Compliance
Financial service providers must adhere to applicable rules and regulations, which includes both country-specific laws and rules imposed by supervisory authorities and the internal guidelines. In today's world, there are numerous regulations that can push financial service providers to their limits, both in terms of processes and personnel. By fully or partially taking over an FI's compliance function, we ensure that the internal control system is consistently adequate and effective, rules or laws are not overlooked or forgotten, and that appropriate arrangements are in place.
Especially popular is our Operational Tax Compliance Service, with which FIs only delegate certain tasks related to operational tax to PQS.
Operational Tax Compliance Service
- 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
Compliance Outsourcing
- Taking over compliance function, including assuming role of Chief Compliance Officer and/or AML responsible
- AML/FinSA Compliance Function
- SEC Compliance Specialist
Compliance Support
- 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 Compliance Service (QI, FATCA & CRS)
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.
Compliance Outsourcing
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 compliance department.
AML/FinSA Compliance
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
SEC Compliance
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 Compliance Review
Compliance Support
PQS also provides various special compliance services on request to compliance departments of banks, family offices, trustees and asset managers. A few examples are:
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)