Survey findings released today reveal 70 per cent of people working in financial services accept increasing compliance regulation is a necessary process. The research, carried out by bank reference data provider Bankersalmanac.com, 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.
Bankersalmanac.com is a leading source of intelligent reference data for payments, compliance and risk assessment. The survey was conducted among a range of clients including banks, financial institutions and corporates worldwide.
Commenting on the findings, Kerry Hewson, Director at Bankersalmanac.com, said: "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."
"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."
Bankersalmanac.com will be continuing its review of the banking industry with a daily poll during Sibos in Australia. With hot topics at this year's conference including market reform, expanding regulation and SEPA, Bankersalmanac.com is inviting delegates to air their views on how regulation has impacted the sector. All visitors who take part in the poll at stand L02 will also be entered into a draw to win the latest iPod every day during Sibos week.
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