Specialised Solutions for Building Societies’ Compliance Management

We offer a comprehensive set of risk and compliance solutions tailored to a variety of building societies’ compliance obligations. We can help you comply with building societies’ regulations in a commercially oriented and goal-focused manner, providing a tailored approach to building societies’ compliance management with regard to your specific circumstances, including:

• Your commercial objectives
• Your deposit-taking products
• Your business size
• Your technology and human resources
• Your risk appetite
• Your governance structure
• Your client demographics
• Your countries of operation, their applicable laws, and relevant building societies’ authorisation requirements and regulations, including key aspects such as outsourced providers' monitoring, compliance training, risk management, audit, and assurance.
• Any related compliance obligations, including, but not limited to, building societies’ obligations under privacy laws, anti-money laundering and counter-terrorist financing (AML/CFT) laws, fair trading laws, and more.
• Building Societies' Compliance Assurance Obligations, including internal control design and testing, implementation of compliance calendars, management plans, compliance assurance programs and other second and third-line compliance requirements.
• Specific operational compliance requirements for building societies, including but not limited to:
  • Client due diligence and onboarding
  • Surveillance and monitoring
  • Recordkeeping
  • Conflict of interest management
  • Regulatory technology (RegTech) integration
  • Internal reporting
  • External reporting
  • Regulatory Filings
  • Prudential Standards
  • Customer Protection Standards

 

 

What Jurisdictions Do Our Compliance Solutions Cover?

Our compliance solutions extend across major financial markets and cover building societies’ regulation and building societies’ authorisation requirements in the following jurisdictions:

• Deposit-taking institutions UK: This page is dedicated to UK Building Society regulation. Non-bank deposit takers in the UK are referred to as Building societies. They are regulated by the Prudential Regulation Authority (PRA) under the Building Societies Act 1986 and must also comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, overseen by the Financial Conduct Authority (FCA).
• Other jurisdictions: We also offer risk and  compliance solutions for non-bank lenders across major financial markets and in the following jurisdictions:

• Australian Building Societies' Compliance Management: Where building societies are classified as Authorised Deposit-taking Institutions (ADIs) and regulated by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959. For more information about our compliance solutions for Australian Building Societies, visit our ADIs' compliance solutions page.
• United States Building Societies' Compliance Management: Where building societies can operate as Savings and Loan Associations, regulated by the Office of the Comptroller of the Currency (OCC) under the Home Owners' Loan Act. For more information about our compliance solutions for US Building Societies, visit our Savings and Loan Associations compliance solutions page.
• Singapore: Where building societies operate as Finance Companies and are regulated by the Monetary Authority of Singapore (MAS) under the Finance Companies Act. For more information about our compliance solutions for Singapore Building Societies, visit our Finance Companies compliance solutions page.
• New Zealand Building Societies' Compliance Management: Where building societies are regulated as Non-Bank Deposit Takers (NBDTs) and supervised by the Reserve Bank of New Zealand (RBNZ) under the Deposit Takers Act 2023. For more information about our compliance solutions for New Zealand Building Societies, visit our NBDTs' compliance solutions page. Cayman Islands: Where building societies may operate under a Banking Licence issued by the Cayman Islands Monetary Authority (CIMA) under the Banks and Trust Companies Law.
• Bermuda Building Societies' Compliance Management: Where building societies can be licensed under the Banks and Deposit Companies Act 1999, overseen by the Bermuda Monetary Authority (BMA).
• British Virgin Islands (BVI) Building Societies' Compliance Management: Where building societies providing deposit-taking services are regulated under the Banks and Trust Companies Act 1990 by the BVI Financial Services Commission (BVI FSC).
• Isle of Man Building Societies' Compliance Management: Where building societies are regulated under the Financial Services Act 2008 by the Isle of Man Financial Services Authority (IOMFSA). For more information about our compliance solutions for building societies in other jurisdictions, please visit the respective compliance solutions pages.

 

 

What Types of Building Societies Do We Support?

