regulations and opinions of the ČNB).
• Creation and a continuous update of client documentation (mandatory information / investment questionnaire / minutes of the meetings).
• Continuous internal control of compliance with the obligations under the legal and internal regulations of a financial institution (provision of financial services and functioning of the management and control system of a financial institution).
• Financial institution’s staff training in the field of legislation and internal regulations of a financial institution.
• Coordination of communication with the ČNB (requests, state control, registration proceedings, etc.).
• Coordination of complaints and financial institution clients’ claims.
• Participation in the settlement of disputes by the Financial Arbiter.
• Consultation and advice to the financial institution’s employees.
• Communication with the compliance department of cooperating financial institutions.
• Communicating legislative changes relevant to the financial institution’s activities.
• Supervising the field of AML (measures against money laundering and terrorism financing).

The following activities are subject to internal audit:

• Preparation of a strategic and periodic internal audit plan.
• Preparation of an annual internal audit plan.
• Preparation of a medium-term internal audit plan.
• Performance of individual audits in accordance with an annual internal audit plan, writing reports about the audits performed.
• Preparation of a financial institution’s risk analysis.
• Continuous monitoring and control of the remedial measures imposed on the basis of the internal audit findings.
• Preparation of the final annual internal audit report, including the evaluation of the functionality and effectiveness of the financial institution’s management and control system.
• Informing the financial institution’s management of the findings.

The following areas are subject to regulatory audit:

• Compliance of the financial institution’s internal regulations with legislation.
• The accuracy and completeness of a financial institution’s client documentation complying with the valid legislation.
• Provision of financial services with professional care and diligence.
• Fulfilling of recording, archiving, and other administrative activities of a financial institution.
• The functionality of the financial institution’s control system.
• Compliance with the financial institution’s internal standards.
• Effective risk management.
• AML (measures to eliminate money laundering and terrorism financing).

We ensure the preparation of all types of registration (investment intermediary, insurance intermediary, etc.) or license requests (securities broker, payment institutions, etc.) to provide financial services. Due to extensive experience with licensing and registration procedures at the Czech National Bank, we will arrange the successful outcome of the procedure without undue delay. This service includes evaluation, and possibly ensuring all necessary preconditions for the smooth functioning of a financial institution and provision of financial services.

COMPLY has extensive experience with conducting ČNB state inspections with financial institutions. In case you want to take advantage of our experience and eliminate potential risks to your company for failure to comply with legal obligations, please, do not hesitate to contact us. We will ensure the control and preparation of documents required by the ČNB, prepare your staff for an on-site inspection, and arrange all other necessities for a quick and uncomplicated control procedure. In case ČNB ascertains any deficiencies, we will arrange for an immediate adoption of appropriate remedial measures.