Financial research firm TowerGroup has estimated that US brokerages will spend $700m on compliance systems over the next three years. The group claimed that the US Patriot Act has had a tremendous impact on the regulatory infrastructure of the securities industry – including driving the need to quickly implement anti-money laundering (AML) strategies across an industry that has not traditionally fallen under such strict guidelines. Unlike their retail banking counterparts, investment banks are starting largely from scratch in deploying technology that can flag and track transactions that may be linked with illegal activity, said the group. For broker/dealers, non-compliance with AML mandates carries huge downsides – including exposing firms to monetary and reputational risk. So while AML compliance may require substantial investments in technology and process changes, these investments should not be judged strictly on the basis of traditional return on investment.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.