COMPLIANCE RISK MANAGEMENT AND “KNOW YOUR CUSTOMER” POLICY IN BANKING
Keywords:
money laundering, banking, compliance, Know your Cus-tomer, National Bank of SerbiaAbstract
Money laundering is the process of transforming unfairly and illegally acquired income in legally acquired assets. The principles of risk management are the basis for all decisions taken in connection with the business operations of the bank. The risk management is based on the established methodology of risk management, which the management and all employees are required to adopt and adhere to. The National Bank of Serbia prescribes that banks are required to form a separate organizational unit ("compliance") which is responsible for the compliance with legal regulations and for the risk of regulatory sanctions, the risk of financial losses and the reputational risk. Banks are required to define in their acts the procedures for the risk identification, measurement and assessment, as well as for the risk management and compliance with applicable regulations on money laundering. The aim of this paper is to highlight the importance of policies to combat money laundering, by establishing the responsible organizational unit („compliance“), and оf the application of the rules and procedures set out in the policy document "Know Your Customer". The procedure "Know your customer" defines the actions and measures undertaken by the banks in order to eliminate the risk that can arise as a result of non-compliance with the operating regulations governing the detection, prevention and reporting of money laundering and terrorist financing, which eliminates the risk of non-compliance with legal regulations in Banks.
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