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SEMINARS
How to Get Your Credit Union Compliant! (run 15th May 2013)
Credit Unions should be aware that the Central Bank of Ireland has stated in their 2013-2015 Strategic Plan that “Another key focus of the Bank over this strategic period will be the restructuring and resolution of the credit union sector”.
To highlight this more intrusive approach by the Central Bank, Community Credit Union was issued a fine of €21,000 for failures in their Anti-Money Laundering and Terrorist Financing compliance framework.
The Credit Union and Co-operation with Overseas Regulators Act 2012 places specific obligations on credit unions including:
- A Strategic Plan
- Regulatory Policies and Procedures
- Compliance Monitoring programme
- Appropriate risk management
- Investment related policies and procedures
What does this mean for your credit union?
Because of the strengthened regulatory framework, each credit union will have to ensure that they meet these requirements and can demonstrate that they have appropriate policies and procedures and that these are implemented and integrated into actual real life systems. They also need to be able to demonstrate compliance with their obligations to the Central Bank of Ireland.
How can Compliance Ireland help?
Compliance Ireland has created a practical half day seminar that will outline how to create an appropriate governance and compliance framework for your credit union. We will provide you with the tools and information to enable you to demonstrate compliance with your obligations. The seminar will focus on the following areas:
- Appropriate Corporate Governance Framework
- Designing a business continuity plan
- Designing a conflicts of interest policy
- Designing effective remuneration policies
- Designing AML policies and procedures
- Implementing Fitness and probity standards in your credit union
- Designing a Risk Based Compliance Monitoring programme.
COURSES
Anti-Money Laundering/Counter-Terrorist Financing (full day course)
This full day course gives practical guidance and high quality training material on (a) Irish anti-money laundering/terrorist financing laws including the 2010 Act and the 2012 Anti-Money Laundering Amendment Bill and (b) February 2012 Guidance Notes. It will enable attendees to practically implement the Criminal Justice (Money Laundering and Terrorist Financing) Act.
Key differences between the new Irish AML regime and those of the UK and the USA will be addressed.
Anti-Money Laundering/Counter-Terrorist Financing Refresher course
The 2010 Anti-Money Laundering and Counter Terrorist Financing Act and the Guidance notes set out a requirement for annual staff training on AML. This 2 hour briefing serves as a refresher course for those already aware of their responsibilities under the 2010 Act but who need to undergo refresher training or wish to keep updated with the most recent developments in AML. The main focus is on CDD and suspicious activity identification and reporting. The 2012 Anti-Money Laundering Amendment Bill, case studies and recent enforcement will also be discussed.
Key differences between the new Irish AML regime and those of the UK and the USA will be addressed.
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Anti-Money Laundering/Counter-Terrorist Financing for Directors training
The 2010 Anti-Money Laundering and Counter Terrorist Financing Act and the Guidance notes set out a requirement for annual staff training on AML. Recent sanctions from the Central Bank of Ireland have specified the requirement for all directors to receive training and to demonstrate full awareness of their obligations under the Criminal Justice (Money Laundering and Terorrist Financing) Act 2010. This 2 hour briefing discusses their responsibilities under the 2010 Act. The main focus includes director’s duties and obligations under the Act. Also, the 2012 Anti-Money Laundering Amendment Bill, case studies and recent Irish and international enforcement will also be discussed.
Key differences between the new Irish AML regime and those of the UK and the USA will be addressed.
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Anti-Money Laundering in Practice: Implementing Current Legislation and Guidance
From an Anti-Money Laundering and Counter Terrorist Financing point of view, the past year has been a busy one. We have had new guidance published, an Amendment Bill for the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. We also have had two settlement agreements and a 'Dear CEO' letter published by the Central Bank of Ireland relating specifically to AML and CFT.
This 2 hour briefing is intended to give practical guidance on how to implement the current Irish AML legislation, guidance and findings from the 'Dear CEO' letter. It aims to bridge the gap between knowing what is necessary under the legislation/guidance notes and actually implementing/embedding the requirement into your business in a way that does not hinder the day to day running of it.
