Regulatory and Compliance Services

Proactively respond to the ever-evolving compliance demands of the industry and minimize risk associated with regulation.

FITS can offer alternative solutions to the rising demands and costs of regulatory compliance. Our professionals are prepared to provide comprehensive support, enabling our clients to react proactively to economic, market and regulatory changes. FITS has responded to the extensive regulatory review our industry has undergone in recent past and has implemented a program that allows our clients to easily affect changes resulting from new and revised regulations. Through a partnership with FITS, firms can minimize the impact of such initiatives and create an environment of readiness for future regulatory scrutiny. We can support financial services firms from initial registration to day-to-day compliance monitoring.

Consultants within our Regulatory and Compliance Services practice not only come directly from the financial industry, but also have worked for state and federal regulators, SROs and compliance departments of broker/dealers, banks and investment advisers. This experience gives the FITS professionals the advantage and aptitude to respond to regulatory demands easily and in a timely manner. Our team will assess a firm’s compliance program and identify opportunities to enhance the level of preparation, responsiveness and effectiveness. Through an assessment process, we will develop solutions, recommendations and implementation strategies that are customized to a targeted business model.

In addition, our experienced analysts will propose mitigation techniques to minimize any detected exposure including, but not limited to:

  • Forensic testing of a compliance program (either on an ad hoc basis or as part of a required annual review) to detect potential problems or to validate the consistent application of a firm’s policies and procedures. Examples of such testing would include:
    • Trading Practices
    • Sales Practices
    • Business Continuity Plan (BCP)/Disaster Recovery
  • Develop and test the internal controls of a risk-based AML Program to include:
    • Review Policies, Procedures and Internal Controls for BSA Compliance
    • Create or Review Customer Identification Program (CIP)
    • Foreign Correspondence and Private Banker Due Diligence
    • Specialized Training for SAR’s Filings and Investigations
    • AML Employee Training
  • Ensure tax reporting processes have been updated to meet the demands of the Foreign Account Tax Compliance Act (FATCA)
  • Review the application of FINRA Rule 2111 Customer Suitability
  • Adherence to the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act
  • Review of reporting requirements related to the Federal Reserve’s Enhanced Prudential Standards For Foreign Banks
  • Verify compliance with ERISA Section 408(b)(2): plan fiduciaries, direct/indirect compensation, required disclosures

We also provide litigation support and conduct third party reviews of a firm’s books and records to uncover any areas which do not comply with current regulations or may require refinement to meet proposed and new industry initiatives and rule changes. FITS keeps abreast of all new regulatory initiatives which can impact a firm’s risk tolerance levels and our training program prepares clients to respond to new requirements in a timely and efficient manner.