Roles & Responsibilities of Compliance Function
The compliance function is an independent function, accountable to the Board. The function identifies, assesses, and monitors its compliance risk covering regulatory sanctions, financial loss, or reputation loss which may come as a result of failure to comply with all applicable laws, regulations, and codes of conduct and standards of good practice. The compliance function has designed a generic compliance program to provide reasonable assurance that the company is in compliance with applicable laws and regulations issued by the applicable Central Banks, Capital Market Authorities and Stock Exchanges. The roles and responsibilities of the compliance function include, but are not limited to:
To act as the Board’s focal point in fulfilling the Compliance responsibilities and ensuring that Compliance Program exists for each Department / Branch and that it provides reasonable assurance that the businesses comply with local laws and regulations.
Core Position Responsibilities
- Keeping the Board informed on an on-going basis of the quality of compliance in the country’s businesses, compliance deficiencies, and the status of corrective actions;
- Coordinating production, documentation and approval of the annual Country Compliance Program by assisting Departments / Branches to develop business-level compliance plans which include identification of principal compliance risks, objectives and action plans;
- Participate in the Department / Branch Compliance self-assessment process, which involves participating in the formal reviews of the results of the self-assessment process, evaluating the Department/Branch ratings; and ensuring the Departments/Branches self-assessment checklists include applicable legal/regulatory/ compliance requirements;
- Assisting the Departments / Branches in developing solutions to potential issues involving compliance and regulatory risk;
- Developing Training Programs and provide compliance training in line with the Departments/Branches assessments of training needs; and
Ensure that the Anti-Money Laundering monitoring and know-your-customer procedures are performed.
- Liaising with regulators, review and respond to their requests and comments.
AML Monitoring Overview
Encipient™ has established a Board approved Anti-Money Laundering Policy to ensure compliance with high standards of anti-money laundering and combating terrorism financing practices. The Policy applies equally to Bahrain as well other jurisdictions where Encipient™ has presence. The objectives of the Policy include:
- Maintaining appropriate operational controls;
- Taking reasonable steps to identify our customers and verify that identification where required;
- Taking reasonable steps to detect abnormal transactions;
- Maintaining procedures for the reporting of suspicious transactions;
- Co-operating with the authorities to the extent permitted by the applicable laws;
- Maintaining appropriate records of customer identification and transactions; and
- Delivering appropriate training to staff.