 

 

Building Societies’ Compliance Advisory

Our focus areas include:

• Detailed Compliance Advice: Covering building societies’ compliance management issues across the first, second, and third lines, as well as matters related to effective compliance with financial markets regulations and building societies’ authorisation requirements.
• Banking Relationships Advice: On risk and compliance issues related to managing and expanding relationships with banks, liquidity providers, and other financial institutions to help you meet their risk appetite requirements, anti-money laundering and counter-terrorist financing requirements, fraud prevention and recall volume expectations, and other compliance-related and operational standards.
• Operational AML Advice: Advising support, onboarding, KYC, operating and other teams on the day-to-day onboarding and support queue management, effective AML/CFT resource allocations, and operational improvements, helping you maintain the overall customer experience and efficiency while remaining compliant with building societies’ AML/CFT requirements.
• Operational Compliance Advice: Advising compliance, management, technology, and support teams on the day-to-day compliance with building societies’ regulations, focusing on internal processes and critical internal controls for effective building societies’ compliance management.
• Risk Management Advice: Covering risk rating and methodologies, risk assessments, management, and mitigation for various risk types faced by building societies, including regulatory, ML/TF, fraud, data protection, and operational risks. We help you safeguard against potential compliance breaches and comply with risk management obligations under building societies’ authorisation requirements and other applicable laws and regulations.
• Compliance Framework Advice: To help you create or enhance your compliance management framework, identify gaps and areas of improvement, meet the building societies’ compliance obligations effectively, improve internal governance and reporting, and optimise them for market expansion and growth.
• Building Societies' Licensing Advice: We can guide you through the licensing process, help you apply regulations to your specific circumstances and business environment, and meet building societies’ authorisation requirements to become licensed or maintain it.
• Peer Benchmarking and Best Practices: We can help you benchmark your compliance practices against peers and applicable regulatory compliance guidance, identify areas for improvement and adopt best practices for enhanced compliance.
• Government Agencies Liaison Advice: We provide strategic guidance to senior management and compliance teams on maintaining and managing relationships with external bodies, including regulators, AML/CTF supervisors and law enforcement agencies, focusing on long-term compliance strategies and proactive engagement.
• Specific Building Societies' Compliance Issues: We can help you resolve specific risk or compliance issues related to building societies’ regulations and compliance obligations, including but not limited to external audits and reviews, reporting, oversight, difficult clients or transactions, expansion challenges, compliance management issues, process optimisation, regulatory challenges you may encounter and more.
• Further information: You can visit our Regulatory Compliance Consulting Solutions page for a comprehensive list of advisory services we offer to building societies and other licensed financial institutions, financial services providers, and regulated businesses.

 

 

Reporting and Regulatory Liaison Solutions for Building Societies’ Compliance

• Regulator Liaison Management: Providing operational guidance to senior management and compliance teams on managing relationships with regulators, AML/CFT supervisors, police bodies, privacy commissioners, and other government entities. This includes handling requests for information, responding to ad-hoc regulatory inquiries, managing findings from audits and investigations, managing compliance with reporting obligations for building societies and more.
• Board and Committee Reporting: Facilitating structured reporting workflows for various committees and board delegates, including risk, compliance, and audit committees, focusing on your current compliance status, deviations from your risk appetite, changes in risk ratings and any operational compliance updates to ensure that governance structures are well-informed and aligned with compliance management practices.
• Compliance Performance Metrics: Developing and presenting comprehensive compliance performance metrics to the board or relevant committees, offering insights into your compliance effectiveness and identifying points for improvement in key compliance areas, including compliance training, fraud prevention, compliance monitoring, risk rating and assessment, controls effectiveness, adherence to your compliance calendar, regulatory technology (RegTech) performance, and more.
• Internal Audit Reporting: We can help you increase the effectiveness of the internal audit to make its findings reflect your actual performance against the building societies’ compliance obligations. This includes developing tailored methodologies for the auditors, preparing the necessary audit evidence and reviewing audit results. The goal is to ensure that audit procedures and outcomes directly contribute to maintaining and enhancing your compliance status and internal controls' effectiveness.
• AML/CFT Reporting Compliance:  We help with the implementation of effective AML/CFT reporting processes, aligning with specific anti-money laundering regulations for internal oversight and prompt escalation of critical AML issues within your business to help the management receive a clear overview of your AML/CFT compliance status.
• Transactional Reporting: Implementing effective transactional reporting procedures to help with building societies’ compliance management of reporting obligations under various laws and regulations, including submitting SAR, SMR, STR, PTR, TTR, specific reportable matters under the building societies’ authorisation requirements and other externally reportable transactions and activities.
• Internal Quality Assurance Reporting: While second-line control testing is crucial for complying with building societies’ regulations, including building societies’ authorisation requirements, first-line quality assurance results are equally important for effective risk and compliance management. We help organise effective reporting lines, tailor reporting content to your specific circumstances, products, and team size, and establish a structured approach to responding to reporting outcomes.