It is understood that participants will already have a working knowledge of the legislation.
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Capital Requirements Directive
This course will provide an intensive in-depth instruction in the requirements of the first, second and third Capital Requirements Directives (and of the Banking Consolidation Directive) as they have been transposed into Irish law and as they affect investment firms. Featuring worked examples and walking through an entire quarterly filing, the course demonstrates how to make submissions for both simple firms and complex firms with a trading book. The course also considers how to carry out the Pillar 2 ICAAP process and covers the Pillar 3 required public disclosures.
The course will cover what you need to do to calculate your capital requirements and complete an automated filing.
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Central Bank Inspections & Enforcement
This half day course is a practical, hands-on workshop for directors, senior management, compliance officers, MLROs and operational staff on the Central Bank's supervision and enforcement perspective. It will also look at understanding risk-assessment models used by the Central Bank.
The Central Bank's powers are extensive and increasing. New laws, new powers and increases in inspection and enforcement staff will see the Central Bank meet its stated sanctions policy objectives to: (i) promote compliance; (ii) operate in the public interest; and (iii) support the economic, efficient and effective pursuit of its strategy. Knowing how to prepare and manage a visit by the Central Bank is crucial. Getting it wrong will be costly in terms of management time, sanctions and a loss of reputation.
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Code of Conduct on Mortgage Arrears
This 2 hour course aims to provide attendees with an understanding of the revised Code of Conduct on Mortgage Arrears which became effective on 1st January 2011. This course will describe the basis and scope of the code. It takes a practical look at the arrears handling process and considers the timelines and documentation involved in processing arrears cases.
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Complaints Handling & Treating Customers Fairly
The aims of this course are to help firms understand Central Bank’s and the FSO’s complaints handling requirements and how to work towards meeting the principle of Treating Customers Fairly (“TCF”).
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Data Protection and How to Conduct a Data Protection Audit
This full day course is essential for any firm that uses personal data of customers and/or staff and is delivered in two workshops:
• The morning workshop examines (a) the Data Protection laws & the eight data protection principles (i.e. collection, treatment, permitted processing, retention, storage & security of electronic and manual personal data); and (b) practicalities of compliance (i.e. drafting policies & procedures, staff training, privacy statements) and responsibilities of the Data Protection Officer.
• The afternoon workshop develops relevant skills required to confidently carry out a data protection audit.
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Developments in MiFID 2
This course gives an understanding of the MiFID2 and MiFIR proposals and their impact on current market and regulatory arrangements. It will also provide an indication of the impact on firms, the work to be undertaken by regulated firms to adjust to the MiFID2 and MiFIR proposals and the likely timeframe.
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Dignity in the Workplace
This 2 hour course outlines the practice and procedure to follow in order for the employer to be compliant with the legislation. It also focuses on the procedure to be followed should an investigation into a disciplinary issue be needed.
Directors' Duties and Corporate Governance
This full day course is a practical, hands-on workshop for directors (both Executive and in particular non-Executive) and senior management of Irish regulated credit, financial, insurance and reinsurance services firms, including investment funds.
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E-Money Directive
This course aims to outline the main requirements of the E-Money Directive as transposed into European Communities (E-Money) Regulations in 2011. It looks at the technical provisions as well as best practice for implementation of the requirements.
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Establishing the Internal Audit Function
This new half day course provides an introduction to the work of the internal audit function, setting out the role and place of the function in the regulated financial and insurance services business.
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Ethics
This course gives an understanding of the ethical requirements that regulated firms face. It also provides a template for firms to roll out an ethics course for their employees to comply with the Minimum Competency Code.
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Implementing the Directive on Alternative Investment Fund Managers (AIFM Directive)
This Directive governs the regulation of hedge funds, private equity funds and other nationally-authorised (non-UCITS) mutual funds. The Framework Directive has been published and came into force on 21st July 2011. The Directive will be implemented into Irish law by 22nd July 2013, but the Level 2 Implementing Directive consultations are already starting and this is where the main impact on businesses will be determined.
