Faux Pas That Are Actually Okay to Make With Your Compliance
When it comes to compliance, it's essential to take the rules and regulations seriously. However, sometimes mistakes happen, and it's easy to feel like you're not doing enough to stay compliant. But the truth is, some faux pas are actually okay to make with your compliance. Underneath you will find the following 11 faux pas that are actually okay to make with your compliance.
Failing to file a report on time - While it's important to file reports on time, missing a deadline once in a while is understandable. Just make sure to catch up as soon as possible.
Making minor errors on reports - While it's essential to be accurate on reports, minor errors can happen. As long as you correct them promptly, you'll be okay.
Not having a compliance program in place - While having a compliance program is crucial, not having one in place yet isn't a deal-breaker. Just make sure to prioritize creating one as soon as possible.
Failing to conduct a risk assessment - Risk assessments are essential, but missing one isn't the end of the world. Just make sure to conduct one as soon as possible and document your findings.
Not conducting proper customer due diligence - Proper customer due diligence is crucial, but missing a step here and there isn't the end of the world. Just make sure to catch up as soon as possible.
Not having a designated AML officer - While having a designated AML officer is important, not having one isn't a deal-breaker. Just make sure to appoint someone as soon as possible.
Failing to keep up with regulatory changes - It's important to stay up-to-date with regulatory changes, but missing a change or two isn't the end of the world. Just make sure to catch up as soon as possible.
Not having a documented compliance program - Documenting your compliance program is crucial, but not having it documented yet isn't a deal-breaker. Just make sure to prioritize documentation as soon as possible.
Failing to train employees on compliance - Training employees on compliance is crucial, but missing a training session isn't the end of the world. Just make sure to catch up as soon as possible.
Not reporting a suspicious activity - Reporting suspicious activities is important, but missing one isn't the end of the world. Just make sure to report it as soon as possible.
Failing to enforce your compliance program - Enforcing your compliance program is crucial, but missing a violation or two isn't the end of the world. Just make sure to take corrective action as soon as possible.
While compliance is crucial, it's important to remember that mistakes happen. The key is to catch up as soon as possible and take corrective action to prevent future mistakes. By prioritizing compliance and taking corrective action when necessary, you'll be on the right track to staying compliant.
