At a Breakfast Briefing Event this week, entitled 'Walking The Tightrope', Baker and Partners provided guidance on current regulatory 'Hot Topics' to Jersey's compliance industry. The panel discussion facilitated by, Director of Regulatory and Compliance, Tim Smith, Advocate William Redgrave and Advocate Simon Thomas Baker & Partners, discussed several important areas of focus for finance industry professionals with particular emphasis on effective Suspicious Activity Reporting (SARs) and Sanctions issues.
Director of Regulatory and Compliance at Baker & Partners Tim Smith commented: "Even with the best practice and intentions, it can sometimes be difficult for individuals and businesses to truly understand their legal obligations and the consequences of not complying with regulation. It is incredibly important that regulated organisations understand not only how to prevent compliance breaches, but exactly how to respond when things go wrong. The cost of ever-increasing regulation and fines can be proactively avoided by implementing effective processes and procedures and embedding a proactive and compliant culture."
Find out more about Baker & Partners' regulatory and compliance consultancy services at www.bakerandpartners.com
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
