Our Compliance Advisory service line pays particular focus on assessing and mitigating two sectors of risk: regulatory compliance and ML/FT risks. Our experts within this field have delivered quality assessments, enabling licensed entities, service providers and subject persons to foster a compliance culture within their own organisation, as well as planned reorganisation, including practical measures intended to tailor and reshape a company’s culture of compliance to suit the ever-changing compliance obligations.
Businesses which fail to adhere to their compliance obligations could be subject to heavy sanctions and adverse media, at the expense of their reputation and customer trust. For this reason, our experts assist customers to sufficiently demonstrate to regulators their strong adherence to compliance obligations.
In order to obtain an understanding of the level of compliance within an organisation, we encourage our customers to consider the following:
- Do you have a Compliance program in place?
- Do you have an escalation procedure in place?
- Do you have an appointed whistle-blower officer?
- Do you have systems (possibly automated) in place for the ongoing customer transaction and activity monitoring?
- Are you aware of your reporting obligations?
- Are you aware of your regulatory obligations as a licensee?
- Are your employees aware of who the company MLRO is?
- Does the MLRO maintain a STR register?
- Does senior management enforce a compliance culture within the workplace?
- Have you reassessed your company’s risk profile in the last 12 months?
- Have you reassessed your customers’ risk profile in the last 12 months?
- Have you provided company-wide AML/CFT training to your employees within the last 12 months?
- Have you updated your Business Risk Assessment (BRA) following internal operational changes?
- Have you updated your company policies in line with ongoing legislative amendments?
BDO is here to help!
Our Compliance Advisory department can provide you with a tailor-made compliance review and the setting up of any necessary compliance and training programs.
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