Here is the converted article in markdown format:
Group Internal Audit and Group Risk Management: Ensuring Compliance with Regulations
The Legal Compliance Department at BLOM Bank S.A.L. is responsible for identifying all aspects related to compliance in the Compliance Register Matrix, which outlines the bank’s functions and responsibilities by regulator, circular, topic, and function controller. The matrix aims to emphasize the risk of non-compliance and its penalties.
Scope of Work
- Tests methods: [Insert details]
- Frequency of testing: [Insert frequency, e.g., monthly, quarterly, semiannually, annually]
- Corrective action plan along with a timeframe for work completion: [Insert details]
Compliance Control
The Legal Compliance Unit/Department performs regular onsite visits to the bank’s entities (departments, branches, subsidiaries, etc.) to verify compliance with policies set by the bank and laws or regulations issued by the competent authority. The scope of work is defined by the legal compliance register/compliance function in addition to other compliance issues.
Due Diligence Review
An annual due diligence review is performed in relation to cross-border correspondent banking and other similar relationships. The Legal Compliance Unit/Department gathers all information about the respondent institution, reviews legal documents, and conducts a reputational review to determine whether the foreign bank has been the subject of any criminal or civil enforcement action.
Sanctions Compliance
The Legal Compliance Unit/Department also reviews information related to sanctions compliance programs, including:
- Summary of due diligence policies: [Insert details]
- Procedures: [Insert details]
- Controls: [Insert details]
The department inquires into the local market reputation of the bank by media reports or other means and obtains approval from senior management before establishing new correspondent relationships.
Conclusion
BLOM Bank S.A.L.’s Legal Compliance Department is committed to ensuring compliance with regulations through regular onsite visits, due diligence reviews, and sanctions compliance programs. The department’s scope of work includes testing methods, frequency of testing, and corrective action plans, ensuring that the bank is fully compliant with local and international laws and regulations.
Key Contacts
- Senior Management: [Name]
- Legal Compliance Unit/Department: [Name]
Contact Information
- BLOM Bank S.A.L.:
- [Address]
- [Phone Number]
- [Email Address]