 

 

Comprehensive Compliance Management Solution for Building Societies

Our compliance management services include, but are not limited to, the following:

• Building Societies' Compliance Management Leadership: We act as your Compliance Leads and Compliance Managers, fully managing compliance obligations under the applicable building societies' authorisation requirements, laws, regulations, industry codes, and regulatory guidance.
• Second-Line Compliance Management: We offer a full range of second-line compliance assurance solutions, including internal controls testing for operational, compliance, marketing, legal and other risks, as well as managing issue closure control testing and more.
• Supporting the Board in Strategic Compliance Management: Advising on the necessary compliance resourcing, budget, tools, role structuring, and compliance functions' structure to support your specific business objectives within your risk appetite and risk management framework.
• Compliance Project Management: Effectively coordinating between senior management, committees, legal advisers, risk and compliance functions, outsourced providers, and different departments, including product development, technology, customer support, operations, assurance, marketing, and others, to help you successfully implement compliance projects across the business.
• Customised Governance Solutions: Tailoring governance frameworks and mechanisms to fit your specific governance structure and effectively comply with building societies’ regulations and other applicable obligations. Whether your business is locally oriented, a start-up, undergoing expansion, part of a multinational group, has a listed parent company or is undergoing restructuring, we tailor the oversight of building societies’ compliance management to your business case.
• Stakeholder Management and Reporting: Reporting to the board, committees, shareholders, regulators and other stakeholders. Providing management and the board with comprehensive compliance reports that cover your compliance with building societies’ compliance obligations, regulatory development summary, compliance-related data and statistics, internal controls testing outcomes and more. Also covering the status of your specific compliance-related projects and compliance goals, relevant compliance KPIs, and more.
• Compliance Calendar Implementation: We design and implement compliance management programs and calendars, covering such areas of building societies’ compliance obligations as policy and key document reviews, control testing, risk assessment and reviews, vendor reviewers, user system access reviews, assurance activities and more.
• Managing Customer Onboarding and Due Diligence: Implementing commercially oriented and compliant processes for KYC information collecting, Know Your Business (KYB), ML/TF risk assessment, Pep and Sanctions screening, CDD and EDD, especially for higher ML/TF risk clients, to help you comply with AML/CFT compliance obligations for building societites.
• AML Transaction Monitoring and Reporting: Developing and implementing a set of business-specific ML/TF alerts and red flags to detect and report suspicious transactions to comply with the building societies’ AML requirements without making AML/CFT compliance a hindrance to business.
• Information Requests and AML/KYC Data Sharing: Handling information requests from law enforcement agencies, AML/CTF supervisors, and other relevant AML/CTF designated entities, such as your banking partners and other essential service providers (liquidity providers, finance providers, etc.), ensuring that you are fully supported in all AML/CTF compliance-related communications.
• Business Expansion Support: Providing support for your business expansion objectives, recognising and assessing new risks, developing and implementing controls and mitigations for them, as well as addressing new compliance obligations and putting in place practical tools and systems to manage them.
• Building Societies' Operational Compliance: Including but not limited to:
  • On-the-Ground Compliance: Conducting compliance management meetings, organising routine and ad hoc compliance reporting, overseeing mitigations and controls testing, leading adjustments and enhancements to your internal controls and protocols when required.
  • Compliance Process and Operations Building: Developing effective and compliant procedures and processes to implement your policies, support your operations across different teams and mitigate operational, regulatory and other risks.
  • Outsourced Provider Performance Monitoring: Setting up initial due diligence and ongoing review frameworks for your outsourced providers to help you meet the required service standards for outsourcing under various building societies’ compliance obligations, including building societies' authorisation requirements.
  • Incident Management and Reporting: We can help you set up effective processes for incident reporting, escalations, and management at different levels of your business.

