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Basel Committee On Banking Supervision: "The Compliance Function in Banks"

ABA Contact: Center for Regulatory Compliance
Released: October 2003
Comments Due: January 31, 2004
Disposition: Filed January 28, 2004

Summary:

In response to the October 2003 Consultative Document on "The Compliance function in banks", ABA filed comments to the Basel Committee On Banking Supervision on January 28, 2004.  The Consultative Document provides basic guidance for banks and sets out banking supervisors' views on compliance in banking organizations.

In the letter, ABA recommends amending the definition of compliance function to ensure that the question of "independence" can be determined on a bank-by-bank basis. ABA also said:

"To coincide with the ABA's mission to enhance the importance of the compliance function within all institutions, we strongly support the comment that senior management needs to ensure that there are sufficient resources to perform the compliance function."

2004 Regulations Chart
Comment Letter