Butterfield Bank has a dedicated compliance staff that reports through the Head of Enterprise Risk Management (ERM) to the Board of Directors.

The Compliance Department’s primary responsibilities are to:

•   Develop and apply regulatory and best practice policies and procedures
•   Perform Know Your Customer (KYC) and New Staff due diligence checks
•   Act as liaison with the local police, reporting suspicious transactions and external fraud activities and providing data as part of search warrants/production orders
•   Monitor accounts and transactions as part of our ongoing investigation function
•   Act as liaison with the Group Legal Officer, and appropriate authorities for requests including freezing of accounts and tax treaty requests
•   Analyse any regulations and legislation that affects the Group
•   Provide reporting to the Group Executive and Management on regulatory and policy issues, non-compliance issues, and compliance risks. 
•   Provide advice to management and staff on dealing with high-risk clients, closure of accounts, policies, procedures and any other “high risk” information
•   Train staff on Anti-Money Laundering, KYC, Compliance and related issues
•   Monitor on an ongoing basis BFS group operations for breaches of law, policy and procedures as part of the compliance quality assurance programme.

Compliance Advisors’ primary responsibilities are to:

•   Attend regular meetings and ongoing training as arranged by Group Compliance
•   Distribute compliance information to staff within each business unit, including alerts, newsletters and other relevant materials specific to the business unit
•   Assist with KYC queries and Money Laundering/Fraud Investigations
•   Receive Suspicious Activity Reports (SAR) for their specific areas and forward to the Compliance Department
•   Ensure staff are proficient in analysing transactions and reporting SAR’s as part of their daily duties
•   Arrange staff compliance training for their departments
•   Ensure all new staff in their departments receive appropriate compliance training and complete the compliance test.