Compliance and Anti-Money Laundering Officers’ Forum is a biannual event organised by the Securities and Exchange Commission (SEC) to discuss issues of mutual concern in order to improve the development of the Capital Market. The first forum for this year was held on Tuesday, 25th April, 2017 at the College of Physicians and Surgeons, Accra. The forum which was chaired by Mr. Yirenkyi Boafo, the Deputy Director-General, Finance and supported by various heads of departments of the Commission saw the number of participants increase to 138, from 86 in 2016 representing a 52% increase. Mr. Yirenkyi Boafo underscored the importance of the compliance officers in the Capital Market and related it to a PricewaterhouseCoopers (PwC) and Ernst & Young (EY Report) in 2016, which indicated that a compliance officer’s duty is not merely ticking boxes for regulatory compliance, but that of assuming a strategic role that ensures compliance with regulatory requirements and monitoring of business objectives. He continued that, with the coming into effect of the new Securities Industries Act, 2016 (Act 929), compliance officers are mandated to
- Be conversant with the Securities Industry Act, 2016( Act 929) and look out for any new guidelines, notices etc. by SEC
- Identify any the opportunities within the Act and advise their management accordingly.