FCI Members agree on new Compliance framework during Annual Meeting in Lima

Thursday 29 June 2017

During its 49th annual meeting in Lima, Peru, FCI Members approved almost unanimously with 96,4% of the votes a new Compliance Framework that was presented by the ad hoc Compliance Committee and discussed during roundtable sessions.

Erik Timmermans, Deputy Secretary General of FCI and Gert Demmink, Partner at Compliance Consultancy firm Philip Sidney (Netherlands), both members of FCI’s ad hoc Compliance Committee, presented on Monday 12th of June 2017 the proposals from the Committee to improve FCI’s Compliance framework.

The new internal FCI Compliance framework comprises a general Compliance Charter, a document describing FCI’s core values and an FCI Speak-Up policy.

Secondly, the Committee launched an improved Compliance framework to support the two-factor business. All Associate and Full Members who are active on the trading platform will from now on centrally upload a Wolfsberg AML questionnaire as well as a specific FCI KYC questionnaire.

Finally, the Committee has developed new standard procedures for accepting new Members, including KYC checks based on external databases.

As a non-regulatory body, FCI can only facilitate the KYC/AML procedures for its Members, but the final responsibility for due diligence and risk based approach remains of course with the Members themselves.

During 5 roundtable sessions on Monday afternoon, all members discussed the proposals from the Compliance Committee and the outcome of these discussions was presented by Adrian Rigby (HSBC) on Tuesday. He noted a significant cultural change in the last 18 months with strong support for the work done by the Compliance Committee and a clear understanding of reputational risks for FCI.

During the Council meeting on Wednesday, the Members voted in favour of the proposals that will be implemented during the coming months.

The Compliance Committee will continue its work to further increase the accountability of the organization in general and to further improve the safety for members to operate on the two-factor platform.