The Venezuelan Banking Association seeks to institutionalize September of each year as Compliance Month, recognizing the need to adapt to the new demands of the global landscape.

“For Venezuelan organizations, understanding and adhering to these standards is increasingly relevant for developing commercial and financial relationships in environments where risk management, transparency, ethics, and compliance are essential for doing business.”

In this context, the event “Overcompliance vs. Global Strategic Compliance: Transforming Risks into Opportunities” will be held on the 16th and 17th of this month in Caracas, at the Venezuelan Banking Association Tower.

The seminar agenda includes addressing the various “dimensions of compliance,” such as “strategic risk management, supporting business growth, corporate integrity, correspondent banking, and the implementation of international standards in the Venezuelan business environment.”

Among the international guests are Wilmer Guerrero, Senior Vice President and Director of BSA/AML and Consumer Compliance at Banesco USA; and Rocío Pérez Mies, Global Director of Regulatory Compliance at BBVA Group. Representing Venezuela will be Lourdes Pulido and Pedro Luis López, vice president and president of the Compliance Officers Committee of the Venezuelan Banking Association, respectively; Henry Rivero, president of Agile Check; Nancy Granadillo, lawyer and compliance specialist; Silumerany Rodríguez, lawyer and certified public accountant; Oscar Perdomo, economist and compliance consultant; Jesús Mora, lawyer and specialist in AML/CFT/FPADM risk management; Maikel Rengifo, director of the AML/CFT/FPADM Risk Management Office at SUDEASEG; and Mercedes Rodríguez, head of Financial Services at Forvis Mazars in Venezuela.

This year, the Venezuelan Banking Association joins the commemoration of Compliance Day, celebrated on Saturday the 26th, with a related event on September 25th focused on “The Importance of Compliance for Venezuela in the Current Circumstances.”

This event will recognize the work of professionals in this field and “provide a forum for analyzing their evolution in the face of business transformations and new market demands.”

M.Pino

Source: bancaynegocios

(Reference image source: Christina @ wocintechchat.com M on Unsplash)

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In the dynamic environment of international banking, trust and operational integrity are the fundamental pillars for the growth and sustainability of any institution.

Bancamiga’s participation in FIBA (Financial and International Business Association) represents a highly significant strategic milestone, consolidating its firm commitment to the highest global standards in the prevention and control of money laundering and terrorist financing.

Founded in 1979 and headquartered in Miami, Florida, FIBA is a non-profit trade association and an international center of excellence widely recognized by regulators, oversight bodies, and law enforcement agencies worldwide.

Its primary mission is to promote best practices in international trade, correspondent banking, wealth management, and, most importantly, regulatory compliance.

Bancamiga’s participation in the recent FIBA AML Argentina conference is a step forward in its intention to join an elite network where future preventative policies are being defined.

The organization is an undisputed leader in Anti-Money Laundering (AML) education and certification, setting global standards in partnership with prestigious academic institutions such as the Florida International University (FIU) School of Business.

Active participation of strategic areas of the bank

The participation of four strategic areas of the bank, which are part of its preventative structure (UPCLC/FT/FPADM, Treasury, International Business, and Legal), in the FIBA AML Argentina conference has significant implications for the institution’s projection within the global financial ecosystem:

1. It demonstrates that Bancamiga’s anti-money laundering policies not only comply with local regulations but also rigorously align with the most demanding global standards.

2. It strengthens Correspondent Banking by opening direct channels and reinforcing mutual trust, facilitating the efficient and secure flow of foreign trade operations for Bancamiga’s clients.

3. It provides access to cutting-edge knowledge, allowing the bank’s compliance specialists to remain at the forefront of defense with immediate access to the latest types of financial crimes, monitoring technologies, and methodologies for mitigating emerging risks.

4. It allows for collaboration with global banking giants. FIBA brings together some of the largest, most influential, and most respected financial corporations and institutions in Europe, the United States, Latin America, and the Caribbean. Sharing this space of governance, committees, and technical exchange allows Bancamiga to directly integrate into a network representing more than 600 financial institutions across the hemisphere.

5. Transparency, the cornerstone of management. For a universal bank, the best calling card is an impenetrable compliance system. By actively participating in FIBA, Bancamiga reaffirms that the security of its users’ transactions and the transparency of its management are non-negotiable institutional assets before the world.

Strengthening Bancamiga’s Comprehensive Risk Management System

Attendance at the event involved fulfilling formalities that help strengthen Bancamiga’s Comprehensive Risk Management System, as well as acquiring tools and knowledge that allow the bank to anticipate new guidelines currently in place and those that will govern the international banking ecosystem, positioning the institution as a reliable player in the existing correspondent network that communicates using the same international language.

