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Midweek Roundup: Sanctions Compliance Costs Likely to Double Every Four Years, U.S. Investigators Probe Swiss Bank, and More
printSanctions compliance costs are likely to double every four years, according to a Society for Worldwide Interbank Financial Telecommunication, aka Swift, whitepaper. The increases are the result of growing international business transactions and ballooning sanctions lists that require monitoring and filtering systems to process name discrepancies and identify sanctioned entities. The Single European Payment Area, which will make electronic payments uniform across Europe, could also hike costs, Swift said. More Afghanistan's largest financial institution, Kabul Bank, was the vehicle for a massive fraud scheme that cost hundreds of millions of dollars since the institution's "very beginning," The New York Times...
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