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1 st Annual Compliance and AML Seminar Presented by Farouk Amod-Manager Compliance and AML

1 st Annual Compliance and AML Seminar Presented by Farouk Amod-Manager Compliance and AML 24-25 March 2009. My Bank ... Riyad Bank. Ongoing Compliance Challenges and Major Issues. 1. Basle Committee definition of compliance :

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1 st Annual Compliance and AML Seminar Presented by Farouk Amod-Manager Compliance and AML

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  1. 1st Annual Compliance and AML Seminar Presented by Farouk Amod-Manager Compliance and AML 24-25 March 2009 My Bank ... Riyad Bank

  2. Ongoing Compliance Challenges and Major Issues 1.Basle Committee definition of compliance : Risk of regulatory sanctions, financial loss and damage to reputation. 2.What is required to manage? Obey the law, implement policies, procedures, controls and set standards. 3. What are the challenges? To determine which applicable laws pose the major risks, how do we implement them, how do we make sure every area complies with them. We must also adhere to corporate governance principles and rules. Promote ethical standards, transparency, honesty, fairness, and provide excellent service. We must perform our obligations to all stakeholders - customers, shareholders, counterparties, employees and society in general. My Bank ... Riyad Bank

  3. Globalization challenges Compliance in all countries and stakeholders in all countries must be considered. Diverse products, complex products, increasing volumes of business. Standard of conduct Entire organisation must act according to standards set. Reputation must be protected by adequate controls. The Board and Head Office must have oversight of compliance. Issues The more audits and reviews conducted the better the compliance. This results in increasing costs. Achieving the balance between cost and compliance is a major issue. This depends on the nature and complexity of the organisation An understanding and a proper assessment of compliance risk required. My Bank ... Riyad Bank

  4. 4. How to overcome the challenges? Set the tone at the top. Provide training and awareness to set the culture and the standards. Implement adequate controls. Perform regular assessments and provide adequate attention. Continuous focus and attention to major issues 5. Conclusion One should always bear in mind the ultimate objective of compliance is sustainability of the organisation which should be in accordance with the nature size, structure and complexity of the organisation. - legal sanction: could result in withdrawal of license - financial loss: could result in insolvency/liquidation - reputation: result in loss of business The question is and always be how much is required to address each of the compliance risks to sustain the organisation? Thank You My Bank ... Riyad Bank

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