Banking compliance: will one-size-fits-all do?

BANKING the world over is grappling with an ever- growing list of compliance concerns, be it combating money laundering or the channelling of terror funds, policing clients for their tax behaviour, international sanctions, or regulatory compliance.

Enormous resources have been deployed in ensuring compliance, chasing shifting goalposts, fixing gaps in the regulatory framework, or responding to regulators' demands.

Under-staffed - and potentially under- trained - regulators are equally overworked, diving deep to identify breaches, expose potential non-compliance, and enforce regulations to protect customers from the banks, as well as protect the banks from themselves.