Compliance Officer

Key Responsibility Areas (KRA)

The Compliance Officer in an AD-II company plays a critical role in ensuring adherence to regulatory guidelines, minimizing financial risks, and maintaining ethical business practices.

• Regulatory Compliance:

Ensure strict adherence to RBI, FIU-IND, FEMA, and other regulatory bodies guidelines.

• Stay updated with changes in regulations and implement necessary policy modifications.
• Ensure timely filing of statutory reports (e.g., CTR, STR, NTR, FMR reports to FIU-India).
• Act as the primary liaison between the company and RBI, FIU-IND, and other government bodies.
• AML/KYC Compliance:

Implement and monitor Anti-Money Laundering (AML) and Know Your Customer (KYC) guidelines.

• Ensure that all customers are onboarded after thorough due diligence and verification as per RBI norms.
• Conduct risk profiling of customers and ensure transactions are within regulatory limits.
• Report Suspicious Transactions (STR) and Currency Transaction Reports (CTR) to FIU-India.
• Internal Audits &
• Monitoring:

Conduct periodic internal compliance audits to assess branch-level and company-wide adherence to regulations.

• Identify and escalate compliance breaches with necessary corrective action plans.
• Oversee foreign exchange transactions to ensure adherence to FEMA and RBI guidelines.
• Maintain detailed documentation of compliance checks and audit findings.
• Policy Implementation &
• Training:

Develop and implement internal compliance policies (AML/KYC, Risk Management, POSH, HR policies, etc.).

• Conduct regular training sessions for employees on compliance policies and regulatory updates.
• Ensure that compliance awareness is maintained across all branches and departments.
• Reporting &
• Coordination:

Ensure timely submission of all compliance-related reports to RBI, FIU-India, and other regulators.

• Address queries raised by regulatory bodies and coordinate during inspections or audits.
• Maintain a robust MIS system for tracking compliance-related data and reporting discrepancies.
• Risk &
• Fraud Management:

Identify, assess, and mitigate compliance risks related to forex, remittances, and other AD-II activities.

• Investigate and report fraudulent transactions and policy violations.
• Work closely with the Risk &
• Credit Control team to strengthen internal controls.
• Coordination with Other Departments:
• Work in tandem with the Operations, Sales, and Risk Management teams to ensure compliance is maintained.
• Provide compliance-related inputs during new product launches, branch expansions, or regulatory changes.
• Coordinate with external auditors and regulatory bodies for inspections and compliance verifications.