New ISO 37001 and new mandatory regulations on Corporate
Compliance for Banks and Financial institutions strengthen
"Soft Rules" on Corporate Compliance. Monetary
Board´s Rule JM 62-2016 determines that by February of 2018
all Banks and Financial Institutions must submit a compliance
program to the Bank Superintendence. The compliance program
requires a mandatory manual designed by each institution that will
be made public through the web ("Manual").
The Manual will outline the compliance program for Banks and
Financial Institutions and must address, as a minimum, the
appointment of a semi-external director, a separate auditing
committee, internal rules regarding Board decision making, and
rules regarding third party relationships, conflicts of interest
and client relationships, among other things. At
the same time ISO rule 37001, recently approved, will probably
become a floor on best practices for anticorruption management
systems. Corporate Compliance
