Part of the mandate of the Fourth Anti-Money Laundering Directive requires all Alternative Investment Fund businesses to appoint an internal Compliance Officer. The role of the Compliance Officer is to get a thorough understanding of every regulation and requirements outlined in the AiF Directive and be sure the business maintains compliance with these standards.
The Compliance Officer has a large and necessary role within the AiF business, and it can be a very difficult position to be in. A Compliance Officer must dedicate themselves to constant learning, engaging, and be aware of news related to the financial sector. In recent years, regulations have changed much faster and much more dramatically than ever before, and more change is set to come.
The Compliance Officer is also tasked with having total insight into the business they work for, knowing all internal procedures, risks, and how clients and portfolios are vetted.
Bringing together all this insight and knowledge, the Compliance Officer coordinates many moving parts to be sure the business complies and minimise the risk of future issues with fraud.
How do Compliance Officers do their work?
Being a Compliance Officer is no small job. They are placed in a very difficult position, parsing information about their business, compliance regulations and international law to be sure every component of a business is functioning well. Part of a Compliance Officer’s mandate is to ensure all existing employees, and all new hires, are informed, up to date, and practicing the necessary procedures that protect a financial organisation.
The Compliance Officer will work with every staff member and division to get insight, conduct training, and make changes as necessary. What’s more, they are required to be future-focused, trying to anticipate future changes and risks, and finding ways to deal with them internally.
How can we be sure we are complying?
The main job of The Compliance Officer is to ensure your business is complying with all financial regulations, but the truth is, you cannot rely solely on a single employee to ensure all standards are being met. No matter how large the company, the Compliance Officer faces challenges, either tasked with a massive workforce to deal with, or a very small staff and limited resources.
Active Optimus Group in Guernsey can help your Compliance Officer manage the massive job they have to handle. We offer complete compliance services and training with our comprehensive compliance plans. We provide documentation, policy guidance, and on-site visits to help your Compliance Officer do their job well. In small firms that may not have enough staff to appoint a Compliance Officer, Active Optimus Group specialists can even fulfil that role.
Active Optimus Group Guernsey is dedicated to understanding Compliance and helping all AiF firms get their businesses up to standard. Our professional support can help any AiF business ensure they update their operations to fall within compliance, and ensure you’re operating as effectively as possible.