Regulatory Compliance Screening SOP

This detailed SOP provides compliance officers, risk management professionals, and client relations officers with a structured framework for managing Regulatory Compliance Screening within an organisation. It includes:
– Step-by-Step Process Flow: Outlines essential subprocesses such as Client Identification, Client Approval, and Compliance Monitoring and Feedback, with clear actions, decision points, and feedback mechanisms to ensure clients meet the necessary legal and regulatory requirements before participating in digital asset transactions.
– Risk Management: Identifies key risks such as incomplete client data, false positives in sanctions screening, and delays in compliance issue resolution, with mitigation strategies including the implementation of data checklists, advanced screening tools, and issue tracking systems to ensure compliance and efficiency.
– Compliance and Regulatory Requirements: Ensures adherence to relevant laws and regulations, including jurisdictional laws and sanctions, through integrated compliance checks in the client identification and approval process, ensuring that digital asset transactions remain legally compliant.
– Key Performance Indicators (KPIs) and Controls: Defines KPIs such as client data completeness rate, sanctions screening accuracy, and compliance issue resolution time, with controls like comprehensive client data checklists, advanced screening tools, and a dedicated compliance team to ensure thorough and efficient compliance screening.
– RACI Framework: Clearly defines roles and responsibilities for each task in the compliance screening process, ensuring that compliance managers, risk assessment officers, and client relations officers are accountable and engaged at every stage, promoting a collaborative approach to client compliance.
– Systems Requirements: Details the necessary systems, including a Client Data Management System, Sanctions Screening Tool, Jurisdictional Compliance Database, and Issue Tracking System, to support the compliance screening process, ensuring secure and efficient management of client compliance data.
– Appendices: Provides practical resources such as client data collection checklists, compliance screening assessment criteria, real-life case studies, and tips for SOP users to guide users through each stage of the regulatory compliance screening process effectively.