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In today’s regulatory environment, businesses face substantial fines for failing to comply with laws and regulations. Organisations can struggle to implement required compliance policy that can sometimes impact people, processes and platforms that span very different elements of their businesses. In addition change driven organisations can lose sight or memory of regular activities that are required in order to ensure compliance. Below are some high-profile cases that illustrate the significant financial consequences companies may face if they do not meet their compliance obligations. These cases serve as critical reminders of the importance of adherence to compliance standards to avoid costly penalties.
A major UK retail bank was fined £72 million for failing to meet anti-money laundering regulations. The failure was tied to inadequate controls during transactions involving high-risk clients. The bank was found to have neglected its responsibilities under the Money Laundering Regulations 2007, leaving it vulnerable to illegal financial activities.
A UK investment bank was slapped with a hefty $1.9 billion fine for violating U.S. sanctions and anti-money laundering laws. The violations included facilitating transactions for clients in sanctioned countries, risking national security. The fine serves as a strong reminder of the importance of compliance in global financial operations.
A leading UK bank was fined £117 million for the mis-selling of Payment Protection Insurance (PPI) products to thousands of customers. The mis-selling, which took place over several years, involved selling unnecessary insurance policies, resulting in billions in compensation claims from affected customers.
A major UK financial institution was fined £42 million after being found guilty of mis-selling mortgage products. The bank failed to ensure that its mortgage advice was suitable for customers, particularly in the case of interest-only mortgages, leaving many with financial difficulties and potential foreclosure.
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