Theoretical principles of the implementation of compliance in banking activities

Анотація

The concept of compliance is quite new for the domestic business environment, while international standards define it as one of the components of corporate governance. International and national legal norms and banking standards are constantly deepening and becoming more complex, which actually makes it difficult for ordinary employees to keep up with all the changes and comply with the requirements. The European integration vector of Ukraine’s development implies the need to adapt domestic regulatory and legal provisions that regulate banking activities. That is why the improvement of theoretical foundations and the formation of practical recommendations regarding the search for models for the implementation of compliance functions in the corporate management system of banks should be carried out systematically in accordance with the requirements of international standards and EU Directives. The works of such foreign scientists as K. Kolyanese and D. Nash, as well as the works of such Ukrainian authors as V. Biloshapka, A. Yehorova, L. Kalinichenko, O. Kolodizev, A. Korshun, O. Kotsyuba, M. Mozharovskyi, O. Ovchelupova, I. Onishchenko, I. Okhrimenko, V. Svitlichna, K. Sivkova, N. Tarasevich, B. Tsovma, L. Chudak, S. Sheludko, studied the problematic aspects of compliance. The purpose of the article is a theoretical generalization of general and specific features and functions of compliance, taking into account the specifics of banking activity. This article focuses on a study of the definition of the concept of «banking compliance». The definition of the concept of compliance in the general sense and in the Cambridge dictionary was systematized and analyzed, which made it possible to distinguish the limits and sources of compliance. The main features of compliance are summarized and its author’s interpretation as a complex phenomenon is proposed. The article also proved that the concepts of compliance and banking compliance are not identical. Regulatory and scientific approaches to the interpretation of banking compliance are summarized and analyzed. The article indicates that the compliance includes all necessary principles and strict adherence to legislation: from employee registration norms to business ethics in working with partners; from international and national legislation to internal corporate rules. As a result, the business gets a good reputation on the market and the trust of customers and partners. Compliance is interpreted as certain measures in the bank that will not allow its employees to violate the law or corporate ethics. This article defines the objective and subjective signs and functions of banking compliance, which reveal it from objective and subjective aspects. This article has clearly shown the author’s interpretation of the concept of bank compliance as a phenomenon of banking relations, as the state of the banking system; as the process of corporate banking management.

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