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IBC Compliance checklist

1. Client Due Diligence (CDD)

Verify the identity of clients using reliable and independent sources.

Conduct risk assessments to categorize clients based on risk levels.

Maintain up-to-date records of client information and verification processes.

2. Ongoing Monitoring

Implement procedures to monitor client transactions and activities continuously.

Review and update client risk assessments periodically.

Identify and report any suspicious activities to appropriate authorities.

3. Training and Awareness

Provide regular training sessions for staff on IBC compliance and related regulations.

Ensure that all employees understand their roles in maintaining compliance.

Distribute resources and materials on IBC regulations and best practices.

4. Record Keeping

Maintain comprehensive records of client identification, transactions, and due diligence efforts.

Ensure records are stored securely and are easily accessible for audits.

Retain records for the required period as per regulations.

5. Reporting Obligations

Establish protocols for reporting suspicious activities to the relevant authorities.

Ensure timely submission of mandatory reports and disclosures.

Keep a log of all reports made and any follow-up actions taken.

6. Compliance Program Review

Conduct regular reviews of the firm's IBC compliance program to assess effectiveness.

Update policies and procedures based on changes in regulations or business practices.

Engage external auditors or consultants for independent assessments if necessary.

7. Risk Assessment

Perform an initial and periodic risk assessment of the firm's operations and clients.

Identify potential vulnerabilities and implement measures to mitigate risks.

Document risk assessment findings and actions taken.

8. Policies and Procedures

Develop and maintain comprehensive IBC compliance policies and procedures.

Ensure that all staff are familiar with and adhere to the established policies.

Regularly review and update policies to reflect changes in laws or business operations.

9. Client Communication

Inform clients about the firm's compliance obligations and their role in the process.

Provide clients with clear instructions on the documentation required for compliance.

Establish a communication channel for clients to ask questions regarding compliance.

10. Technology and Tools

Utilize technology to streamline compliance processes and record-keeping.

Implement secure systems for data storage and client information management.

Regularly assess technology for effectiveness and compliance with IBC regulations.

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