Compliance

“Compliance, a must for every organization”

Compliance, indispensibale in today’s organizations. As the term already suggests: it is inherent to the verb ‘to comply’ and means conformity. In recent years, the term Compliance has become a true discipline and the designation is used as a technical term to indicate an organization complies with relevant laws and regulations. Especially financial instutions such as banks and insurance companies are forced to comply.

Two dimensions…

Compliance describes the ability to act accordingly to an order, set of rules or request. In the context of financial services businesses, Compliance includes two dimensions:

  • compliance with the external rules that are imposed upon an organization as a whole;
  • compliance with internal systems of control that are imposed to achieve compliance with the externally imposed rules.

The Compliance department

The overriding objectives of a compliance department should ensure an organization has systems of internal control that adequately measure and manage the risks that it faces.

The general responsibility of the Compliance department is to provide an in-house Compliance service that effectively supports business areas in their duty to comply with relevant laws and regulations and internal procedures.

What is the build-up of the Compliance domain?

The Compliance domain is build-up by the three lines of defence model (3LoD Model). BrightYP provides positions within the first line. However, we often notice people employed in the first line have a solid base of experience to grow to positions in the second line of the 3LoD Model.

Customer Due Dilligence Analist – CDD Analist

CDD has become an indispensable part for integer business operations. In recent years the focus on financial economic crime (FEC) has been increased signifantly. Practices such as Money Laundering, fraud and terrorism are unfortunately common issues within financial instituations. To ensure clients behave according to laws and regulations, organizations are obligated to know their customers (KYC). As a CDD analist you provide insights into the customers and it’s intentions. This includes: tracking customer signals, analyzing company structures, determining risk factors and monitoring transactions. In other words: you ensure the organization operates legally!

Anti Money Laundering Analist – AML Analist

Anti Money Laundering refers to a set of laws and regulations to prevent criminals covering illegally obtained funds. It’s up to our bright young professionals to monitor the customers’ deposits and other transactions and ensure they are not involved in money-laundering practices. As an AML specialist you are responsible for protecting assets by identifying and preventing crimes.

Do you have a background in (criminal) law, criminology or a total different study but affinity with Compliance and financial institutions? Don’t hesitate to contact us!