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Implementing the Fit & Proper Regime in your Business
This 2 hour course aims to provide course attendees with a better understanding of the key points of the Fit & Proper Regime and how implementing the regime will affect their business.
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Implementing UCITS IV
This half day course aims to provide attendees with the necessary understanding of the UCITS IV Regulations and the underlying Directive, to understand the various requirements and better implement them in their business.
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Important Employment Law Issues and How to Address Them
This half day course provides on overview of important employment law issues and how to ensure organisational compliance with these aspects of Employment Law. It also provides sample policies and procedures and focuses on key changes and developments.
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Introduction to Financial Services Regulation in Ireland
This course provides a detailed introduction to the role of the Central Bank and how financial services are regulated in Ireland. This course is designed to enable people working in financial services to understand the European regulatory framework, how it fits with domestic regulations and how your business is affected. The course looks across various industry sectors and highlights the common themes and likely future developments as well as giving practical guidance on current requirements.
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Minimum Competency Code
This half day training course will help to enable appropriate personnel to record, monitor and plan for the Minimum Competency Code for existing personnel and new recruits. It will outline the requirements needed on a day to day basis including compliance, recording and monitoring. It will also outline the requirements needed in the Employee Handbook, Employee Contracts etc.
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Payments Services Directive
This course aims to outline the main requirements of the Payments Services Directive as transposed into Ireland by the Payment Services Regulations in 2009. It looks at the technical provisions as well as best practice for implementation of the requirement.
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PRISM
This course gives an understanding of how PRISM works and how the Central Bank will engage with firms. It will put you in a position to outline to your firm the risk appetite of the Central Bank and how they will use risk mitigation programmes to effectively manage different risks in firms.
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Risk-Based Compliance Monitoring for Financial Institutions
This is an intensive half day practical, hands-on workshop for both the seasoned and less experienced Compliance professional. The workshop focuses on what you need to do to demonstrate an effective Risk-Based Compliance Monitoring Programme (“RBCMP”).
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Role of the Compliance Officer - for Banks and Investment Firms
The Role of the Compliance Officer in Ireland has changed dramatically, yet the responsibilities of the compliance staff are not defined in any Code, Rule or Handbook. This course will help Compliance Officers establish the parameters of their roles and responsibilities and will provide practical tips on implementing the principles-based approach to regulation.
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Role of the Compliance Officer - for Insurance Firms
The Role of the Compliance Officer in Ireland has changed dramatically, yet the responsibilities of the compliance staff are not defined in any Code, Rule or Handbook. This course will help Compliance Officers establish the parameters of their roles and responsibilities and will provide practical tips on implementing the principles-based approach to regulation.
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Understanding Funds in Ireland
This course will examine the key frameworks governing the regulation of investment funds in Ireland. While the concept of the Trustee is central to this, the course is also designed to provide fund directors and persons working in fund administrators, legal and accounting firms with a panoramic view of the relevant duties and regulatory obligations imposed on them.
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Understanding MiFID
This full day course is a practical, hands-on workshop on the Irish Regulations (S.I 60 of 2007) implementing MiFID Regulations, amendments thereto and will focus on the key MiFID requirements and best practice. We act for many firms obtaining MiFID authorisation and we will share our experiences of the Central Bank's requirements with attendees.
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Understanding Solvency II
The aims of this full day course are to provide an introduction to the implementation of the Solvency II Directive in Ireland.
Solvency II is a European Union legislative initiative for regulating insurance businesses by setting out capital and corporate governance requirements. This represents a major change in the way insurance undertakings organise themselves and are regulated. It takes effect in January 2014 and will bring about a significant change in the way risk is viewed. Firms must define their own risk profile and show that they have sufficient capital to meet this level. Firms must also demonstrate that they have sufficient risk management and corporate governance mechanisms in place.
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