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  • VISION 2013: Compliance Department

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    Ronald Fernandes
    19 просмотров15 страниц
    The document outlines the compliance department's vision and objectives. It discusses what compliance means, managing the compliance process, and key challenges like limited deviations captured through sample checking. It describes the bank's Anti-Money Laundering/Know Your Customer program, three lines of defense, and challenges around correspondent banking, remittance transactions, and KYC non-compliant accounts. The solutions proposed include effective training, an EGRC framework, nodal compliance officers, new query resolution, skill building, data mining legal opinions, and instilling a culture of compliance to generate a trustworthy brand.

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    Trial

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    The document outlines the compliance department's vision and objectives. It discusses what compliance means, managing the compliance process, and key challenges like limited deviations captured through sample checking. It describes the bank's Anti-Money Laundering/Know Your Customer program, three lines of defense, and challenges around correspondent banking, remittance transactions, and KYC non-compliant accounts. The solutions proposed include effective training, an EGRC framework, nodal compliance officers, new query resolution, skill building, data mining legal opinions, and instilling a culture of compliance to generate a trustworthy brand.

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    19 просмотров15 страниц

    VISION 2013: Compliance Department

    Загружено:

    Ronald Fernandes
    The document outlines the compliance department's vision and objectives. It discusses what compliance means, managing the compliance process, and key challenges like limited deviations captured through sample checking. It describes the bank's Anti-Money Laundering/Know Your Customer program, three lines of defense, and challenges around correspondent banking, remittance transactions, and KYC non-compliant accounts. The solutions proposed include effective training, an EGRC framework, nodal compliance officers, new query resolution, skill building, data mining legal opinions, and instilling a culture of compliance to generate a trustworthy brand.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PPT, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 15

    VISION 2013

    COMPLIANCE DEPARTMENT

    What is Compliance?
    Compliance basically is adherence to set laws and regulations. This can be effectively achieved through:

    The process of identifying and analyzing the rules governing the operations of the Bank Designing and implementing adequate control in order to conduct business in accordance with the rule. Monitoring the effectiveness of the controls put in place.

    Management of the Compliance Process

    Key Challenge
    The compliance department Business Depts.

    The Regulators
    Business and Compliance must work together

    AML/KYC Program
    The objective of the AML/KYC Program is to prevent, detect and report money laundering, terrorist financing and other illicit activity
    Prevention
    Account Opening Customer Identificatio n Program KYC Processes Enhanced Due Diligence Customer Screening

    Detection
    Transaction Monitoring Alert Generation Investigation s Periodic Reviews Enterprise wide Reviews

    Reporting
    Suspicious Activity Reporting Subpoenas Account restriction or closures Business Review

    AML/KYC Program
    Three Lines of Defense
    First Line of Defense Business & Support Lines Second Line of Defense AML & Product Compliance, Legal, Compliance Testing
    Third Line of Defense

    Audit

    Challenges

    Limited Deviations captured as a result of sample checking Correspondent banking Transactions Remittance Transactions High number of KYC non-compliant accounts

    Our Objective
    Demonstrate to Senior Management & Regulators that Compliance Risk is under control Compliance Function is tightly integrated in the daily activities of the Business Function Overcome the challenges

    Solution ..Effective Training

    Does a 25 year old down on the Front Desk, when confronted by a compelling sales situation, make a decision in a law abiding manner thats in the long-term best interest of the bank and its shareholders ?

    Internal Audit compliments Compliance


    Internal Audit must be equipped to understand Compliance issues so that it can:Test the adequacy of Compliance internally Check whether the content of Compliance Manual and Program communicated properly? Check if there mechanism to ensure that compliance polices and procedures are adequately implemented and provides inputs to Compliance for improvement

    Creating a barometer of health


    EGRC FRAMEWORK (SAS)
    Demonstrate to Senior Management & regulators that Compliance risk is under control

    Tight Integration into business environment


    Nodal Compliance Officers(NCO)

    New Query Resolution Approach

    Compliance.First@Axisbank.com

    Skill building for Compliance Officers/ NCOs TALISMA


    Store, Track & Disseminate

    A better path through the regulations with less conflict between regulations Data Mining of Legal Opinions obtained
    and previous Opinions offered to the various offices

    Instilling a culture of Compliance

    A strong moral standard must pervade the entire organization so that the compliance focus is on the spirit not just the letter of the law

    Compliance does not generate revenue It generates a

    TRUSTWORTHY BRAND
    Thank you

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