
The compliance curmudgeons
Editor's Letter
Indeed, it seems that bank executives are just a bit cynical about compliance – about both the cost and the logic behind some of the initiatives thrust upon them. Meanwhile, regulators seem to be churning out tons of the stuff – rules, laws and guidance.
So just how will the concept of 'risk-based compliance' change all this? It sounds good, but look more closely. A regulator's top priority may not even appear on a firm's radar screen. Money laundering is a good example – until September 11 kicked AML programmes into high gear, for many banks those who are now deemed to be 'high risk' were previously labelled 'high return' customers. So, it seems, although the concept of 'risk-based' regulation sounds enticing, it will take a lot of work both by the industry and supervisors to prove that it isn't just what we're used to, wrapped up in a different package.
Ellen Leander, Editor
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Regulation
Risk management
FCMs to let clients offset swaps and futures margin at Eurex
Banks target Q2 support for client cross-margining following lengthy lobby effort from hedge funds
Receive this by email