Automated Advice

Compli-Serve, as a leading provider of compliance services, offers specialized solutions for robo advisory/automated advice platforms to ensure compliance with the Financial Advisory and Intermediary Services (FAIS) Act and the Financial Intelligence Centre Act (FICA) Anti-Money Laundering (AML) regulations. Compli-Serve understands the unique compliance challenges faced by robo advisory platforms and provides tailored services to address these requirements. Here is an overview of the compliance service offering provided by Compli-Serve in terms of the FAIS Act and FICA :

FAIS Act Compliance Assessment: Compli-Serve conducts a comprehensive assessment of the robo advisory platform’s compliance with the FAIS Act. This includes reviewing licensing obligations, ensuring compliance with the robo advisory exemption conditions, and evaluating compliance with disclosure and record-keeping requirements.

Licensing and Exemption Support: Compli-Serve assists robo advisory platforms in obtaining the necessary licenses or exemptions required under the FAIS Act. They provide guidance on the application process, help prepare the required documentation, and facilitate communication with regulatory authorities to ensure compliance.

Compliance Program Development: Compli-Serve helps robo advisory platforms develop and implement robust compliance programs tailored to their unique operations. This includes creating policies and procedures, risk assessment methodologies, and compliance monitoring processes specifically designed for automated advice platforms.

AML Compliance: Compli-Serve ensures that robo advisory platforms comply with the AML requirements of the FICA Act. This includes assisting with the implementation of customer due diligence procedures, transaction monitoring systems, and reporting mechanisms to detect and prevent money laundering and terrorist financing activities.

Client Onboarding and KYC: Compli-Serve supports robo advisory platforms in developing and implementing effective client onboarding processes, including Know Your Customer (KYC) requirements. They help establish robust procedures for verifying client identities, conducting risk assessments, and maintaining appropriate client records.

Compliance Monitoring and Reporting: Compli-Serve assists robo advisory platforms in establishing monitoring mechanisms to track compliance with the FAIS Act and FICA AML Act. This includes conducting regular compliance assessments, reviewing client portfolios for suitability, and generating reports to ensure ongoing compliance.

Training and Education: Compli-Serve provides training programs and educational resources to the staff of robo advisory platforms to enhance their understanding of compliance obligations under the FAIS Act and FICA AML Act. This training covers topics such as regulatory requirements, AML procedures, client communication, and ethical conduct.

Regulatory Reporting and Filings: Compli-Serve supports robo advisory platforms in preparing and submitting regulatory reports and filings required by the FAIS Act and other applicable regulations. This includes regulatory disclosures, financial statements, and AML suspicious activity reports within the specified timelines.

Ongoing Regulatory Updates: Compli-Serve keeps robo advisory platforms informed about regulatory changes and provides regular updates, interpretive guidance, and industry best practices. This helps robo advisory platforms stay current with evolving compliance requirements and adapt their processes accordingly.