Enterprise Compliance Risk Management. Ramakrishna Saloni

standards and promoting effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.” The membership of this group is 34 countries and two regional organizations covering most of the major financial centers of the globe.

      Ensuring that the body of guidelines spelled out in various laws and regulations are conformed to is an important part of the compliance function; and, therefore, more often than not, in the formal compliance structures one sees countering financial crime as a separate subfunction within its overall structure. This will be discussed in greater detail in Chapter 6.

      The European Union – Regional Regulatory Structure

      1

      “Evolution of the UK Banking System,” Bank of England Quarterly Bulletin 2010 Q4, Vol. 50 No. 4, http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb100407.pdf.

      2

      Adapted from the presentation of Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India @BCSBI conference for Principle Code Compliance officers, April 2013.

1

“Evolution of the UK Banking System,” Bank of England Quarterly Bulletin 2010 Q4, Vol. 50 No. 4, http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb100407.pdf.

2

Adapted from the presentation of Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India @BCSBI conference for Principle Code Compliance officers, April 2013.

3

K. C. Chakrabarty: “Compliance function in banks – back to the basics,” July 12, 2013; http://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/SIIBF160713.pdf (reprinted with the permission of RBI).

4

Ibid.

5

“History of Fed Reserve” —www.federalreserveeduction.org.

6

Ibid.

7

“The Laws that Govern the Securities Industry,” US Securities and Exchange Commission, http://www.sec.gov/about/laws.shtml#secexact1934.

8

Ibid.

9

“The Laws that Govern the Securities Industry,” US Securities and Exchange Commission, http://www.sec.gov/about/laws.shtml#secexact1934.

10

Ibid.

11

Evolution of the UK Banking System,” Bank of England Quarterly Bulletin 2010 Q4, Vol. 50, No. 4, http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/qb100407.pdf.

12

Ibid.