By Mark Dorosz
VP of Compliance Learning, Interactive Services
The quality and effectiveness of an anti-money laundering compliance program depends on commitment, continuous training and executive oversight. The best time for employees to identify suspicious activities is before transactions are completed, so these industry best practices will ensure transparency and high quality protection.
More and more companies are hiring chief compliance officers (CCOs) to help oversee their financial operations. The SEC states that CCOs play a critical role in maintaining financial integrity. They generally have three primary duties. First, policy management through defining, training and communicating corporate procedures. Second, compliance monitoring through measuring organizational adherence to standards. Third, investigation management through thoroughly examining and responding to violations. They usually collaborate with risk, legal and financial departments to resolve issues and maintain programs. [Read more…]