Who is primarily responsible for ensuring compliance with banking laws and regulations?

The primary responsibility for ensuring compliance with banking laws and regulations lies with the Board of Directors. As the governing body of a bank, the Board has the ultimate accountability for the institution's compliance culture and risk management framework. They are responsible for setting the tone at the top, which influences the commitment to compliance throughout the organization.

The Board of Directors must ensure that a robust compliance program is in place, which includes the appointment of key compliance personnel, allocation of adequate resources for compliance activities, and ongoing oversight of the bank's adherence to regulatory requirements. This oversight is crucial not just for legal compliance but also for maintaining the bank's reputation and safeguarding its assets.

While the Chief Compliance Officer, Executive Management Team, and Compliance Team play significant roles in implementing compliance measures and managing day-to-day operations, they operate under the governance and direction set by the Board. Thus, the Board is ultimately responsible for compliance, with the other roles supporting this goal through their specific responsibilities and expertise.