Basel Committee publishes paper on bank compliance functions
The Basel Committee on Banking Supervision published a consultation paper yesterday outlining basic guidance for banks on the structure and operation of their compliance function, and "sets out banking supervisors' views on compliance in banking organisations."
The paper, authored by the organisation’s Accounting Task Force, is the latest effort by the Basel Committee to emphasise the importance of corporate governance within the framework of the Basel II document. “Boards of directors and senior management should promote an organisational culture which ensures compliance by all employees when conducting the business of the bank,” said Arnold Schilder
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