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This post will explore the critical components of a successful corporate compliance program. It will cover the importance of a compliance culture, risk assessments, policy development, employee training, and continuous monitoring.

Following the Feb 2024 Plenary meeting of the Financial Action Task Force (FATF), Kenya and Namibia had the unfortunate honor of being added to the list of grey-listed jurisdictions. The FATF is the global money laundering (AML) and terrorist financing watchdog. It sets international standards that aim to prevent organized crime, corruption, money laundering, terrorism financing, and proliferation financing. More than 200 jurisdictions have committed to implement the FATF's Standards, and their ratings and reports closely inform business decisions worldwide.

Compliance audits are essential for verifying adherence to regulatory standards. This article will guide businesses through the preparation process, from gathering necessary documentation to conducting internal reviews and addressing potential issues before the audit. Proper preparation can ensure a smooth and successful audit.