0000000000214218
AUTHOR
Arnis Lagzdins
COMPLIANCE PROGRAM IN LATVIAS’ BANKING SECTOR: THE RESULTS OF A SURVEY
Regulators more than ever believe an efficient compliance function is a prerequisite for good corporate governance that should restore trust, integrity, and responsibility in the banks, findings in academic research has confirmed mentioned above in many countries. Compliance is key facet of governance because it shows how actually bank meets corporate responsibilities. The new guidelines in September 2011 had been issued by European Banking Authority with more attention to the compliance function. Compliance is very complex function and covers different areas: Anti-money laundering, investment protection, consumer protection, data protection and etc. Compliance complexity arises from severa…
COMPLIANCE AND THE RECOVERY OF FINANCIAL SERVICES OF THE EUROPEAN UNION: NEW CHALLENGES FOR LATVIA’S BANKING SECTOR
Determinants of international banking failures have been widely discussed and summarized. A combination of global and systemic complexity of products that fails down on correct managing of the banking risk systems; consumers who are eager for credits and regulators who are unable to spot the potential global inter-relationships – consequently have led to the failures. As a response to the financial crisis the European Commission has been working actively to complete a comprehensive financial reform to address poor risk management, lack of responsibility and to correct the underlying weaknesses in the supervisory and regulatory framework. The regulatory development is substantially increasin…