Banks turn to data detectives to root out rogues

Financial institutions are overhauling how they collect and analyse data in an effort to combat and prevent rogue traders.

Banks turn to data detectives to root out rogues
Changing budgets and responsibilities within the banks reflect the increasing importance placed on data analysis and compliance.

Banks are increasingly rooting out rogue traders such as JP Morgan’s London whale’ and avoiding foul-ups such as Standard Chartered’s breach of US sanctions against Iran by overhauling how they collect and analyse data.

Banks are focusing on key areas such as anti-graft and money laundering procedures, investigating and recording the identities of trading counterparties and clients, as well as keeping a closer eye on the market prices quoted by their traders.

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