Monitoring compliance
Contents
Monitoring compliance
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
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