Bankersalmanac.com says that 70 per cent of people working in financial services accept increasing compliance with regulation is a necessary process.
The survey, which was conducted among a range of clients including banks, financial institutions and corporates worldwide, also found that almost a quarter of respondents feel growing compliance standards in the Know Your Customer/Anti-Money Laundering arena have improved their working practices.
“Regulations are dominating the industry’ s agenda and are adding an increasing workload. However, these findings support the changes we are seeing in the marketplace, as financial institutions increase their focus on meeting regulations worldwide,” says Kerry Hewson, a Director at Bankersalmanac.com. “Through our association with industry bodies, we are seeing these same trends leading to the development of specific compliance committees. They advise members on how to respond to increasing amounts of regulation and share best practice.”