Information and image courtesy of Bancamiga Banco Universal

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As cyberthreats show no signs of slowing down, both small and large organizations increasingly recognize that cybersecurity is no longer optional. Governments and regulatory agencies highlight its importance, especially when it comes to organizations operating in sectors critical to a country’s national infrastructure. This results in an ever-growing set of compliance requirements that seem daunting, but from ESET, a leading company in proactive threat detection, they affirm that they are essential for good functioning and public safety.

To start, there are two types of compliance: mandatory and voluntary, each with its own set of requirements. Mandatory compliance encompasses regulations enforced by state or adjacent agencies, targeting companies operating in critical infrastructure sectors such as healthcare, transportation, and energy. For example, a company working with patient data in the United States must comply with the Health Insurance Portability and Accountability Act (known as HIPAA), a federal regulation, to maintain the privacy of patient data across state lines.

On the other hand, voluntary compliance means that companies apply for specific certifications and standards that identify them as experts in a particular field or qualify some of their products as compliant with a standard. As an example, a company seeking environmental credibility may apply for ISO 14001 certification, which demonstrates its commitment to environmentally friendly practices.

“The specific cybersecurity regulations that an organization must comply with; this depends on the type of sector in which the company operates and the importance of the security of its internal data for privacy, data security or acts on critical infrastructure. It should also be noted that many regulations and certifications are specific to each region. In addition, depending on which clients or partners a company wants to attract, it is advisable to request a specific certificate in order to be eligible for a contract,” says Fabiana Ramirez Cuenca, IT Security Researcher at ESET Latin America.

In any case, ESET advises that compliance with regulations be part of the foundation of any business strategy. As regulatory requirements will continue to increase in the future, well-prepared companies will find it easier to adapt to changes. Compliance is continuously measured, which can save organizations significant resources and allow for long-term growth.

ESET shares a review of the most important laws and regulatory frameworks in cybersecurity

• General Data Protection Regulation (GDPR): The GDPR is one of the strictest data privacy and security regulations in the world. It focuses on the privacy and data protection rights of individuals in the European Union, giving them control over their data and mandating secure storage and breach notification for companies that manage the data.
• Health Insurance Portability and Accountability Act (HIPAA): This law regulates the handling of patient information in hospitals and other healthcare facilities. It represents a set of rules designed to protect patients’ sensitive health data from misuse by requiring government entities to enact various safeguards to protect such data, both physically and electronically.
• National Institute of Standards and Technology (NIST) Frameworks: A U.S. government agency within the Department of Commerce, it develops standards and guidelines for a variety of industries, including cybersecurity. By imposing a certain set of policies that serve as a foundation for the security of organizations, it allows companies and industries to better manage their cybersecurity. For example, the NIST Cybersecurity Framework 2.0 contains comprehensive guidance for organizations of all sizes and current security posture on how they can manage and reduce their cybersecurity risks.
• Payment Card Industry Data Security Standard (PCI DSS): PCI DSS, designed to control the handling of credit card data. It aims to reduce payment fraud risks by strengthening security around cardholder data. It applies to all entities that handle card data, whether a retailer, bank, or service provider.
• Network and Information Security Directive (NIS2): This directive strengthens the cyber resilience of critical entities in the European Union by imposing stricter security requirements and risk management practices on entities operating in sectors such as energy, transportation, healthcare, digital services, and managed security services. NIS2 also introduces new rules for incident reporting and fines for non-compliance.

Some regulations provide for hefty penalties for non-compliance. For example, GDPR violations can result in fines of up to €10 million, or 2 % of global annual turnover, for any company that fails to notify a breach to a supervisory authority or data subjects. Supervisory authorities can also impose additional fines for inadequate security measures, with consequent additional costs.

In the United States, non-compliance with FISMA, for example, can result in reduced federal funding, government hearings, censure, loss of future contracts, and much more. Similarly, HIPAA violations could also have consequences, from fines of $1.5 million per year to even 10-year prison sentences.

“Ultimately, it is better to be safe than sorry (or sorry), and it is also wise to stay up to date on cybersecurity regulations specific to your industry. Instead of seeing it as an avoidable additional expense, your company should consider compliance as an essential and regular investment, doubly so in the case of mandatory standards, which, if neglected, could quickly turn your business, if not your life, upside down,” concludes Ramirez Cuenca, from ESET Latin America.

Contact details for ESET in Venezuela: https://www.eset.com/ve/. Also, its social networks: Instagram @esetla) and Facebook: (ESET).

With information and reference image provided by ESET and Comstat Rowland

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