What are the Top Chief Compliance Officers in Banks Worried About?

As the bank’s chief compliance officer, if you are worried about CTRs, SARs, the FCPA form to be signed by the CFO, the FATCA report that has to be submitted, the new employees that need to be on boarded from a compliance perspective, …and so on then….you should be worried!

So is a majority of the other bank chief compliance officers.

 

But there are a few (and the number is growing) who are not at all concerned about any of these items. In fact, there are times when they don’t hear or see any of the BSA/AML or other acronyms for days at a stretch.

And why is that? It is because they have discovered the secret:

1. Embedding compliance data gathering and decision making within the operational processes
2. Automating the compliance processes

Instead, these chief compliance officers worry about whether bitcoin will become the universal, global currency and how to ensure compliance with real time payments becoming a reality. (Or they worry about their golf gameJ)

A regulatory compliance product like Predict360 facilitates both the process and automation aspects, so that you can also worry about cross border trade fraud that is impacting your bank! Or you can do an Alfred E Neumann with a “What – Me worry?” approach.

*The author’s views and opinions are entirely his or her own and may not reflect the views and opinions of 360factors.