THE ROLE AND IMPORTANCE OF A COMPLIANCE OFFICER IN THE ACTIVITIES OF A FINANCIAL INSTITUTION IN ORDER TO PREVENT THE LEGALIZATION (LAUNDERING) OF CRIMINALLY ACQUIRED FUNDS AND THE FINANCING OF TERRORISM

The relevance of the topic is confirmed by the changes taking place in the financial monitoring system: the complication of procedures aimed at countering money laundering and financing of terrorism, the creation of specialized international and European requirements and the changes of requirements for compliance specialists. Financial institutions more often face the incompetence the incompetence of these employees and their negligence. The author analysed anti money laundering and counter financing of terrorism legal acts, as well as revealed the main recommendations to financial institutions for preventing money laundering and terrorism financing. Based on scientific research, the main risk factors for using financial institutions for money laundering were identified. Based on these risks factors, the author identified the role and importance of a compliance officer in order to prevent the legalization (laundering) of criminally acquired funds and the financing of terrorism.

Good People Doing Bad Things

Nearly all major corporations and many public agencies have established ethics and compliance departments, some of them as the result of penalties imposed by the US Department of Justice, others due to embarrassing scandals. The responsibilities of these departments range from inculcating codes of conduct and preventing bribery, to impeding litigation for harassment and bribes, or ensuring that government certifications and branch standards are followed. For the compliance officer, ethics breaches are not due to unethical persons, but inadequate compliance training. This article, based on fieldwork in compliance training conferences, anti-corruption events and readings of ethics and compliance manuals, describes how a ‘culture of compliance’ is pursued in organisations. In the wake of continuing ethics breaches, are these regimes genuine efforts to ‘do the right thing’, or simply a façade to improve firms’ reputations? Compliance can be both real and fake, and the compliance function must ensure where the latter is authentic and where it can be ignored.

COMPLIANCE MANAGEMENT IN PUBLIC ADMINISTRATION BODIES

The aim of this study is to present the compliance functions in public administration bodies and, as a result, to present the demands with regard to the legitimacy of the compliance management in the public sector programme. The author has focused on theoretical considerations which purpose was to justify the necessity of implementing compliance procedures to public administration bodies. The analysis of the list of publications of the subject in terms of the issue mentioned above has been applied with particular reference to „Guidelines regarding the terms of creating and introducing effective compliance programmes in public sector.”, as well as to legal rules and press releases. In addition, the article has been based on the author’s knowledge acquired during the Approved Public Compliance Officer (APCO) training within „Ethics, Compliance & Integrity Professional” programme. The above mentioned issues comply with the present needs of public administration bodies which must implement whistleblowing procedures in accordance with the latest European Union directive and are willing to keep the compliance structures in accordance with the Central Anti-Corruption Bureau guidelines.

The relevance of compliance audit on companies’ compliance with disclosure guidelines of financial statements

Purpose This paper examines the relevance of compliance audit on companies’ compliance with disclosure guidelines of financial statements with special reference to the case of companies registered in the Muscat Securities Market (MSM), Oman. Design/methodology/approach This paper adopts a direct measure of compliance prescribed and published in the annual report of Capital Market Authority (CMA) and its executive regulation from period 2011 to 2019. Findings The finding shows that there is a positive association with audit on companies’ compliance with disclosure guidelines of financial statements that enrich companies to ensures adherence to regulatory guidelines of Oman. Practical implications The key limitation of the study is that it depends on a transparency indicator from a secondary source. Further, this might encourage companies to appoint qualified compliance officer which will be a value addition for best practice of corporate governance (CG) of the organizations. Originality/value The evidence recommends that audit on companies’ compliance with disclosure guidelines of financial statements is a significant factor that helps the company to enhance its financial performance and provides assurance to the government that the company follows applicable rules and regulations. It also recommends that the appointment of designated compliance officer assures adherence to companies’ regulatory guidelines of Oman. Besides, conducting research in audit on companies’ compliance with disclosure guidelines of financial statements brings novelty in the literature in emerging countries. As per best knowledge of the researchers, there has been no empirical study (within the literature) observed, which inspires much encouragement to do this study.

El delito contable y la necesidad de implementar Programas de Cumplimiento Penal en la empresa para evitar su comisión

Resumen: En este artículo se analiza el delito contable y la necesidad de implementar en las empresas sistemas de vigilancia y control para evitar la comisión de ese delito en su seno. Se hace referencia a los tres aspectos más relevantes a considerar: la implantación de un plan de cumplimiento penal o Compliance Program, la designación del Oficial de Cumplimiento o Compliance Officer y la instauración de un Canal de Denuncias o Whistleblowing Channel.Abstract: This article analyzes accounting crime and the need to implement surveillance and control systems in companies to prevent the commission of this crime within them. It refers to the three most relevant aspects to be considered: the implementation of a Criminal Compliance Program, the appointment of the Compliance Officer and the establishment of a Whistleblowing Channel. Palabras clave: Canal de Denuncias, delito contable, información asimétrica contable, información financiera, Oficial de Cumplimiento, Programa de Cumplimiento Penal. Keywords: Whistleblowing Channel, accounting crime, assymetric accounting information financial information, Compliance Officer, Criminal Compliance Program

Compliance y posición de garante: imputación de hechos delictivos al compliance officer

A raíz de la inclusión de la responsabilidad penal de las personas jurídicas y de los programas de cumplimiento han surgido en el contexto del Derecho penal económico varios temas centrales, uno de ellos es: la responsabilidad penal del compliance officer. En el presente trabajo se aborda la figura del oficial de cumplimiento y cuáles son sus funciones. Se realiza una descripción de los presupuestos de responsabilidad penal individual en la actividad empresarial. Se analiza si el compliance officer es un delegado del empresario y si este tiene un deber de garantía para evitar u obstaculizar delitos comisivos de miembros de la organización. Así como los elementos que deben concurrir para considerar una eventual responsabilidad penal, en comisión por omisión, del compliance officer.