 

Building Societies’ Compliance Assurance 

Our services include:

• Compliance Assurance Programs:  We can design and implement your compliance assurance program to maintain enhanced oversight of your compliance with both building societies’ regulations and your internal compliance and risk appetite thresholds.
• Organisation-Wide Risk Assessments: Helping you focus on the specific risks faced by your business, considering its size, products, client types, jurisdictions of operation, delivery channels, financial institutions you interact with, available technology, and other tools. This includes assessing available mitigations, controls, their effectiveness, residual risk ratings, and the plan to move forward.
• Internal Controls Design: We can develop internal controls for various risk types, including regulatory, fraud, operational, strategic, financial, and other risks. Please visit our Internal Controls Design page for more information. 
• Assurance Testing: We conduct assurance testing to verify that the business complies with its policies, procedures, and building societies’ compliance obligations, including building societies' authorisation requirements. We also assess whether your internal controls effectively mitigate existing risks, including those required to be monitored under the applicable building societies’ regulations. This process includes a compliance controls testing report and, if necessary, a gap analysis.
• Compliance Quality Assurance: We go beyond merely meeting regulatory requirements. We focus on evaluating and enhancing your risk and compliance management processes to ensure they align with your current and future goals, business model, your risk analysis, your current client inflow, and more. We also suggest which compliance processes you can use to meet your goals. Here is an example of this service in the AML/CFT area.
• Assurance Reporting: Compiling testing findings and issuing comprehensive compliance assurance reports, which include:

• Identification of any deficiencies or control weaknesses, with clear explanations and potential root cause analysis.
• Recommendations for corrective actions to address identified issues and enhance compliance effectiveness.
• Evaluation of the overall effectiveness of your internal controls and regulatory compliance monitoring program against your desired assurance level.

• Regulatory Inspection Readiness: We can help your business prepare for external audits and regulatory inspections, reducing the risk of adverse findings related to building societies’ compliance obligations. This includes conducting mock inspections to identify gaps, reviewing documentation and record-keeping practices to ensure all relevant materials are well-organised and readily accessible, and training staff on their roles in the inspection process. We assist in identifying any missing information and weak points, provide interview preparation, and more to ensure readiness for auditor or regulator review.
• Further information: You can visit our Compliance Assurance Solutions page for more information on our third-line compliance assurance review solutions.

 

Compliance Remediation Solutions

Our focus areas include:

• Compliance Remediation Advice: Assisting building societies in effectively addressing and rectifying compliance issues, from minor breaches to significant regulatory challenges, including warnings and action plans.
• Remediation Plan Development: Following the independent review, we assist in analysing the findings to identify necessary remedial actions. We then support building societies in devising a detailed plan outlining these actions for submission to your regulator or an AML/CFT supervisor, ensuring the plan is both actionable and compliant with regulatory expectations.
• Remediation Plan Commitment: We help building societies complete their remediation plans and prevent non-compliance recurrence.
• Executive Attestation Support: Our services include assisting senior executives in preparing the required attestations to your regulator. This involves confirming that all necessary remedial actions have been undertaken and adequate compliance measures are in place, supported by comprehensive documentation and evidence. This option covers assistance with the removal of any licensing restrictions.
• Further Information: For more information, you can visit our Compliance Remediation Solutions page.

 

 

Internal Controls Testing and Building Societies’ Compliance Management

When it comes to reality versus a nice policy or procedure with nothing else to show for it, it’s often a case where a policy says A, but reality says B. One might ask, why didn’t we test our internal controls before? Or, why didn’t we do it properly? There’s nothing worse than faking compliance instead of actually doing it.

Our second line of compliance defence solutions covers the development, testing, and enhancement of a wide range of controls to ensure compliance with various laws and regulations governing building societies’ compliance obligations.

We go beyond merely quoting building societies’ regulations or a selection of authorisation requirements, then adding Excel sheets painted in different colours as a supposed source of truth with nothing to show for it.

• We test them.
• We link them to your risk appetite and core risk management documentation.
• We provide relevant suggestions and analysis tailored to your business.

Some of our focus areas for testing the building societies’ compliance requirements include:

 

Regulatory Compliance and Licensing Controls

• Compliance Management: Building societies are expected to have robust compliance management systems, including conflict of interest management and staff training, to meet regulatory requirements.
• Liquidity Management: Non-bank deposit takers should maintain sufficient liquidity to meet operational needs and withdrawal demands, aligning with standards set by regulatory bodies such as APRA in Australia and the ECB in the EU.
• Capital Adequacy: Building societies are required to maintain adequate capital to cover operational and credit risks, particularly under frameworks like APRA's guidelines and the ECB's requirements.
• Financial Auditing: Regular financial audits are necessary to validate financial health and regulatory compliance.
• Cross-Border Application of Regulations: Deposit-taking institutions should adhere to international banking regulations and standards when offering services in multiple jurisdictions.

