An approach to a compliance program

Businesses operate in an increasingly regulated environment through which they are exposed to legal and financial risks that must be managed. Compliance programs are important for operating in a regulated environment to ensure that a business adheres to the requirements of laws, industry and organisational standards and codes, principles of good governance and accepted community and ethical standards.

While the AML/CTF program itself is designed to identify, mitigate and manage the business risk of money laundering and terrorism financing (ML/TF), the implementation of and continued adherance to the AML/CTF program within your business is the essence of a compliance program. A successful compliance program ensures that the business will continue to meet its AML/CTF obligations.

Some organisations may only require:

• a simple program because of the small size of the business and the minimal range of products and services offered to a limited range of customers.

More complex organisations may require:

• dedicated compliance staff
• detailed guidelines and procedures for different business units that face risks
• systems to keep track of the business's legal and regulatory requirements.