Objectives of the compliance function
The compliance function at the bank aims to:
- Find and maintain confidence in financial systems.
- Emphasize the importance of existent mechanisms and frameworks that guarantee facing money crimes, especially money laundering operations.
- Maintain professional values and practices in the bank.
- The compliance monitoring function has become - as well as a requirement for good performance - a tool to ward off risks, especially reputation risks, and thus has become a requirement to maintain the integrity of the banking financial system and improve its efficiency.
- This function helps according to your customer’s knowledge base (KYC) when starting a relationship by opening an account for a customer to uncover illegal operations such as money laundering and financial crimes.