Reporting institutions must set up a compliance monitoring system. This system is responsible for monitoring the risk of non-compliance.

The organization of the compliance system meets the following conditions:

  • The compliance control department is independent of the operational business units and reports directly to the executive body,
  • It is responsible for coordinating compliance risk management within the group,
  • To avoid any potential conflict of interest, the compliance officer must not hold any other position within the group.
  • Certain tasks relating to the responsibilities of the compliance officer may be delegated to departments. In this case, the compliance officer assumes a coordinating role between the entities responsible for carrying out the tasks arising from his responsibilities.
  • The persons in charge of compliance must have a high level of competence in the field of banking and financial activities and an in-depth knowledge of the rules and standards in force.
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