Outsourced Compliance
Financial service providers must comply with a wide range of legal, regulatory, and internal requirements. These obligations can place significant demands on both processes and personnel.By fully or partially assuming the compliance and/or risk management function, we support financial institutions in maintaining an appropriate and effective internal control system, reliably meeting regulatory obligations, and identifying risks at an early stage.
Practical, experienced and flexible
We support financial institutions and financial service providers with outsourced compliance, risk management and operational tax functions. This includes QI, FATCA, CRS, AML/FinSA compliance and SEC compliance — from assuming responsible roles to project-based support, interim coverage and ad-hoc expertise.
Acting as internal specialist for Operational Tax Topics such as QI, FATCA and CRS
Ensuring that all necessary operational tax controls are in place and performed correctly
Periodically reviewing account holder documentation to ensure that account holder documentation is in line with the regulations
Taking over compliance and risk function, including assuming role of the AML responsible officer
Performing 2nd LoD controls
Taking over compliance function, including assuming role of the Chief Compliance Officer
SEC Compliance Specialist
Body-Lending and Temporary/Vacation Replacement
Project-based engagements, e.g. transaction monitoring, sanction reviews or assessments of business relationships with increased risk
Ad-hoc Expertise
Operational tax regulations have been, and continue to be, an important topic that remains a focus for regulators. The implementation, and particularly the ongoing internal enforcement of these regulations, can be highly complex and time-consuming.
Over time, PQS's service offering has evolved from providing ad-hoc and implementation support to its clients to fully assuming the internal operational tax compliance functions required by financial institutions. Nowadays, FIs, primarily banks and trustees, entrust us with their day-to-day operational tax controls and delegate many more responsibilities in this area to us. This includes:
Conducting Compliance Program reviews and updating Policies & Procedures.
Performing Due Diligence Assessments by reviewing account holder documentation and ensuring the correct fields are selected in the systems.
Testing withholding rates applied to account holders.
Performing controls to ensure that reporting is executed correctly and on time.
Monitoring business changes and regulatory updates.
Many of our clients combine PQS Operational Tax Compliance Services with some of PQS's Reporting Services to leverage unique synergy effects.
We have a well-established track record as a compliance partner for numerous external asset managers and trustees who rely on us to assume their entire operational compliance responsibilities. Several years ago, we introduced this service in response to client requests. These clients, who had previously found value in our operational tax or SEC support services, approached us with a request to handle all aspects typically managed by a risk and compliance department.
PQS provides compliance services to small- to mid-sized financial institutions, such as small banks, investment advisors, family offices and trustees.
Policies & Procedures
Due Diligence, KYC Checks
Account Opening Review
High Risk Assessment
Transaction Monitoring
Suitability Assessment
Regulatory Monitoring
Preparation of the AML Risk Assessment
Reportings (FINMA, MROS)
Regulatory Change Applications (FINMA)
PQS provides risk management services to small- to mid-sized financial institutions, such as small banks, investment advisors, family offices and trustees.
Design and implementation of a structured framework for the annual risk assessment conducted by the Board of Directors, in line with FINMA supervisory expectations
Provision of expert support to senior management in performing risk assessments related to applicable market conduct requirements
Ongoing maintenance, review and enhancement of the Internal Control System (ICS)
Ensuring the effective implementation, ongoing monitoring and appropriate documentation of the Internal Control System
PQS provides specialized compliance services to SEC-registered investment advisers (RIAs). We offer several different setups - some RIAs completely outsource their compliance function to us, while others choose to delegate only the SEC-specific tasks to us.
These tasks include:
Filings: ADV, CRS, 13F, U4, U5, State notice filings (also see our reporting services).
Policies & Procedures: These encompass a compliance manual, code of ethics, identity theft program, and business continuity plan.
Forms: Including the investment agreement and business continuity management disclosure statement.
Employee Trading Testing / Access Person Testing
Books and Records Maintenance
Review of Advertisements
Regulatory Monitoring
Annual Review
Support during SEC examinations
PQS also provides various special compliance and risk management services on request to compliance/risk departments of banks, family offices, trustees and asset managers. A few examples are:
Support with the registrations/licenses (FINMA, SEC)
Project-based engagements, such as transaction monitoring, sanction reviews or assessments of business relationships with increased risk
Body-Lending and Temporary/Vacation Replacement
Ad-hoc expertise (see also Advisory Services)
Many clients combine our Compliance and Risk Management services with Reporting Services to keep controls, reconciliations, and filings aligned under one roof.
Tell us where internal capacity is stretched. We can structure the right scope, from full outsourcing to operational tax support and targeted specialist projects.