The Role & Importance of Compliance Function in Banks and its Branches Institute of Banking Studies

Objectives :

  • Provide participants with the necessary knowledge on the concept and importance of compliance in the banking sector institutions.
  • Familiarize participants with compliance function in banks as issued by the Basel Committee on banking supervision and in accordance with the applicable international best practices in this regard.
  • Familiarize participants with sound practices for compliance function in banks and banking institutions.
  • Display regulatory methodology to assess the efficiency and effectiveness of the compliance department in banks and their compatibility with the best global practices in this area.

Contents :

  • The importance of the function of compliance and defined and objective .
  • The principles of the Basel Committee on the compliance function.
  • The aim of the function of monitoring compliance.
  • Functions and responsibilities of monitoring compliance.
  • The definition of compliance risk.
  • Types of compliance risks.
  • The structure of the organization and function of monitoring compliance.
  • The independence of the compliance monitoring function.
  • Recipes in compliance of banks and branches circles staff.
  • The role and responsibilities of the board of directors at the bank.
  • The role of monitoring compliance in the fight against money laundering.
  • Role in monitoring compliance with operational risk.
  • The role and function of compliance with branches in terms of the application of the instructions and the fight against money laundering.
  • The relationship with internal audit.
  • The role of internal audit in monitoring compliance.
  • Relationship with other departments.
  • Monitoring compliance across the border.
  • Monitor compliance program.
  • Monitor compliance tools.
  • The work of monitoring compliance procedures.
  • Corporate governance and compliance.
  • Self-assessment of compliance.
  • Monitor compliance with the policy of the bank and its branches.

The Central Bank of Jordan began in 1965 to study the necessary means of setting up a team for theoretical and practical training aimed at promoting human cadres of the banking and financial sector and study its employees needs and satisfy their desires to advance their scientific and practical abilities . These efforts culminated in the creation of the Institute of Banking Studies in accordance with Article (37) Paragraph (d) of the Central Bank of Jordan Law and in accordance with the Institute,s Articles of Association No. (69) issued on 1970. The Institute   was   officially   inaugurated on   October 9, 1971 and was housed then at the Central Bank,s premises.

In the early 1990,s , the  Institute  witnessed a new stage ; the construction of the Institute,s permanent   headquarter   in  Tla,a  Al  Ali ,  a suburb of the capital  Amman . The complex was constructed on an eight dunums plot of land and comprised of administration units, academic and training activities halls, library, laboratories, cafeteria, health clinic and a multipurpose hall. Also , the Institute has two branches, one in Irbid and the other in Aqaba.  The purpose of  these  branches is to widen the distribution of academic and training activities conducted  by the Institute to cover the various regions of the Kingdom.

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