What are responsibilities of the Board of Directors regarding compliance?

• Demonstrating clear and unequivocal expectations about compliance
• Adopting clear compliance Policy
• Appointing a compliance officer with authority and accountability
• Leadership on compliance by the board of directors and senior management sets the tone in an organization.

The Board must actually execute its responsibilities regarding compliance by implementing some below mentioned steps:

• Helps set the scope of the compliance and ethics program.
• Evaluate and Approve key policies and procedures.
• Requires meaningful, substantive reporting on the organization's compliance and ethics activities.
• Compliance with statutory and requirements
• Compliance with shareholder's requirements and business needs

To ensure

• compliance with statutory and requirements
• compliance with shareholder's requirements and business needs

The Board must actually execute its responsibilities regarding compliance by plays at least four important roles in the oversight of an effective compliance and ethics program. for example,The board should:

• helps set the scope of the compliance and ethics program.
• approves key policies and procedures.
• aligns incentives.
• requires meaningful, substantive reporting on the organization's compliance and ethics activities.

1. Appoint the Compliance Head in the FI

2. Approve the AML Policy

3. View the AML report from the external auditor

Board Directors have fiduciary responsibilities. Fiduciaries must adhere to three hallmarks of good governance:

*duty of care,

*duty of loyalty and

*duty of obedience.

As per UAE the responsibilites of the Board of Directors regarding compliances are as follows:-

1) Holding General Assembly meeting in quarterly basis. 

2) Hodling the Annual General Assembly. 

3) Supervising and reviewing the company finnacials in the Annual General Assembly. 

4) Appointment and removal of Auditors. 

5) To approve any dividends on shares

6) To discuss the Agendas as mentioned in the Provisions of Federal Law no. 2 of 2015. (Company's Law) 

 when it comes to a board of directors’ role in compliance and ethics matters. If your board members are not familiar with the terms duty of care, duty of loyalty and duty of obedience, they are probably not fulfilling all of their fiduciary responsibilities

Ensure that projects are conducted in compliance with legal requirements, owner specifications and government regulations

The board of directors have responsibility to do everything possible to avoid illegal conduct. They have the duty to oversee Compliance.