Law and Ethics - ETH 321.docx - Running head LAW AND ETHICS...

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Running head: LAW AND ETHICS 1 Law and Ethics Soraya Taylor ETH/321 February 26, 2018 Anna Garner
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LAW AND ETHICS 2 Law and Ethics In this modern day and age, law and ethics play an essential role in the development and ongoing success of any business; in fact, there is an apparent relationship between the two concepts. According to Reed, Pagattaro, Cahoy, Shedd, & Morehead (2015), " Society’s ethical values may become law through legislation or court decisions, and obedience to law is often viewed as being ethically correct." However, there are differences to note between the two concepts. Thus it is imperative to differentiate between law and ethics, understand how they both affect business, and identify the importance of alternative dispute resolution. How Laws or Regulations Affect Current Job In the financial industry, there are specific regulations that are essential to the everyday running of the business. Cayman National Bank (CNB) is one of the leading financial institutions in the Cayman Islands, and the governing body for this and other institutions in the Cayman Islands Monetary Authority (CIMA). CIMA is the regulatory agency that oversees the overall running of all banks on the island and sees to it that they are all in compliance with the relevant laws of the jurisdiction. Due to the stigma and negative publicity placed on international banks, especially in the Caribbean, CIMA sets out to dispel the negativity and conduct a through consistent monitoring. According to Jizi, Salama, Dixon, & Stratling (2014), because poorly managed banks can create a negative impact on society, it is necessary for corporate governance and social responsibility to take effect and restore public confidence (p. 601). The regulations set out by CIMA consists of monthly to annual audits of KYC due diligence for clients as well as a review of the different policies and procedures created by CNB's Compliance Department for proper risk assessment.
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