Summary

Compliance is defined as a function which determines relevant requirements arising from legislations, other regulations and best practises, and implements the necessary procedures, systems and controls to meet the requirements.

This article discusses the institute of compliance, its development and requirements, and analyses the role of compliance and its various tasks as a leader of the culture of the company, comparing it narrowly with the role of ensuring compliance with regulations. The article also discusses the new provisions on compliance in the Credit Institutions Act and the delimitation of compliance and tasks of credit institutions from the rest of the internal control system and the normal operation of the legal entity.