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"Fantastic! The legal document I used was so comprehensive and easy to complete. It is very reassuring to know my business now has this level of protection"
The extent to which monitoring needs to take place will be affected by:
The size of the business
The nature, scale and complexity of its operations
Its overall risk profile
Monitoring compliance will assist a business to assess whether the policies and procedures it has implemented are effective in forestalling money laundering and terrorist financing opportunities within the organisation. Issues which may be covered in a compliance system include:
Procedures to be undertaken to monitor compliance, which may involve:
Random file audits
File checklists to be completed before opening or closing a file
An MLRO's log of situations brought to their attention, queries from staff and reports made
Reports to be provided from the MLRO to senior management on compliance
How to rectify lack of compliance, when identified
How lessons learnt will be communicated back to staff and fed back into the risk profile of the business