The best way to mitigate risk is to detect and manage
problematic accounts before they become a risk. Performing a comprehensive identity verification check reduces the risk of
fraud and breaking compliance rules. The screening programme needs to gather data from diverse government sources, international regulators and law enforcement agencies.
counteract the potential for AML to affect the business in a negative way?
AML compliance is something that cannot be improvised. Te policies need to be thought through carefully. It is crucial to state them clearly and have it written out for all executives, staff, and regulators to see. Again, training is the key. Every employee from RPF needs to know and understand the company’s policies and procedures. Employees need to be aware of the legal requirements in the first place. Employees need to recognise the techniques used by money launderers, conduct various checks and learn and how to report suspicious activities. Refresher programmes are needed to keep staff vigilant and informed to ensure these programmes are up to date.
Te best way to mitigate risk is to detect and manage problematic accounts before they become a risk. Performing a comprehensive identity verification check reduces the risk of fraud and breaking compliance rules. Te screening programme needs to gather data from diverse government sources, international
regulators and law enforcement agencies. Tracking must occur on a regular basis. Tracking refers to the analysis of regular, current activities to ensure activities remain in compliance.
Tere are various activities to keep track of, such as exceeding thresholds, suspicious activities, change of status, recording of communications, surveillance of employees, watchlists, market trends, new regulations, trade data and various other market and transaction monitoring needs.
Workplace diversity and inclusion, unconscious bias and discrimination and harassment - to what level does your compliance team address and police these issues?
Diversity and inclusion are close to my heart. I have been fortunate to be surrounded by colleagues that share the same view. Transparency and honesty are one of the values of great importance to me; therefore, all employees are encouraged to be very open about any issues they might be facing.
Luckily, there have not been any cases reported where any of those abovementioned was listed as a problem. Tere is a zero-tolerance policy when it comes to discrimination and harassment. Should there ever be an issue, you can rest assured that disciplinary measures are taken. It is always advised to educate, educate and again educate, so there is no need to take any drastic measures.
Is the protection of vulnerable customers a compliance issue?
It is not only a compliance issue but also a business obligation if we treat social responsibility seriously. Tis does not necessarily reflect a moral view, but the benefits to business of a sustainable business model. It is worth emphasising the fluid nature of vulnerability - any consumer can become vulnerable at any time, and weakness can be temporary, sporadic or permanent.
Overall, the issue of vulnerable customers is certainly not black and white, and so it is essential firms take an appropriately flexible
NEWSWIRE / INTERACTIVE / MARKET DATA P97
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