29 August 2014
Looking at the multitude of employment ads placed by executive search firms and large global banks, it becomes clear that the world’s biggest financial institutions are spending copious amounts of money hiring new staff to combat money laundering and other illegal activities. But all this hiring won’t be the silver bullet to reduce risk of regulatory enforcement actions. So what’s a bank to do? Creating a culture of compliance certainly helps, as does establishing a single global policy and process for client onboarding, according to Kurt Salmon’s Shahryar Shaghaghi.