Compliance

Labor costs constitute a major piece of banks' spending on preventing financial crimes despite technological advancements, and costs are leveling off despite new legislation. Here's why.

After a yearlong investigation by the Securities and Exchange Commission, large investment banks including BofA, Citi and Deutsche admitted they failed to monitor their employees on certain messaging channels such as WhatsApp.

The company has built an ability to connect employees' communications to their behavior, to root out any policy violations and show regulators a bank is doing enough to comply.

An alert released Tuesday asks banks to give special attention to specific “commodities of concern” as they monitor transactions.

Banking groups are concerned that their long-fought-for Office of Supervisory Appeals Committee was disbanded without public comment.

A more active Consumer Financial Protection Bureau, competition from Big Tech and sanctions on Russia are combining to make compliance a much larger concern than in the past, according to legal experts who spoke at American Banker's Payments Forum.