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Visoka poslovna škola strukovnih studija , Novi Sad , Serbia
Visoka poslovna škola strukovnih studija , Novi Sad , Serbia
Visoka poslovna škola strukovnih studija , Novi Sad , Serbia
This article deals with the compliance function in the banking business as stimulating measure which contributes to decreasing the risk and develops to the compliance culture in the banks. Function of the compliance is mostly connected to the Board of directors and the Senior staff in the banks, and also to all employees who are responsible for the function and efficiency of the compliance in its organizing segment. Money laundering and financing of terrorism prevention belongs to a special legal obligations within compliance, and it is said in the article about the preventive measures to suppress these criminal actions. The principles due diligence and know you client – KYC must be basic characteristics of managing the risk against money laundering and in accordance with the other regulations in the bank and internal revision. If they do not apply standards of good knowledge, assessment and control of their clients, the banks can become the subject of higher control by the regulating organs. The results or the research about conducting money laundering and terrorism financing prevention in 2010 are also showed, in order to let know the professional public on implementation of the Financial Action Task Force on Money Laundering – FATF group by the business banks in the Republic of Serbia. The methods which were applied in this investigation, present research procedure with which, on the basis of the preliminary knowledge about the subject, was reached further, more complete knowledge. Purpose of this article is to reach the certain scientific level of the research about compliance. Regarding that the system of regulated money laundering prevention in the field of banking is the first stage of the defense of the financial system, the investigation of the banks activity is to protect the reputation and integrity of the banking system, and to diminish possibility that the banks become victims of the financial crime.
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