Cryptocurrencies

While bitcoin is the most salient and top of mind in the Financial Technology (FinTech) world, many altcoins have emerged as more specific and affordable options, especially in the USA and the UK. Many others have made decisions against digital currency, for reasons ranging from ignorance to ambiguity to protectionism of national currency. Crypto currencies are basically peer-to-peer digital currencies that use cryptography as lead security system. The laws about crypto currency are in a grey area across most parts of the world including India. Since it's a P2P currency, it is impossible to regulate a population using bitcoin as currency and the logistics to monitor a mass population is almost impossible. At the moment there's no verdict on the legality of virtual currency in India.

Outsourced Compliance Monitoring and Reporting Services

BFSI organizations across the world are facing the challenges of tighter regulation and having to deal with disparate information systems. Outsourced services of Archis Business Solutions Pvt Ltd can help you streamline business and statutory reporting processes and enable inter operable data communication. From Capital Adequacy Reporting to Credit Management, from MIS to Risk Management, and key internal processes such as loan and credit management can significantly save on time and costs with outsourcing of these services to established domain experts in this field. 

Archis Services for Compliance Monitoring and Reporting

With modification in existing regulations and addition of new ones, financial institutions are faced with a host of challenges in keeping abreast of these changes. There is an immediate need of putting in place an effective and dynamic compliance framework that is responsive to market and regulatory development. Archis Business Solutions’ Compliance and Regulatory team provides expert assistance on regulations and compliance and provides a comprehensive compliance framework to customers.

For companies to stay relevant, process and system enhancements are required to cope with the increasing demands. We ensure accuracy and punctual information transfer to assist our customer in staying relevant. With Archis’ services, companies can roll out innovative products without being tied down by regulatory implications or disclosure requirements.

Our Compliance and Regulatory team is comprised of technicians and professionals with 30+ years of broad ranging experience of providing effective solutions to financial institutions. Leveraging on our insightful knowledge and deep understanding of the regulatory requirements within the financial services industry, we are able to assist you in understanding and responding to increased challenges that banks and other financial institutions face in the regulatory regime.

COMPLIANCE MONITORING AND REPORTING

Compliance laws, rules and standards generally cover matters such as observing proper standards of market conduct, managing conflicts of interest, treating customers fairly, and ensuring the suitability of customer advice. They typically include specific areas such as the prevention of money laundering and terrorist financing, and may extend to tax laws that are relevant to the structuring of banking products or customer advice.

The expression “compliance risk” is the risk of legal or regulatory sanctions, material financial loss, or loss to reputation a bank may suffer as a result of its failure to comply with laws, regulations, rules, related self-regulatory organization standards, and codes of conduct applicable to its banking activities (together, “compliance laws, rules and standards”).

A bank that knowingly participates in transactions intended to be used by customers to avoid regulatory or financial reporting requirements, evade tax liabilities or facilitate illegal conduct will be exposing itself to significant compliance risk.

Compliance laws, rules and standards have various sources, including primary legislation, rules and standards issued by legislators and supervisors, market conventions, codes of practice promoted by industry associations, and internal codes of conduct applicable to the staff members of the bank. For the reasons mentioned above, these are likely to go beyond what is legally binding and embrace broader standards of integrity and ethical conduct.

It is in such a scenario that outsourced services of Compliance Monitoring & Reporting by companies such as Archis Business Solutions Pvt Ltd gain significance. While theoretically compliance should be part of the culture of the organization and not just the responsibility of specialist compliance vendor or staff, nevertheless, a bank will be able to manage its compliance risk more effectively if it outsources the compliance function to a specialist organization where the required structures are in place and the processes are fine-tuned over time with the “compliance function principles”. Apart from the obvious saving on manpower & training costs, with properly documented division of responsibilities, the inherent risks are almost completely mitigated!