Conservative corporate compliance: Reflections on a study of compliance responses by South African banks

De Koker,L and Symington,J 2014, Conservative corporate compliance: Reflections on a study of compliance responses by South African banks, Law in context, vol. 30, pp. 228-254.

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Title Conservative corporate compliance: Reflections on a study of compliance responses by South African banks
Author(s) De Koker,LORCID iD for De Koker,L orcid.org/0000-0003-0120-6150
Symington,J
Journal name Law in context
Volume number 30
Start page 228
End page 254
Publisher Federation Press
Place of publication Annandale, N.S.W.
Publication date 2014
ISSN 0811-5796
Summary 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.
Language eng
Field of Research 180106 Comparative Law
Socio Economic Objective 949999 Law
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2014, Federation Press
Persistent URL http://hdl.handle.net/10536/DRO/DU:30072581

Document type: Journal Article
Collection: Law
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