The Sharing Economy Comes To Bank Compliance

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.