Regtech doesn’t kill compliance jobs; it complicates them

Before applying regulatory technology, which is supposed to simplify working processes and save costs, banks must first have compliance officers who understand how it works.
Left to right: Ann Shi (FinanceAsia), Brian Tang (ACMI), Mary Wong (PwC), Jenny Fung (ABN AMRO), Paul Costers (Bureau van Dijk)
Left to right: Ann Shi (FinanceAsia), Brian Tang (ACMI), Mary Wong (PwC), Jenny Fung (ABN AMRO), Paul Costers (Bureau van Dijk)

Across most of the financial sector, compliance has been the only department growing in the years since the financial crisis of 2008. That's no surprise, given banks have since paid about $321 billion in fines over failures to identify and address money laundering, market manipulation and terrorist financing, among others, according to Boston Consulting Group.

¬ Haymarket Media Limited. All rights reserved.

Sign in to read on!

Registered users get 2 free articles in 30 days.

Subscribers have full unlimited access to FinanceAsia.

Not signed up? New users get 2 free articles per month, plus a 7-day unlimited free trial.

Questions?
See here for more information on licences and prices, or contact [email protected].

Share our publication on social media
Share our publication on social media