And are your policy and compliance handbook still up to date?
There was low-key but significant move in Colombo, Sri Lanka, recently. Reported on 6 October in Sri Lanka’s online Daily News*, the country’s Securities and Exchange Commission (SEC) and the Colombo Stock Exchange (CSE) met with businesses and compliance officers from market intermediaries to emphasise the importance of the compliance officer role.
There’s a bit more to it than that, of course (the article is worth a read), but key takeaways included two elements:
- fit-for-purpose compliance policies, with board level status, and
- equally up to date internal compliance manuals for compliance officers and other staff.
Old news, new news?
Some readers may raise an eyebrow and say, well, surely those are obvious requirements.
That may be true, but it is surprising how many businesses worldwide fail to update one or the other document as the compliance landscape continues to change.
This is important for every enterprise. It’s especially so for financial service providers, including those we might overlook – like gambling operators, and money remittance and travel money services, for example. These and other relatively low profile financial service businesses are bound by compliance directives as big banks or credit unions.
Maintaining relevant compliance polices, and keeping compliance manuals current is an important part of showcasing a pro-compliance ethos as well as protecting the business.
Mastery of practical detail: it’s important
At Essiell Compli we know exactly how vital this can be. Our Compli suite of services delivers an always-on compliance capability that monitors transactions globally. One standout benefit is that the services can be customized to an individual business’s unique needs.
As we configure the rules engine in our system for a new client, their Compliance Policy and their Compliance Manual are invaluable. In turn, these feed into the Behaviour Checker which is at the core of transaction monitoring.
Ensuring these documents are relevant and up to date is a priority. A small oversight by the business, however innocent, may lead not just to financial loss but also to regulatory fines and reputational damage.
It’s refreshing, therefore to see the Sri Lankan SEC and CSE addressing these issues transparently and head-on. In particular, the insistence that Compliance Policies should have the visible status of being board approved and that Compliance Officers should have direct access to the board as a matter of routine and when required.
It’s good advice. Every business should listen and consider whether their documents are up to date, how well their structure works, and if anything could be improved.
By Bjorn Larsson, Chairman of Essiell Compli.
Essiell Compli develops and delivers cutting-edge technology and comprehensive compliance solutions. Our services are designed to safeguard your business globally, for KYC to ensuring seamless adherence to anti-money laundering regulations, alongside checks for combatting the financing of terrorism, and sanctions busting.
Compli includes the concept of a global person to build individual profiles from multiple databases. When used by co-operating organisations, data silos and consequent information voids are a thing of the past. Compli operates on the cloud and is a cost-effective compliance solution needing no changes to existing systems.
If you’d like to find out more about how Essiell Compli and Compli can help your business stay safe and meet compliance requirements – especially if you work in Gambling, Travel Money or Money Remittance services – then get in touch via our website www.essiell-compli.com , or by email to enquiries@essiell-compli.com
* SEC urges Compliance Officers to play more effective role, October 6, 2023
