Numerous regulatory and legal requirements such as rules of professional conduct bring additional obligations for clarification for financial intermediaries; these must be complied with continually in existing and new business relationships. Examination and monitoring of client relations require considerable investment in terms of both time and staff. This, along with the growing complexity of the "Know your Client Principles", requires a systematic checking and monitoring system.
The risk with respect to violation of legal requirements and the resulting loss of reputation cannot be quantified. For the Board of Directors, management and employees, it is important that Compliance is ensured through clearly defined processes and is supported by electronic aids and comprehensive quality management.