Compliance Services
Monitoring Scheme Compliance Plans
What it is: Regularly checking if a business’s compliance program is working as intended. This involves reviewing policies, procedures, training materials, and conducting audits.
Why it’s important: Ensures the business is meeting its regulatory obligations, reducing the risk of fines or legal action.
Example: A financial institution regularly reviews its KYC (Know Your Customer) procedures to ensure they are up-to-date with the latest regulations.
Pre and Post Trade Compliance
What it is: Checking trades before they are executed to ensure they comply with regulations (e.g., preventing insider trading). Post trade compliance involves reviewing executed trades for any potential breaches.
Why it’s important: Prevents market manipulation, ensures fair trading practices, and protects investors.
Example: A stockbroker uses software to automatically flag any trades that might violate insider trading rules.
KYC and AML Monitoring
What it is:- KYC (Know Your Customer): Verifying the identity of customers to prevent fraud and money laundering.
- AML (Anti-Money Laundering): Monitoring transactions for suspicious activity that might indicate money laundering.
Why it’s important: Helps prevent financial crimes, protects the integrity of the financial system.
Example: A bank requires new customers to provide identification documents and may monitor their transactions for large or unusual activity.
Liaison with ASIC
What it is: Communicating with the Australian Securities & Investments Commission (ASIC) on behalf of a business. This might involve responding to inquiries, reporting breaches, or seeking guidance on regulatory matters.
Why it’s important: Maintains a positive relationship with the regulator, ensures compliance with ASIC’s requirements.
Example: A financial services company reports a data breach to ASIC and cooperates with their investigation.