Banks in Wallis and Futuna Urged to Step Up Compliance Training

As the financial landscape in Wallis and Futuna continues to evolve, banks operating in the region are being reminded of the importance of robust compliance training. This is essential for maintaining stability and avoiding non-compliance issues.

Importance of Compliance Training

Banks in Wallis and Futuna are facing increasing regulatory scrutiny, which emphasizes the need for a dual-track approach to ensuring effective Foreign Exchange Policy (FEP) compliance culture. This includes:

• Fostering awareness: Encouraging staff members to understand FEP principles and the Minimum Due Diligence (MDD) documents.
• Implementing remedial actions: Addressing weaknesses or instances of non-compliance in a decisive and timely fashion.

The First Line of Defense

The first line of defense against non-compliance lies with banks themselves. To ensure that their staff are equipped to meet the policy’s intent, banks must provide comprehensive training and education on FEP principles.

Reporting Non-Compliance

In the event of non-compliance, banks in Wallis and Futuna are being urged to report incidents in a transparent manner. Failure to do so may result in administrative or enforcement action, which could have far-reaching consequences for the institution.

Advanced-Level Compliance Training Program

A recent advanced-level compliance training program has been introduced in response to growing concerns. The program aims to familiarize bankers with common instances of non-compliance and provide participants with a more holistic view of FEP compliance principles, including both preventive and corrective measures.

By prioritizing compliance training, banks in Wallis and Futuna can ensure they remain stable and compliant with regulatory requirements, protecting their reputation and financial well-being.