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Tuesday, 23rd April 2024
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Financial institutions form compliance group Back  
Over 200 compliance officers from Ireland’s leading financial institutions have formed the Association of Compliance Officers in Ireland, in a move that was welcomed by the new single regulator, IFSRA, as well as the Central Bank of Ireland and the financial services industry at large.

Seen as a proactive step in improving recognition for the whole area of compliance, the association drew inspiration from a similar such organisation which exists in the UK and has proved very successful to date in providing support for the compliance function.

The main thrust of support for the establishment of such an organisation came from the major players in the Irish market including Bank of Ireland, AIB, Citibank, Friends First, and Irish Life. Members from the Institute of Bankers and the Insurance Federation of Ireland were also represented.

‘The main objective of the Association of Compliance Officers in Ireland is to enhance training and development in the compliance area and to improve the professionalism of the job’, said Sean Wade, head of group corporate services with Friends First, adding that, ‘The association also aims to develop and improve standards within compliance.’

The Association plan on holding a number of events for members throughout the year including seminars, presentations and other training initiatives. These will include speeches on regulatory topics both domestic and international. There is an interim structure in place for the Association at present made up of a temporary steering committee, which will exist until the first AGM, which is planned for April, at which time members will be elected.

Membership will be individual rather than corporate based and all compliance executives, across all the sectors including insurance, banking and the investment industry are eligible to join this new association. There is a membership fee of ?50.

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