Global

The cost of compliance is less than you think

The financial sector has recognised and embraced compliance (albeit sometimes reluctantly) more than any other industry. This is partly due to a naturally forward thinking culture in financial services and partly due to necessity. Companies in the financial sector have to contend with far more regulation than other types of business incorporating non-industry specific regulations. These include Sarbanes-Oxley and the forthcoming EU equivalent, Basel II, anti-money laundering (AML) legislation, Data Protection, as well as country and sector specific regulations such as the US Patriot Act and UK CP186 relating to sales processes.This well publicised barrage of regulation has put the financial services industry in the unique and unenviable position of having to keep on the right side of more existing regulatory bodies, whilst constantly preparing and adapting for continuous new legislation.