Enforcing compliance helps organisations prevent and detect violations of rules which protects the business from devastatingly damaging fines, lawsuits and reputational damage. The compliance process has to be ongoing. Organisations should establish a program to continuously, consistently and accurately oversee their compliance policies and procedures.

Compliance is part of an organisation’s duties to its community and stakeholders.  Without a compliance function, a business is subjecting itself to potential reputational damage.  From an operational perspective, compliance can serve as a driver of innovation and long term change.  

It is fundamental that subject persons are in a position to identify and assess the Money Laundering and Financing of Terrorism risks that they may become exposed to.  A sound compliance framework is an essential component for any subject person in terms of their regulatory obligations. 

For subject persons it is becoming increasingly difficult to remain compliant in a rapidly changing compliance world.  Regulatory bodies have increased their scrutiny and we are seeing a notable emphasis on enforcing regulations.  With hefty fines being applied by the financial authorities for non-compliance, subject persons need to develop a robust regulatory compliance function in order to achieve their business objectives. This should include strong policies and procedures that commensurate with the company’s risk appetite and the level of risks that it is exposed to, whilst meeting the stringent regulatory obligations.

Keeping up with these changes is an onerous task and outsourcing the necessary research to stay abreast of regulatory developments helps firms save time and money. Similarly, firms facing sudden growth and/or increased regulatory demands can turn to compliance outsourcing for additional support in times of change.