It was interesting to read on our partner site http://www.complyport.co.uk/ that a company was recently subject to fines by the FSA on the topic of anti money laundering.
The interest from my perspective on this article was that the company had not been subject to any misdemeanour themselves, but had failed to provide adequate processes and control within their company to possibly prevent an incident occurring.
The lack of control of process had also lead to questionable levels of competence with regard to staff.
Only by developing formal policies and procedures, in line with the business and reviewing these on a regular basis to ensure the such policies are still fit for purpose and finally, communicating these to the appropriate personnel can a company expect to meet its regulatory obligations.
We are seeing more and more examples of this type of prosecution from compliance regulators and not just in financial areas. Those responsible for managing compliance within their firms should insist that proper control processes are in place. Certainly in this day and age this should lead to some form of integrated system.
It was also interesting to read within the article that both the company and the senior manager responsible for the policy process had been fined in this matter. There is no excuse for organisations, large or small not to control these matters and there are some excellent solutions within the market place to support such control.
Tabaq Software have developed and market jComply, a web based policy and procedure management application. http://www.jcomply.com/
In addition to the core application we have developed a number of add on modules to enhance the product to meet certain industry specific needs, this includes working with quality partners such as Complyport to ensure our clients staff are full trained in up to date material such as AML and TCF.
As a professionally developed, web based application jComply is available as a traditional client owned tool or as a Software as a Service (SAAS) solution which is proving very useful for our smaller clients.
Complimented with our FSA training content from Complyport, Tabaq Software continue to provide our financial and insurance clients with complete competitive corporate governance solutions. For further details or for a product demonstration contact sales@tabaqsoftware.com.
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