Financial Crime World

Rawbank’s Compliance Department: A Model of Excellence in Risk Management

As the banking sector continues to evolve, compliance has become a critical aspect of risk management for financial institutions. Rawbank, a leading bank in the Democratic Republic of Congo, has taken proactive measures to ensure its compliance with regulatory requirements and maintain customer trust.

Compliance Committee Structure and Role

Rawbank’s Compliance Committee is composed of seven members, including:

  • The Managing Director as Chairman
  • The Managing Director of Administration and Risks (Vice-Chairman)
  • The Compliance Director
  • The Commercial Director
  • The Banking Production Director
  • Two Regional Directors

The committee’s role is to develop, prepare, and present compliance policy and strategy proposals to the Executive Committee, ensuring the implementation of sectoral decisions taken.

Compliance Department in Numbers

  • The bank’s Compliance Department has grown significantly over the years, with a current staff of 24 employees.
  • The number of suspicious transaction reports submitted has also increased, from 5 in 2012 to 25 in 2021.
  • 17 seniors represent 74% of the department.

Technical Solutions

Rawbank continuously updates its procedures and tools to incorporate new regulatory requirements and risk assessment needs. The bank has invested heavily in state-of-the-art IT infrastructure to improve the quality of its compliance oversight. Some of the technical solutions used include:

  • SIRON
  • Accuity
  • Swift Sanction Screening

Training

Regular training sessions are held to make employees aware of the importance of compliance and their role in protecting the bank, its customers, and its reputation. In 2021, all Rawbank employees attended a training session on preventing non-compliance risks, which comprised four modules:

  • AML/CFT definition and challenges
  • Money laundering techniques and types
  • Money laundering risk management mechanism
  • Risk behavior detection index

A Regional Compliance Officer’s Perspective

In an exclusive interview, a Regional Compliance Officer shared the department’s efforts to raise employee awareness about compliance issues. “We use various tools, such as e-learning, case-by-case communication, and implementation of guidelines for applying recommendations,” she said. “Our tailored approach is crucial in achieving results that match our compliance ambitions.”

Conclusion

Rawbank’s commitment to compliance has earned the bank a reputation for excellence in risk management. The bank’s Compliance Department has become a model for other financial institutions to follow, demonstrating its dedication to protecting customer interests and maintaining integrity.

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