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| These bodies warn that if banks and financial institutions fail to adhere to recommended compliance guidelines, they would tend to open themselves to operational, legal and reputational risks and consequent costs. Penalties imposed against non-compliance in certain countries are severe enough to force a bank or financial institutions ultimately close its operations.
To tackle these risks, common trend for both large and small financial institutions is the transition away from task-oriented compliance programs to process-oriented compliance programs. Process-oriented programs require compliance to be practiced, tested, validated and evolved through out the organization on an ongoing basis.
An effective enterprise-wide compliance-risk management program should be flexible to respond to change, and tailored to an organization’s corporate strategies, business activities, and external environment. Finally and more importantly, an effective enterprise-wide compliance-risk management program requires strong board and senior management initiation and oversight. |
Compliance Issues Worldwide
January 31, 2007
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KYC AND AML SOLUTION 