Serbia
In the broadest meaning of the term, compliance refers to correct behaviour on the part of a company and its employees – primarily in accordance with the applicable laws and regulations in various fields.
Business operations have become significantly complex over the past years, due to the imposition of a number of compliance duties on companies in the areas such as the prevention of money laundering, anti-corruption, banking, competition, and taxation. Naturally, the level of supervision by the relevant authorities has increased considerably.
Non-compliance can result in severe fines, suspension of business activity and may lead to a civil and/or a criminal action against companies and their responsible persons.
For the above reasons, compliance has become indispensable for successful business operations and companies have been investing significant resources and implementing compliance programmes in order to ensure compliance with the relevant set of legal and internal requirements.
However, the risks and requirements facing a company vary according to the industry, size of the organisation and its business activity, and good compliance advice must involve working with the company in order to analyse the risk and implement and monitor the compliance programme that meets the company’s specific needs.
