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Using a framework of principles, the document illustrates how compliance with the laws, rules and standards that govern banking activities helps to maintain a bank's reputation with its shareholders, customers, employees and the markets. At the same time, the document incorporates sound practice guidance to assist banks in designing, implementing and operating an effective compliance function. To optimise its usefulness to all banks, the document stresses that a single framework of principles for effective compliance risk management does not restrict individual banks to a single organisational or operational approach. However, each bank must be prepared to demonstrate that the approach adopted is effective in dealing with the bank's unique compliance risk challenges.