MITIGATING BRIBERY, CORRUPTION & CORPORATE RISKS WITH AUTOMATED COMPLIANCE

Compfie addresses a major Industrial concern

Aparajitha Corporate Services Private Limited, India’s No. 1 company for Compliance in association with 3W, a leading Transformational Consulting and Training Company in Sri Lanka, organised its 2nd Global Compliance Webinar recently.

Aparajitha Corporate Services Private Limited introduced its Global E-Governance & Compliance Platform - ‘Compfie’ in Sri Lanka in association with 3W Consulting headquartered in Colombo, last year. This move to position ‘Compfie’ in Sri Lanka’s compliance market marked a major development for the strategic country partnership between Aparajitha and 3W. The virtual webinar session was about understanding compliance management and the role technology & digitisation can play in transforming financial compliance for organisations.

Some of the major aspects discussed in the session included; how digitization can help businesses in…

Mitigating Operational Challenges in Tracking Compliances for Multiple Location / Multiple Regulatory Compliances - Department of Registrar of Companies (DRC), Inland Revenue Department (IRD), Central bank of Sri Lanka (CBSL), Securities and Exchange Commission of Sri Lanka (SEC), Financial Intelligence Unit (FIU), Insurance Regulatory Commission of Sri Lanka (IRCSL) and Sri Lanka Customs (SLC)

Complying with all applicable laws and management responsibility as per Sri Lanka Auditing Standards (SLAuS 250)

Preventing and detecting Money Laundering & Financing Risks while dealing with customers through Financial Transaction Reporting Act (FTRA), Designated Non-Finance Business (DNFB), and Customer Due Diligence (CDD) Regulations

Keeping an organisation up-to-date with proactive alerts on the changes in the applicable laws and regulations together with relevant guidelines, determinations, directions, notices, and circulars by regulators (CBSL, IRD, DRC, IRCSL, FIU, SEC, etc.) Avoiding the risk of missing any important Financial Compliances – Anti-Money Laundering (AML), Compliance Obligations, Customer Due Diligence, and United Nations Sanctions, Outsourcing Regulations, Basel III and Sri Lankan Financial Reporting Standards (SLFRS).