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Sanctions-specific Compliance Programs Siphoning More Time, Money from Banks: Survey
By Brian Monroe
printCompliance officers at some of the world's largest financial institutions are concluding they need to create sanctions-specific programs to avoid regulatory penalties and tarnished reputations, according to a Deloitte survey released Monday. Sixty-three percent of the financial company executives interviewed for the survey reported that sanctions compliance was drawing increasingly more time, money and resources from their firms. Compliance was also identified as a "growing concern" by 46 percent of the 388 executives who took part in the survey, about half of whom were bankers. The survey found that financial companies are struggling to roll out compliance sanctions initiatives companywide...
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