 

Operational Oversight Controls

• Outsourcing Oversight: Building societies should control third-party services for technology, payment processing, or customer support to comply with regulatory standards such as GDPR in the EU and the Privacy Act in Australia.
• Risk Management: Non-bank deposit takers are expected to identify and mitigate financial, operational, and cybersecurity risks, aligning with guidelines from regulatory bodies.
• Governance Arrangements: Deposit-taking institutions should establish effective management structures and decision-making processes to comply with governance standards set by authorities like the PRA in the UK and the OCC in the U.S.
• Senior Management Accountability: Building societies are expected to assign specific responsibilities to senior management to ensure accountability for compliance and risk management practices.
• Operational Resilience: Non-bank deposit takers should ensure the continuity of critical operations, adhering to resilience standards set by regulatory bodies.
• Technology Risk Management: Building societies should manage the risks associated with their platforms, including data security, system reliability, and protection against cyber threats, in line with regulations from entities like MAS in Singapore and the FCA in the UK.

 

Market Integrity and Transparency Controls

• Market Conduct Standards: Building societies are expected to ensure fair and transparent practices in their operations, including customer interactions, product offerings, and advertising.
• Fair Dealing Principles: Deposit-taking institutions should guarantee fair treatment of customers, offering transparent terms and conditions, especially for loan products and deposit services.
• Conduct and Disclosure Standards: Building societies should maintain high standards of conduct and ensure clear, effective disclosures to customers, aligning with consumer protection laws and regulations.
• Service Provision Standards: Non-bank deposit takers are expected to provide services efficiently, honestly, and fairly.
• Client Asset Protection: Building societies should safeguard client funds, ensuring they are segregated from operational funds, in compliance with regulatory requirements.

 

Resource Management Controls

• Resource Adequacy: Deposit-taking institutions should maintain adequate financial, technological, and human resources to support effective operations and regulatory compliance.
• Professional Competence: Building societies are expected to ensure that staff, particularly those in risk management, compliance, and customer service, possess the necessary skills and knowledge to fulfil their roles effectively.

 

Reporting Controls

• Regulatory Reporting: Building societies should report operational, financial, and compliance information to regulatory bodies, ensuring transparency and adherence to regulatory standards.
• Record-Keeping: Deposit-taking institutions should maintain accurate and accessible records of customer transactions, account information, and compliance efforts, facilitating audits and regulatory reviews.

 

Transactional Controls

• Authorisation and Verification Procedures: Building societies should verify customer identities and transactions, aligning with AML/KYC regulations in jurisdictions like the EU or the U.S.
• Conflict of Interest in Transactions: Non-bank deposit takers are expected to identify and manage potential conflicts of interest, ensuring decisions are made in the best interests of customers.

 

Licensing Solutions for Building Societies

• Financial Licensing Application Support: We provide comprehensive support for a wide range of building societies' authorisation and  licensing applications, including:

• UK Building Society Authorisation: We assist with obtaining the necessary Building Society authorisation from the Prudential Regulation Authority (PRA), ensuring compliance with the Building Societies Act 1986 and relevant AML regulations.
• ADI Licence in Australia: We assist building societies in obtaining an Authorised Deposit-taking Institution (ADI) licence from APRA, ensuring compliance with the Banking Act 1959 and other relevant regulations.
• New Zealand Building Society Licence: Leverage our expertise in navigating the application process for the local Building Society licence equivalent (Non-Bank Deposit Takers Licence), meeting the Reserve Bank of New Zealand's (RBNZ) licensing criteria under the Deposit Takers Act 2023, the Non-bank Deposit Takers Act 2013, and the Banking (Prudential Supervision) Act 1989.
• US Savings and Loan Associations Charter: Our team assists you in navigating the regulatory requirements and obtaining the charter from the Office of the Comptroller of the Currency (OCC) under the Home Owners' Loan Act.
• Singapore Finance Company Licence: We assist with obtaining a Finance Company Licence from the Monetary Authority of Singapore (MAS) under the Finance Companies Act.
• Class B or Class C Banks in the Cayman Islands: Benefit from our tailored guidance for obtaining a non-bank deposit taker licence for Class B or Class C Banks regulated by the Cayman Islands Monetary Authority (CIMA) under the Banks and Trust Companies Law.
• Non-Bank Financial Institutions in Bermuda: Leverage our expertise to navigate the Bermuda regulatory environment for building societies. We assist with the entire licensing process under the Banks and Deposit Companies Act 1999 by the Bermuda Monetary Authority (BMA).
• Non-Bank Financial Institutions in the BVI: We offer comprehensive support for securing a building society licence in the BVI. This includes guidance on meeting the requirements set forth by the BVI Financial Services Commission under the Banks and Trust Companies Act 1990.

