Compliance Consulting

RegSol specialises in regulatory compliance. If your firm is a regulated entity or would like to become regulated, we can definitely help with your compliance needs.

If you are looking to get authorised, our Authorisation Application service is for you. We have extensive experience with regulators such as the Central Bank of Ireland (CBI) and Department of Justice and can help you navigate the entire process from start to finish.

Our consultants are also experts at drafting and reviewing compliance documentation such as Terms of Business, Privacy Notice, etc. along with a wide range of compliance policies and procedures. In addition, we can help to design and validate processes/procedures to ensure the highest levels of compliance with various regulations.

For existing authorised entities, our compliance reviews (CPC / AML / GDPR) offer independent assurance testing of processes and procedures. Our post-review report leaves clients with a clear understanding of how well they are addressing their regulatory obligations and a concise action plan for any remediation items.

We also engage regularly on topic specific projects such as AML Inspection support, new regulation gap analysis and implementation e.g. IAF/SEAR, general compliance advice, IQ Submission, etc.

For firms that would like access to ongoing compliance support, our Retainer model means you will have the best compliance assistance available to you whenever you need it and at the level that you need it. We will answer any ad hoc queries that may arise e.g. “how does this new legislation apply to my firm?” in addition to spending time helping with your ongoing compliance plan tasks. We truly believe that having your compliance framework in good shape should be a business enabler rather than a tick-the-box exercise, and we would love to partner with you on this journey.

Authorisations

If you are looking to obtain a regulatory status or register for supervision in the Republic of Ireland, RegSol has experience in supporting authorisation applications to the Central Bank of Ireland and the Department of Justice for the following:

Broker Authorisations (click here for more detail):

Insurance Intermediaries under the EU (Insurance Distribution) Regulations 2018
Investment Intermediaries under the Investment Intermediaries Act 1995
Mortgage Intermediaries / Mortgage Credit Intermediaries under the Consumer Credit Act 1995 / EU (Mortgage Credit) Regulations 2016

Debt Management Firms
High-Cost Credit Providers
Retail Credit Firms
Credit Servicers
Crowd Funding Service Providers

AML Supervision Registration (click here for more detail):
- Trust & Company Service Providers (TCSPs) – Dept. of Justice
- Aviation Sector – CBI
- Financial Leasing - CBI
- Safety Deposit Box / Vault Providers – CBI
- Virtual Asset Service Providers (VASPs) (Crypto) – CBI

Broker Authorisations

If you wish to trade as a retail intermediary in Ireland (insurance, mortgage, etc) you will need to be authorised by the Central Bank of Ireland. As specialists in Broker authorisations, we have developed an efficient client-centred process that takes you from initial introductory meeting to authorisation decision stage. Whether you wish to provide Insurance, Investment and/or Mortgage intermediary services, we can advise you on every aspect of your application and ease the burden of meeting application requirements.

This includes providing template structures for necessary documents and assist in drafting tailored content while project managing the process from beginning to end. Having completed a signifcant number of successful authorisations, we have developed a full understanding of Central Bank expectations which means we can help you meet them. With our transparent fee structure you will also have certainty of costs from the outset.

Anti-Money Laundering

AML Supervision	The Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 as amended specifies a lengthy list of entities that are ‘Designated Persons’. As the list of Designated persons expand, the requirement for certain entities to register for AML Supervision also grows and we can help with the AML Registration process.

AML Support Services	With agreement on the establishment of AMLA at EU level, Anti-Money laundering remains a constantly developing area of regulatory compliance for Designated Persons and people in positions of responsibility. As experts in AML compliance in Ireland, we provide a large range of compliance services to ensure your Anti-money Laundering (AML), Counter-Terrorist Financing (CTF) & Financial Sanctions (FS) processes are up to date. Specific services that we offer include - Drafting and Reviewing AML Policies and Procedures Compliance plans, on site sample reviews AML Inspection Support (CBI, Law Society, Accountancy Bodies & DoJ) RMP / Inspection Findings Responses Completion of REQ's, etc. Outsourced MLRO / AML Compliance Officer

Compliance Policies & Procedures

Our consultants have vast experience in authoring, amending and reviewing compliance policy & procedures documentation across a wide range of regulatory requirements. In addition, we can help to design and validate processes/procedures to ensure the highest levels of compliance with various regulations. Examples of such policies/procedures include (but are not limited to) the following –

Anti-Money Laundering/Counter-Terrorist Financing

AML Policy (inc. CFT & FS)
Suspicious Transaction Reporting (STRs)
PEP & Financial Sanctions Screening measures
Customer Due Diligence (CDD/KYC)
Business-wide Risk Assessment (BWRA)
Assurance / Compliance Testing

Anti-Bribery & Corruption / Financial Crime
Client relationship Journey / On-Boarding & Sales processes
Consumer Protection Code:

Compliance Procedures (Complaints Handling, Errors Handling, Conflicts of Interests, etc.)
Compliance Documents (Terms of Business, Fact Find, Statement of Suitability, IPIDs, etc)

Data Protection

Data Subject Requests including Subject Access Requests (DSARs)
Data Breach Reporting
Record of Processing Activities (ROPA)
Consent management/tracking
Data retention schedules
Privacy notice
Technical Organisation Measures
Third parties / Data Processor relationship management

Fitness & Probity including:

Minimum Competency Code (MCC)
Individual Accountability Framework (IAF)
Senior Executive Accountability Regime (SEAR)

Protected Disclosures / Whistleblowing
Training Plans / Policies
Management Information / Reporting
Record-keeping

Compliance Reviews

In order to assess current levels of compliance or to assist in preparing for a CBI, Law Society, Department of Justice, DPC, or other competent authority inspection we undertake on-site reviews in areas of Anti-Money Laundering, Data Protection and Consumer Protection. Our compliance reviews can be conducted remotely or we can attend your offices to conduct it in person.

