Banks spend 25% of compliance budget on overseas regulation

Richard Shave, BDO

Regulations such as the US Foreign Account Tax Compliance Act (Fatca) mean banks are spending 25% of their compliance budget on other jurisdictions' laws and regulations, according to the latest research carried out by operational risk consultancy Protiviti.  Along with anti-money-laundering (AML) regulation, Fatca is the area where banks are having to shell out the most on expensive compliance programmes.

34% of respondents to the survey said they are spending more than 25% of their compliance

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