Basel Committee releases final draft of banking compliance guide

The Basel Committee on Banking Supervision (BCBS) has released the final version of its compliance guide, which provides guidance on compliance using a principles-based framework.

The main revision from the original draft, published in October 2003, is the refinement of the principles for smaller banks that have simpler and less expansive compliance issues. “We have further refined and clarified our approach. In particular, the operational implications for smaller banks that cannot – and do not need to – put in place the same structure and processes necessary in larger or more complex institutions,” said Arnold Schilder, member of the Basel Committee and executive