The Sharing Economy Comes To Bank ComplianceThe cost and complexity of regulatory compliance remains a complex issue for banks of all sizes. Addressing anti-money laundering (AML) and Know Your Customer (KYC) regulations are one specific topic area, which while burdensome even for the largest banks, for mid-sized and smaller banks the cost of technology needed for compliance (and the difficulty of finding staff with the skills required to use such technology effectively) can be both a major financial and management concern.In Accenture’s 2018 Compliance Risk Study, 89% of respondents said that investment in compliance will continue to rise over the next two years, with more emphasis on technology than on adding headcount.
The cost and complexity of regulatory compliance remains a complex issue for banks of all sizes. Addressing anti-money laundering (AML) and Know Your Customer (KYC) regulations are one specific topic area, which while burdensome even for the largest banks, for mid-sized and smaller banks the cost of technology needed for compliance (and the difficulty of finding staff with the skills required to use such technology effectively) can be both a major financial and management concern.In Accenture’s 2018 Compliance Risk Study, 89% of respondents said that investment in compliance will continue to rise over the next two years, with more emphasis on technology than on adding headcount.
