Compliance Officers Multiply Across Financial Sector

Strengthening Efforts Against Money Laundering

In a bid to combat money laundering, several financial institutions have appointed Compliance Officers to ensure adherence to anti-money laundering regulations.

Qualifications of a Compliance Officer

• Must not have been convicted of any offense involving dishonesty
• Must not be an undischarged bankrupt
• Should have sufficient knowledge of the organization’s products, services, and systems

In some cases, institutions may appoint a deputy to the Compliance Officer to ensure continuity in case of absence. The deputy should possess similar professional qualities as the Compliance Officer and be aware of their responsibilities in the role.

Responsibilities of a Compliance Officer

• Establish policies, programs, procedures, and controls to prevent or detect money laundering
• Conduct training sessions for staff
• Establish high standards of integrity among employees
• Evaluate personal employment and financial history
• Analyze transactions
• Verify reporting requirements
• Review unusual transaction reports
• Prepare external reports
• Maintain contact with the Financial Intelligence Agency (FIA)

Reporting Requirements

• Financial institutions are required to submit details of their Compliance Officers to the FIA within seven days of appointment
• Any changes in the office of the Compliance Officer must be communicated to the FIA within a month

Ongoing Monitoring and Auditing

• Conduct independent audits and monitor the institution’s system on an ongoing basis
• Identify deficiencies and communicate them to senior management in writing at least monthly

Experts’ Viewpoint

Having multiple Compliance Officers across the financial sector will help strengthen efforts against money laundering and ensure adherence to regulations.

By appointing Compliance Officers, financial institutions can demonstrate their commitment to combating money laundering and maintaining transparency in their operations.