top of page

Compliance Function

General Overview

​

The prevalence of financial crimes such as money laundering, tax evasion, terrorism financing as well as other corporate scandals have triggered the regulators around the world to heighten their regulatory requirements and expectation on the financial services industry. This inevitable creates an increasingly sophisticated and demanding compliance practice and environment where all the financial services industry players are bound to comply in order to safeguard their regulated and licensed status as well as to maintain sustainability and longevity of their businesses.

​

However, setting up a compliance department from scratch can be a hassle and time-consuming. Not only that it requires adequate capital resources and budget allocation, but a strategic operation plan which, includes but not limited to, talent recruitment, steering the right compliance culture and practice, building the risk management and internal controls as well as employee training can be sophisticated. It requires proper expertise, relevant skills, knowledge and experience.

​

Establishing a compliance department which is robust and strong from the beginning during the early start-up of a company is important so as to steer the right direction and practice for the company.

​

With a correct and healthy compliance culture and practice in place, it serves as a great wall to defend the company against any potential regulatory sanction, blacklisting, sentence, penalty as well as other possible disciplinary actions and legal proceedings which might expose the company to legal and reputational risk. One of the most common cases is the revocation of license which leads to the shutting down of the entire business.

​

Worrying about how to start a compliance department and getting the right talent? Tell us your budget, let us shoulder all your issues right. We are able to build up a compliance department and hand over to you!​

01

Tailor-Made Compliance Outsourcing Services

We provide tailor-made compliance outsourcing services according to your budget, which includes but not limited to the follows:

 

  • Establishing the compliance framework and management

 

  • Recruiting and interviewing suitable talents

 

  • Drafting the AML/CFT guidelines and related policies

 

  • Drafting all relevant rules, practices, policies, procedures, checklists, forms and templates

 

  • Drafting relevant agreements

 

  • Providing AML/CFT and annual statutory compliance trainings

 

  • Risk management and internal control framework and advisory

 

  • Corporate governance

 

  • Legal and compliance advisory and consultancy

02

Monthly Compliance Outsourcing Services

  • Work with the Designated Compliance Officer (“DCO”) and/or team assigned by the CLIENT in relation with the provision of guidance related to the application of internal programmes and procedures, including proper maintenance of records and reporting of suspicious transactions

 

  • Work with the team assigned by THE CLIENT in relation with:

    • compliance with the AML/CFT requirements

    • proper implementation of AML/CFT policies by THE CLIENT​

03

Compliance Function

  • ​effective implementation of appropriate AML/CFT procedures, including CDD, record-keeping, ongoing due diligence, suspicious transaction report and combating the financing of terrorism

  • regular assessment of AML/CFT mechanism such that it is effective and sufficient to address any change in ML/TF trends
  • channels of communication from the respective employees to the branch or subsidiary Compliance Officer and subsequently to the Compliance Officer is secured and information is kept confidential

  • all THE CLIENT’s employees are aware of THE CLIENT’s AML/CFT measures, including policies, control mechanism and reporting channels

  • establish and maintain relevant internal criteria (red flags) to enable identification and detection of suspicious transactions

  • evaluate internal generated suspicious transaction reports appropriately before being promptly reported to the Financial Intelligence and Enforcement Department (FIED), Bank Negara Malaysia and AML Policy Unit of Labuan FSA

  • proper identification of ML/TF risks associated with new products or services or risks arising from the Labuan KRI’s operational changes, including the introduction of new technology and processes

  • compliance with any other obligations that are imposed under the Guidelines

  • submitting requisite periodical reporting to the Authority

The information contained in this document is provided for information purposes only. It does not constitute legal advice and should not be relied upon as such. The readers may need to obtain professional advice on legal or tax issues affecting you before relying on it. However, Signature Trust Ltd tries to ensure that the content of this document is accurate, adequate, or complete, it does not represent or warrant, express or implied, its accuracy, correctness, completeness or use of any of the information. Signature Trust Ltd expressly disclaims any liability to any person for loss or damage incurred as a result of reliance placed upon the information contained in this document.

Customised, Consistent, Practical and Reliable

bottom of page