Financial Crime World

Here is the article in markdown format:

GHANA BANKS MUST STAY ON RIGHT SIDE OF THE LAW

The Compliance Unit at Ghana’s leading financial institutions plays a crucial role in ensuring that banks operate within the bounds of the law and adhere to international best practices. The unit’s primary goal is to shield the bank from risks associated with non-compliance with local and international laws, regulations, and prescribed practices.

Key Responsibilities of the Compliance Unit

The Compliance function performs a critical role in ensuring that the bank remains compliant with various regulatory requirements. Some of its key duties include:

  • Timely and Accurate Submission of Returns: Ensuring timely and accurate submission of Banking Sector Directive (BSD) returns to the Bank of Ghana.
  • Internal Policies and Procedures: Adhering to the bank’s internal policies and procedures.
  • Rectifying Concerns Raised by Regulators and Auditors: Rectifying concerns raised by external auditors, internal auditors, and the Bank of Ghana in a timely manner.
  • Compliance with Budgetary and Strategic Plan Targets: Complying with budgetary and strategic plan targets and provisions.
  • External Borrowings: Ensuring compliance with terms and conditions governing external borrowings.
  • International Know Your Customer (KYC) Policy: Adhering to the requirements of the International Know Your Customer (KYC) Policy.
  • Anti-Money Laundering Regulations: Complying with anti-money laundering regulations.

Benefits of Compliance

The Compliance Unit’s efforts are aimed at preventing reputational damage, financial losses, and other negative consequences that can arise from non-compliance. By staying on the right side of the law, Ghana’s banks can maintain a strong reputation, build trust with customers, and contribute to the country’s economic growth.

Conclusion

In conclusion, Ghana’s banks must stay on the right side of the law to ensure that they operate within the bounds of the law and adhere to international best practices. The Compliance Unit plays a crucial role in ensuring compliance with various regulatory requirements, and its efforts are aimed at preventing reputational damage, financial losses, and other negative consequences that can arise from non-compliance.