Here is the rewritten article in markdown format:

Banking Compliance Procedures in Mali Under Scrutiny

==============================================

By Amadou Traore, Financial Correspondent

Intense Scrutiny on Mali’s Banking Sector

BAMAKO, MALI - The banking sector in Mali has been under intense scrutiny in recent years, with regulators and auditors closely monitoring compliance procedures to prevent money laundering and terrorist financing.

Compliance Roles and Objectives

In an exclusive interview, Malek Costa, Head of Group Compliance at BLOM Bank SAL, explained the importance of compliance in the banking sector. “Compliance refers to conformity with both external and internal laws and regulations,” he said. “The compliance function should have a preventive, advisory and supervisory role.”

Key Differences between Internal Audit and Compliance

While internal audit and compliance are often seen as two separate functions, they share many similarities. Both roles involve performing risk assessment procedures to evaluate the effectiveness and efficiency of operations, communicating findings and providing recommendations to management/board to guarantee compliance with internal controls, policies, applicable laws and regulations.

However, there are key differences between the two roles:

• Compliance officers focus on ensuring compliance with laws and regulations.
• Internal auditors review the reliability and integrity of financial reporting and internal controls.

Auditing Compliance

Auditing compliance is a critical function in the banking sector, as it helps to ensure that banks are adhering to regulatory requirements and identifying areas for improvement. According to Costa, auditing compliance involves assessing the effectiveness of policies and procedures, identifying weaknesses and recommending corrective actions.

Regulatory Reviews

The Malian Central Bank conducts regular reviews to ensure that banks are meeting regulatory requirements. These reviews involve assessing a bank’s policies, procedures, operations, activities, systems, premises, and related information.

In an interview, a spokesperson for the Central Bank said: “Our goal is to ensure that all banks in Mali are compliant with regulations and that we can prevent money laundering and terrorist financing.”

Auditing AML/CFT Function

Auditors play a critical role in ensuring that AML/CFT functions are effective. Costa explained that auditors should assess the effectiveness of AML/CFT policies and procedures, identify weaknesses, and recommend corrective actions.

Conclusion

Banking compliance procedures in Mali are under intense scrutiny, with regulators and auditors closely monitoring compliance to prevent money laundering and terrorist financing. The implementation of a comprehensive AML/CFT framework and regular regulatory reviews are key measures to ensure that banks meet regulatory requirements.