Description: The compliance function monitors compliance with the laws and regulations, regulatory requirements and other external specifications and standards (hereafter referred to as: external requirements) to be observed.
Example domain paragraphs
The compliance function monitors compliance with the laws and regulations, regulatory requirements and other external specifications and standards (hereafter referred to as: external requirements) to be observed.
The compliance function monitors in particular whether compliance with the external requirements is ensured based on appropriate and effective internal procedures.
This does not necessarily mean that the compliance function implements these procedures itself. Rather, the compliance function is required to monitor whether the relevant units have established appropriate and effective procedures under their own responsibility.
Geldwäscheverordnung - GWVO