International standards and recommendations for implementing compliance control systems in the banking sector

Аннотация

This paper explores the international standards and recommendations for implementing compliance control systems in the banking sector. Compliance control systems are essential for ensuring that banks operate within legal and regulatory frameworks, thereby maintaining financial stability and integrity. The study examines key guidelines and best practices from global regulatory bodies, such as the Basel Committee on Banking Supervision, the OECD, the Wolfsberg Group, the World Bank, and the Financial Action Task Force, highlighting their significance in fostering a robust compliance culture. Furthermore, it analyses the challenges and benefits associated with adopting these standards, providing insights into effective implementation strategies for banking institutions.