Financial Crime World

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Compliance Functions and Responsibilities

This policy outlines the compliance functions and responsibilities within our organization.

Overall Responsibility

  • The Compliance Department is responsible for ensuring independence of the compliance function.
  • They will implement guidelines disseminated by the Compliance Department and report on their implementation status.

Departmental Responsibilities

Regulatory, Statutory, and Internal Compliance

  • Each department must focus on regulatory, statutory, and internal compliance functions, including fair practice codes and prevention of money laundering and funding of illegal activities.
  • Departments must update their compliance manuals annually.
  • Departments must report any changes in compliance risk profiles to the Compliance Department.

Zonal Compliance Officers (ZCOs) Responsibilities

Branch-Level Compliance

  • Implement compliance functions in branches/offices under their jurisdiction.
  • Review effectiveness of implementation.
  • Appoint Compliance Officers at branches.
  • Collect periodical reporting from Branch Compliance Officers and submit it to HO Department as desired.
  • Report any non-compliance or penalties imposed by regulatory/statutory bodies.

Branch Compliance Officer Responsibilities

Quarterly Compliance Certificates

  • Implement compliance functions in their branch/offices.
  • Monitor timely submission of regulatory/statutory returns.
  • Submit quarterly Compliance Certificates to HO Department.

Compliance Officers’ Roles

Support and Implementation

  • Compliance Officer (Training) is responsible for implementing compliance functions, reviewing effectiveness, and assisting top management with compliance risk management.
  • Compliance Officer (RRB) implements compliance functions introduced by Priority Sector & Lead Bank, reviews effectiveness, and ensures proper compliance structure in RRB branches.

Conclusion

Overall, this policy emphasizes the importance of compliance within our organization, ensuring that departments and officers are aware of their responsibilities to maintain compliance with regulatory, statutory, and internal guidelines.