Compliance: A Critical Factor in the Financial Sector
Since the 2008 financial crisis, the issue of compliance and risk management has become the topmost priority for regulators and hence, the highest levels of management in the financial sector. We have seen legislators globally, passing an ever-increasing number of laws and regulations that banks must adhere to.
For instance, the European anti-money-laundering guidelines, the EU-US Privacy Shield, Market Abuse Directives I & II and the associated Market Abuse Regulation are some of the prominent directives. At the core, all these measures intend to combat fraud, money laundering, terrorism financing, tax evasion, and market abuse.
Meeting prescribed requirements are not only necessary for survival but have also become a source of competitive advantage for financial institutions globally.