Podcast
Questions and Answers
What is the primary expectation of regulators from the executive management of a firm?
What is the primary expectation of regulators from the executive management of a firm?
Who is responsible for ensuring a firm remains compliant with regulations during daily operations?
Who is responsible for ensuring a firm remains compliant with regulations during daily operations?
What is the main objective of operational processes in a compliant firm?
What is the main objective of operational processes in a compliant firm?
What is a key aspect of a firm's compliance function?
What is a key aspect of a firm's compliance function?
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What is a critical component of a firm's compliance culture?
What is a critical component of a firm's compliance culture?
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What is the primary purpose of staff training and CPD in a compliant firm?
What is the primary purpose of staff training and CPD in a compliant firm?
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What is a key responsibility of staff in a compliant firm?
What is a key responsibility of staff in a compliant firm?
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What is a critical aspect of a firm's compliance monitoring?
What is a critical aspect of a firm's compliance monitoring?
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Who is responsible for managing staff and providing feedback on performance issues?
Who is responsible for managing staff and providing feedback on performance issues?
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What is the purpose of quality checking and assurance processes?
What is the purpose of quality checking and assurance processes?
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What is an example of a method for monitoring an individual's compliance with regulations and internal policies and procedures?
What is an example of a method for monitoring an individual's compliance with regulations and internal policies and procedures?
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What may be necessary if an individual's non-compliance is serious?
What may be necessary if an individual's non-compliance is serious?
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What is the purpose of regular appraisal of performance by senior staff?
What is the purpose of regular appraisal of performance by senior staff?
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What may be used to identify where non-compliance may occur?
What may be used to identify where non-compliance may occur?
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What is an example of a periodic review?
What is an example of a periodic review?
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What is the purpose of assessing an individual's competence to undertake their role?
What is the purpose of assessing an individual's competence to undertake their role?
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What is the primary role of the compliance department in relation to training material?
What is the primary role of the compliance department in relation to training material?
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What is the purpose of the compliance helpdesk/helpline?
What is the purpose of the compliance helpdesk/helpline?
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Why is it essential for the compliance department to understand specific regulations applicable to the business?
Why is it essential for the compliance department to understand specific regulations applicable to the business?
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What is the purpose of providing online facilities and an FAQ guide by the compliance function?
What is the purpose of providing online facilities and an FAQ guide by the compliance function?
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Who is responsible for delivering special workshops or training sessions on specific areas of regulation?
Who is responsible for delivering special workshops or training sessions on specific areas of regulation?
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What is the focus of training sessions provided for directors and senior management?
What is the focus of training sessions provided for directors and senior management?
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Why may compliance staff provide sessions for directors and senior management?
Why may compliance staff provide sessions for directors and senior management?
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What is the primary goal of the learning and development department in relation to training?
What is the primary goal of the learning and development department in relation to training?
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Study Notes
Basic Records
- Customer applications and instructions, suitability/appropriateness test records, contract notes, and transaction records are essential records.
- Telephone recordings, customer correspondence (written and electronic), and accounts (customer, bank) are also vital records.
- Other records include customer asset and money reconciliations, trust letters, marketing materials, complaints and breach of regulation records.
- Suspicious activity reports (SARs), court orders, marriage certificates, probate, powers of attorney (POAs), and death certificates are also important.
- Anti-money laundering (AML) documents, scanning, tax vouchers, tax-related reports/returns, policies, procedures, and distribution records are part of the records.
- Cheque processing, risk assessments, control reports, and checklists are also included.
Periodic Records
- Prospectus and instruments of constitution, staff records for recruitment, fit and proper tests, references, credit checks, and training and CPD are periodic records.
- Statements issued to customers, reports and accounts, knowledge base, websites, and non-essential records like supplier invoices and management accounts (forecasts/projections) are also part of periodic records.
The Compliance Function
Responsibilities and Accountabilities of Management and Staff
- Regulators expect executive management to ensure clear responsibility for the running of the firm.
- Management and staff are responsible for ensuring daily activities comply with regulations.
- Operational processes must follow prescribed procedures to achieve the right outcomes.
- Compliance staff review training material, advise on updates, and provide sessions on specific areas of regulation.
Providing Written Guidance to Staff
- The compliance department must understand specific regulations applicable to the business.
- Staff need to ensure work undertaken remains in line with regulatory requirements.
Monitoring Individual Compliance
- Directors and management are responsible for managing staff and providing feedback on performance issues.
- Quality checking and assurance processes identify non-compliance.
- Methods for monitoring individual compliance include:
- Regular appraisal of performance by senior staff
- Periodic reviews (monthly, quarterly, half-yearly, or annual)
- Quality checking and assurance processes (manual checks or automated system reports)
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Description
This quiz covers various types of records and documents related to financial institutions, including customer applications, transaction records, and compliance reports. It also touches on legal documents such as court orders and probate. Test your knowledge of financial records management and compliance regulations.