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.
Changing budgets and responsibilities within the banks reflect the increasing importance placed on data analysis and compliance.
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.

Detectives and data systems suppliers have enjoyed a mini boom in business as banks scramble to comply with new regulations, such as the crackdown on offshore tax avoidance by Americans called the Foreign Account Tax...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222