• International Governance Alignment: We provide strategic advice on aligning governance models for building societies operating across multiple jurisdictions to meet diverse regulatory expectations while maintaining operational efficiency and regulatory compliance.

Policies and Procedures for Building Societies’ Compliance Management

• Compliance Policies and Core Documents: We develop, enhance, and implement a set of core policies, manuals, frameworks, and procedures for effective building societies’ compliance management.
• Effective Procedures for Building Societies' Compliance Management: We draft and enhance a detailed set of procedures and protocols to meet the distinct needs of your business, focusing on efficient compliance, your business goals, and applicable building societies’ compliance requirements.
• Examples: These policies and procedures include, but are not limited to:

 

Operational Compliance

• Compliance Management Frameworks
• Compliance Monitoring Programs
• Compliance Calendars and Checklists
• Complaints Handling and Dispute Resolution Policies
• Compliance Training Manuals and Programs, as part of our regulatory compliance training solutions
• Obligation Registers
• Depositor Compensation Scheme Policy
• Incident Reporting Policies and Procedures
• Outsourcing Policies and Vendor Risk Management policies as part of our outsourced provider's compliance management solutions
• New Client Account Opening Policies and Procedures, as part of our customer onboarding solutions

 

Governance and Oversight

• Board Charters, Risk, Audit and Compliance Committee Charters, as part of our corporate governance solutions
• Codes of Conduct
• Delegations Registers
• HR Manuals and Policies
• ESG Compliance Policies
• Conflict of Interest Policies

 

Risk Management

• Risk Management Frameworks as part of our risk management solutions
• Risk Assessment Guidelines and Methodologies
• Internal Control Testing Methodologies
• Risk Registers and specialised risk registers like Health and Safety Risk Registers

 

Audit and Assurance

• Compliance Assurance Programs as part of our compliance assurance solutions
• Internal Audit Policies and Programs as part of our internal control testing solutions
• Regulatory Reporting Procedures

 

Client and Market Conduct

• Marketing and Advertising Policies

 

AML/CFT and Financial Crime Compliance

• AML/CFT Compliance Programs
• AML/CFT Risk Assessment
• Whistleblowing Policies
• Sanctions Compliance policies and procedures
• Fraud Prevention Protocols and Controls as part of our fraud prevention solutions
• ABC Policies

 

Privacy and Data Management

• Client Data Protection Policies
• Record-keeping Policies and Procedures and/or Data Governance Policies as part of our record-keeping compliance solution
• External Privacy Policies
• Internal Data Protection Compliance Programs

 

Compliance Training and Capacity Building

We focus on practical compliance and the application of training to real-world compliance scenarios and challenges that building societies generally face. Our services include:

• Customised Compliance Training Solutions:  Specialised compliance training sessions for various teams, including management, compliance, operations, sales, and customer relations, focusing on building societies’ regulations, applying building societies’ compliance management practices to your circumstances, risk awareness, and more.
• Up-to-date Regulatory Compliance Updates:  Keeping compliance officers, managers, CROs, COOs, and other Risk and Compliance team members informed of changes in building societies’ authorisation requirements and regulations, AML/CFT updates, and changes in regulatory guidance.
• Data Analysis for Effective Compliance Monitoring: Covering training on compliance-related, data-based analysis and its results, including risk rating, internal control adjustments, resource and focus reallocation, and more.
• Workshops on Emerging AML Trends and Red Flags: Updating on the new AML trends, red flags, typologies, and AML/CFT requirements for building societies. For more information, please visit our AML/CFT Training Solutions page.
• Practical Workshops: Interactive workshops focused on effective and goal-oriented building societies’ compliance, capacity planning, and resource allocation, covering:

• Building societies' regulations
• Internal and external compliance reporting
• Effective governance over risk and compliance functions
• Organisation-wide risk assessment, risk rating methodologies and the development, management, and testing of corresponding internal controls, including controls testing methodologies and practical techniques.
• Building societies' compliance reality, including outsourced provider monitoring, UAV management, incident management, product suitability assessments, advertising and marketing compliance, improvements in the client onboarding journey, transaction monitoring processes, and more.

