Compliance function: Status and perspective

• Main Author: Tanjević Miloš
• Format: Article
• Language: English
• Published: Association of Serbian Banks 2018-01-01
• Series: Bankarstvo
• Subjects: compliance; ethics; organization; methodology; culture
• Online Access: https://scindeks-clanci.ceon.rs/data/pdf/1451-4354/2018/1451-43541801118T.pdf

The lack of precise regulations and guidelines has caused various interpretations of the jurisdictions, methodology and organization of the compliance function, both by the regulators and the market players. Accordingly, this paper points to the variety of approaches to this function, and the need for its being guided and standardized. Special attention has been paid to the role and significance of the compliance function, not only for the business activities and the reputation of banks, but also for the overall economy and society with the conclusion that the variety of approaches in the compliance function could only be united in the deepest principles of measure, justice and equity, i.e. the culture of fair business.