Relationship manager in private banking

THE USE CASE
Scenario:

Marco, a relationship manager working for a Swiss bank, is attending a private event in Rome organised by a foundation. The event is strictly private and attended by a number of high-net-worth individuals. Before attending the event, Marco duly prepared himself on the Country Manual Italy and the guidelines of the Bank. He also passed a cross-border test on Italy.

Unexpectedly, Marco is spontaneously approached by one of his clients who is a residentin the UK and domiciled in Monaco. Marco was not expecting to see this client at the event and was actually trying to reach him over the last three weeks to discuss the performance of a discretionary portfolio and propose a new fund for an investment. He knows the client is sensitive on the tax impact on the investments.

 

Challenge:

Despite his perfect knowledge of the rules to be respected in Italy and the fact that he had learned months ago the rules for the UK and Monaco, Marco isn’t sure what kind of activities he is allowed to perform with this client, who is not an Italian resident and signed a discretionary asset management agreement with the Bank.

TASKS
  1. Access to the Country Manual Private Banking Italy, UK and Monaco;
     

  2. Based on the contract signed by the client and the specific situation understand which rules apply;
     

  3. Access to the Country Manual Products UK and Monaco;
     

  4. Based on the contract signed by the client and the asset class understand which rules apply;
     

  5. Access to the Country Manual Tax UK and Monaco;
     

  6. Based on the contract signed by the client and the asset class understand which tax rate apply;

    Or call Compliance at the Bank

TIME REQUIRED

min. 15 minutes

RISKS

  1. Wrong answers
     

  2. Consultation of the wrong Country Manuals
     

  3. Performing of forbidden activity
     

  4. Lack of tracking

ADVANTAGES FOR THE BANK AND THE RELATIONSHIP MANAGER

  1. Reduced minor costs in the short term (no inApp subscription)

TIME REQUIRED

2 minutes

RISKS

  1. Inability to answer due to lack of internet connection

ADVANTAGES FOR THE BANK AND THE RELATIONSHIP MANAGER

  1. Certainty of correct answers
     

  2. Competitive advantage due to tax suitability check
     

  3. Proper cross-border risk management
     

  4. Reduced risk of potential fines by foreign and domestic authorities
     

  5. Audit trail on RM activity

TASKS
  1. Click on the client profile
     

  2. Select the situation
     

  3. Select the product
     

  4. Get the answers

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