This report from Accelus Thomson Reuters
states that financial services firms need to invest in their compliance functions. This statement is based on a survey of over 400 respondents around the Asia-Pacific region, conducted in 2013.
Financial services firms need to invest in their compliance functions, as the world of financial regulation is full of complex issues that have to be carefully considered from both a global and local perspective. And the compliance teams need to be creative in designing and implementing structures that will deal effectively with the regulatory changes.
- 92% said their institution’s cost of compliance had risen in the past two years
- 66 % spent more time on complying with domestic regulations instead of overseas regulations
- 38% said compliance with Anti-Money Laundering (AML) regulations would be among the top challenges
- 31% said new data protection rules have had a major impact on their business