PROBLEMS OF MODERN BANKING COMPLIANCE

Abstract

The enforcement of modern compliance in EU commercial banks has identified several issues. However, the issue of concern is that commercial banks were aggressively charged heavy penalties by supervisory authorities, as well as the removal of board members and revocation of licences from commercial banks. The second issue of concern is reasonable doubts about how the banks enforce the bank secrecy principle. The authors of the article analyse the issues of modern banking compliance and propose ways to solve the issue of compliance requirements by bank customers especially commercial banks while maintaining the principle of non-disclosure of bank secrecy. The relevance and novelty of the topic are indisputable. Problems of modern compliance affect the interests of all participants in the current financial market. The purpose of the study is to identify and eliminate problems in the enforcement of effective compliance that suits all parties while maintaining the principle of bank secrecy.