• Further information: You can visit our Compliance Training Solutions page for more information on the compliance training services we offer to licensed financial institutions and financial service providers.

 

Building Societies and AML/CTF Compliance

We offer a complete set of solutions covering building societies’ anti-money laundering (AML), financial crime and counter-terrorism financing (CTF) compliance. Our solutions include:

• Customer due diligence, screening, and customer onboarding solutions
• Development of transaction monitoring frameworks tailored to building societies’ specific ML/TF red flags and your business specifications
• AML advisory covering building societies' compliance issues and challenges
• Drafting, testing, and updating AML policies and procedures
• AML training and capacity building
• Managed AML compliance solutions for building societies
• Internal and statutory AML/CFT audit solutions for building societies
• Financial crime prevention framework development focusing on common fraud risks faced by building societies
• For more information, please visit our specialised AML Compliance Solutions page for Building Societies

 

Building Societies’ Compliance Technology Integration

Our services cover compliance aspects concerning the integration of technology for risk and compliance e-management, transactional reporting (where applicable), usage of AI, technology outsourcing, and compliance aspects of third-party risk management for building societies, including:

• Needs Assessment
• Compliance Technology Selection: Based on your budget, products, available operational and technical resources, and the applicable building societies’ compliance obligations
• Implementation assistance across the organisation
• Streamlining operational workflows: For routine compliance tasks like data collection, reporting, and risk assessments
• AML/CFT Compliance Technology: Covering customer digital onboarding, E-KYC, PEP and sanctions screening, transaction monitoring, etc.
• Integration of building societies’ compliance obligations into an effective CRM system
• Record-Keeping Obligations: Helping you choose and integrate the necessary tools to comply with the record-keeping requirements under various laws and building societies’ regulations

 

Data Management and Information Privacy Solutions

• Data Governance and Compliance:  Assisting building societies in establishing robust data governance procedures, programs, and protocols that align data collection, storage, and usage practices with relevant data privacy regulations, such as GDPR, CCPA, and other applicable laws. These measures safeguard sensitive client and business information from unauthorised access, breaches, and misuse.
• Privacy Policy Compliance Monitoring: Helping you implement privacy policies that reflect the latest data protection legislation, supported by continuous compliance monitoring tools to maintain the highest data privacy standards.
• Record Maintenance Protocols:  We assist in developing and implementing effective procedures for maintaining necessary records, covering building societies’ compliance with applicable regulatory reporting standards and reporting requirements.
• Record Availability and Inspection Readiness:  Building societies' regulations often require records to be readily available for inspection by regulators, AML/CFT supervisors, tax agencies, and other relevant authorities. This extends to information kept by your outsourced service providers. We help you organise your record-keeping processes to meet these needs.

 

ISO Standards and Building Societies’ Compliance

• Cross-Reference Mapping: Integrating ISO standards such as ISO 27001, ISO 9001, and ISO 22301 into an existing compliance framework and linking specific sections of ISO standards to corresponding procedures in your internal policies and procedures.
• Pre-Audit Preparation: Coordinating ISO controls testing across different parts of the business.
• Leading evidence collection across the different departments to cover relevant compliance areas such as planning, governance, organisational controls, operational controls, technological controls, and physical controls through structured workflows.
• Digital Compliance Repository: Helping you utilise a centralised digital repository for storing all compliance-related documents and evidence, making it easily accessible for audit purposes and compliance verification.
• ISO Audit Liaison:  Acting as a liaison between your team and the auditors, coordinating information requests, and ensuring all the necessary documentation is readily available.
• Post-Audit Remediation Management: We can lead the implementation of your remediation plan and support corrective actions to address all audit findings effectively.

 

Regulatory Change Management Solutions

Empower Your Business with Proactive Regulatory Change Management:

• Stay Ahead of the Curve:  We actively monitor regulatory updates from global financial authorities like MAS, ASIC, FMA, FCA, SEC, and other regulators for building societies’ compliance changes and updates to evaluate the implications of regulatory changes.
• Impact Assessment and Mitigation Strategies: We analyse the potential impact of regulatory changes on building societies’ compliance management frameworks and operational processes. We then collaborate with you to develop effective mitigation strategies that support continued compliance and minimise disruption.
• Seamless Implementation and Change Management:  We guide building societies through necessary process adjustments, update internal policies and procedures, facilitate a smooth transition through regulatory changes, and assist with effective communication with impacted stakeholders.