Compliance within an organization is not restricted to one department, according to Scotiabank (Bahamas) Ltd managing director Kevin Teslyk, but impacts on every aspect of the business and can ultimately build stronger customer relationships.

He made the comments during the Bahamas Association of Compliance Officers (BACO) at the organization’s 11th annual Money Laundering Reporting Officers (MLRO) Day earlier this month.

Teslyk also said that there are several key requirements to ensure a company has a strong culture of compliance and one of the most critical is ensuring that compliance starts at the most senior level. He added that the compliance officer should have direct access to the chief executive officer, board of directors and other managerial staff.

“Compliance must be the concern of everyone, viewed as an integral part of the business activity,” he said.

The Scotiabank head recommended that directors meet once a year to assess compliance risk and develop strategies to mitigate that risk, as well as holding compliance reviews.

He also emphasized the importance of “tangible and well-documented” accountability and educational and professional development–ensuring that all members of staff are briefed on an organization’s compliance policy.

“The compliance field is maturing and evolving, which has a very direct and real impact on our customers. It is important we stay ahead of the curve,” he said.

“We take compliance for granted, but what you do, day in and day out, is critically important.”

He went on to say that each compliance officer is also a business developer and that compliance should facilitate the development of good business and screen out bad business.

“For me, compliance is all about customers. It is about ongoing management of customer relationships.”

cmorris@dupuch.com