We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Conservative Corporate Compliance: Reflections on a Study of Compliance Responses by South African Banks.
- Authors
de Koker, Louis; Symington, John
- Abstract
While corporate non-compliance receives much attention, conservative and over-compliant responses are often ignored. These responses go beyond what is required by a particular regulatory requirement. In many cases, regulators may support such responses because they advance regulatory objectives. In the context of risk-based regulation and compliance, especially the model implemented by the Financial Action Task Force to combat money laundering and financing of terrorists, that may, however, not necessarily be the case. With this risk-based approach, regulated institutions are required to respond to higher risks by adopting enhanced risk mitigation measures and are allowed to simplify those measures where the risks are assessed as low. Failure in the latter cases to simplify risk mitigation measures where appropriate, may be inefficient and, in some instances, may even undermine regulatory objectives. This article investigates the drivers of conservative responses by South African banks to statutory anti-money laundering and counter-terrorist financing laws.
- Subjects
SOUTH Africa; NONCOMPLIANCE; RISK management in business -- Law &; legislation; FINANCIAL Action Task Force; MONEY laundering; TERRORISM financing; BANKING industry
- Publication
Law in Context, 2014, Vol 30, Issue 1, p228
- ISSN
0811-5796
- Publication type
Article