As an offshore financial advisory in Zambia, we need to meet the formal requirements of various bodies:
Apart from these, there are international agencies and statutes that inform our work in the wider sense to which we are also answerable: the USA’s FATCA Act, various Black Lists (countries, individuals), PEP (Politically Exposed Persons) rules and so on.
Compliance takes money, time and effort. But the benefits are immeasurable. Let’s list them as we see them in our work in Africa.
The investor is protected from unregulated investments and unregulated advice, which all too often - and not only in Africa - involves boiler room scams, Ponzi Schemes and other forms of criminal fraud and theft.
The company is deemed to be clean with regard to local and wider legal requirements. To be seen as a valued 'team player' who can be relied on and is known to be a trustworthy partner of the investor, the regulator and the State is certainly an owed duty to all three and must be met. It is assuredly a legal requirement - but as assuredly a moral one.
Imposing upon oneself externally-applied compliance is in itself a measure of one's character. Is one law-abiding and ready to work under supervision for the good of all, or not?
Instituting sound internal compliance, whether in Corporate Governance or efficient operational processes, is an essential element that:
Firstly, complying with all legal and ethical norms allows us to gain and retain the priceless assets of client and employee trust and loyalty. Secondly, to maintain strong business standards, it is important to implement compliance as a factor. A positive working environment and a healthy work culture can only be achieved if we have a clear model, which consists of a set of guidelines or policies that ensure operational efficiency as well as employees’ and clients’ fairness and safety. Finally, our public relations will be enhanced by showcasing our compliance on the organization’s marketing materials, be it websites, social media platforms or advertising, and supports the company’s ‘London Wealth Management in Africa’ stance, Compliance in its meaning “systems and procedures” provides for uniformity of quality and procedure across the Caravel group of local operating companies. In short, complying with the rules of our market allow us to function like any well-ordered family, community or society. This takes self-discipline, the need to inform oneself about the rules of the road and how to meet them internally and well as externally, but the benefits are enormous. If one wants to be a serious player, respected, trusted and successful, doing whatever one can to be compliant is an absolute "must".
© 2024 Caravel Partners (Zambia) Ltd | Caravel Partners (Zambia) Ltd and Caravel Partners (Uganda) Ltd. are wholly owned by Caravel Partners Ltd., registered in the Seychelles with reg number 238002.
Caravel Partners (Zambia) Ltd is licensed by the SEC in Zambia - License No. IARL/23/118