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The compliance department must ensure the Consumer Microfinance Company’s compliance with applicable laws, regulations and instructions. It shall particularly perform the following tasks:
1.
identify and deal with all compliance risks and monitor all relevant developments;
2.
analyze new procedures, policies and operations and suggest procedures to address relevant compliance risks;
3.
follow a risk-based compliance program and include its findings in the report referred to in Article (41) of these Rules;
4.
collect compliance-related complaints and formulate written guidance to staff, where necessary;
5.
draft internal policies and procedures to combat financial crimes, such as money laundering and terrorism financing;
6.
monitor compliance with anti-money laundering and anti-terrorism financing laws, regulations, and rules;
7.
promote awareness of compliance issues and provide training to employees on compliance-related matters through periodic programs; and
8.
immediately report to SAMA and the audit committee in case of revealing any irregularities or violations.
