EU GUIDANCE ON NAVIGATING COMPLIANCE RISKS IN THIRD COUNTRIES

On 8th April, KYC 360 reported that the European Supervisory Authorities were mandated to produce guidance, as Regulatory Technical Standards (RTS), to assist groups address the issue.  The Standards sets out a number of measures that international firms must take, using a risk-based approach, where their branches and majority owned subsidiaries (units) operating in third countries cannot implement certain elements of group policies due to local legal impediments.

https://ec.europa.eu/transparency/regdoc/rep/3/2019/EN/C-2019-646-F1-EN-MAIN-PART-1.PDF

https://www.riskscreen.com/kyc360/article/navigating-compliance-risks-in-third-countries-eu-guidance/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s