In compliance with legislation, service providers must establish robust procedures and measures to handle and document behaviors or events that may pose significant threats to the integrity of their operations.
Incident Reporting
The following types of incidents (not limited) must be documented and, if necessary, reported to the regulator within 48 hours:
- Conflicts of Interest: Situations that disadvantage third parties.
- Operational Threats: Incidents that jeopardize the integrity of the institution’s operations.
- Integrity-Sensitive Positions: Incidents involving individuals in roles with heightened integrity risks.
- AML/CFT Violations: Direct indications of money laundering or terrorist financing.
- Criminal or Legal Violations: Actions by the institution, its directors, supervisory board members or employees that damage trust in the institution or financial sector.
- Consumer and Client Relations: Incidents that harm trust in relationships with third parties.
- Unwritten Norm Violations: Actions contravening societal norms that could severely damage trust in the institution or the financial sector.
Compliance & Forensic Services Caribbean can assist your organization in:
- Developing procedures to identify, document, and handle incidents internally.
- Determining when external reporting to regulators is necessary.
In the event of an incident, we offer forensic services to investigate the situation, establish the facts, and propose preventive measures if required. Detailed findings can be reported to regulators to support your organization’s mitigating actions.