CPC Review	Our CPC Review is designed for entities (and Sole Traders) subject to the Consumer Protection Code 2012 (as amended) including brokers / financial advisors /retail intermediaries. Our standard review process consists of: Discussion with Senior Management / Head of Compliance (PCF12) / Compliance Officer Review of all CPC required compliance documentation (Terms of Business, Statemnet of Suitability, etc.) Review of all CPC required compliance policies and procedures (Complaints Handling, Premium Handling, etc.) High level review of other compliance policies/procedures (e.g. AML / Data protection / F&P, etc.) Sample File review to ensure staff are following procedures correctly Preparation of our CPC Compliance Review Report setting out the review undertaken, findings and recommendations (can be provided to the CBI if you wish) Standard Timeframe for SMEs: 1 day to review P&Ps, 1 day to conduct file sample, half a day to draft the Review report (2.5 Days)

AML Review	Our AML Review is designed for entities who are Designated Persons under the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 (as amended). Our standard review process includes: Discussion with Senior Management / AML Compliance Officer / Head of AML (PCF52) Review of all 2010 Act required policies & procedures (BWRA, CDD Procedures, STR Procedures, etc.) Systems Walkthrough (e.g. document storage, ID Verification, PEP / FS Screening, etc.) Sample File Review to ensure staff are following procedures correctly Preparation of our AML Compliance Review Report setting out the review undertaken, findings and recommendations Standard Timeframe for SMEs: 1 day to review P&Ps, 1 day to conduct file sample, half a day to draft the Review report (2.5 Days) (can be provided to your Competent Authority to help demonstrate compliance)

GDPR / Data Protection Review	Our GDPR Review is designed for entities who are Data Controllers operating in the Republic of Ireland. Our standard review process includes: Discussion with Senior Management / Data Protection Officer (DPO) / Data Champion Review of all GDPR required documents & procedures (Privacy Notice, ROPA, Data Breach Reporting, DSRs, etc.) Systems Walkthrough & process testing (e.g. document storage, consent management, etc.) Preparation of our AML Compliance Review Report setting out the review undertaken, findings and recommendations Standard Timeframe for SMEs: 1 day to review compliance documents, 1 day to conduct systems review, half a day to draft the Review report (2.5 Days) (can be provided to the Data Protection Commission (DPC) to help demonstrate compliance where requested).

Compliance Support / Retainers

It can often be difficult to get a quick answer to a compliance query. Whether or not you have an in-house compliance officer, it can be very beneficial to have an independent opinion which is backed by substantial cross-industry experience. Our consultants have considerable experience advising on regulatory compliance issues including Central Bank regulation, Anti-Money Laundering and Data Protection. Our flexible approach to regulatory compliance consulting allows you to access the level of support you need, from reviewing a single item to a full compliance framework overhaul, we can help!

Feel free to contact us at info@regsol.ie or by phone +353 1 539 4884 and we will be happy to assist.

Compliance Advice / Compliance Projects

Sometimes a compliance query will pop up that no one internally can answer. It could be as specific as ‘does this regulation apply to us?’ or ‘Is this Terms of Business fully compliant?’. We can provide regulatory advice on a ‘pay by the hour’ basis for such queries. Sometimes larger projects are required, such as building out an entire AML Framework or a Risk-Based Compliance Monitoring Program or an entire Compliance Framework. For such projects we are happy to provide a quote based on estimated time on a cost per day basis and will always endeavour to provide a total ‘project fee’ amount.

Ongoing Compliance Support Retainer

For firms in need of ongoing compliance support or those wanting the assurance of having independent compliance advice close at hand for whenever it may be needed, our Compliance Support Retainer service is for you. Our flexible approach to our retainer services mean you can avail of guaranteed support from half a day to 4 days per month (averaged time commitment across 12 months) depending on the level of your firm’s needs. Equally we can act as an outsourced compliance function for those firms who don’t currently require an internal resource. Our standard retainers generally include the following -

RegSol Quarterly compliance update – detailing changes in applicable regulations, etc.
Access to compliance consultancy via email/phone for ad hoc compliance queries
Development of an Annual Compliance Plan which includes:

Periodic review of compliance policies and procedures
Annual check that key front line compliance tasks have been completed (e.g. CBI returns, PII Renewal, etc.)
Sample file review

Support in implementing the Annual Compliance Plan
Board / Senior Management Reporting at an agreed frequency to include:

Compliance Review Activities undertaken
Compliance Review Activities planned
Findings/Recommendations

Monthly, Quarterly & Annual retainers are available, please email us at info@regsol.ie or call us on +353 1 539 4884 if you would like to discuss your compliance support needs.

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