are the killjoys of finance. To bankers and traders keen to let rip, they are the po-faced types who frown at any transaction that might breach this rule or contravene that regulation.
At the end of 2018, some 30,000 of the 204,000 employees of Citigroup, an American bank, worked in compliance, risk and other control functions—enough to fill more than two-thirds of the seats at Citi Field, the New York Mets’ baseball stadium. At the end of 2008 it was just over 4% of employees. JPMorgan Chase could just about fill it with the 43,000 it claims to employ in “fortress controls” ., which was fined $1.
Some financial firms are outsourcing compliance functions or specific projects. Compliance Risk Concepts, an American firm that does such work, has seen demand grow by over 30% a year, says Mitch Avnet, its managing partner. And in America, which strengthened controls earlier than Europe did, the market for jobs in compliance has eased a bit.
The idea of compliance algorithms replacing warm-blooded sleuths is fanciful, say experts. Sujata Dasgupta, the head of financial-crimes compliance at Tata Consultancy Services, sees compliance staff moving into “higher-quality investigations”, with bots used for “more rule-based, repetitive screening tasks”.
no one saw anything or did anything on 1MDB until RewcastleBrown investigated the entire fraud for Malaysia. Shame on umno & those who looted selfishly for themselves !!😡😡😡😡😡😡😡😡😡😡😡😡
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Source: TheEconomist - 🏆 6. / 92 Read more »