The banking and financial service sector’s regulatory burden is widely said to be constantly increasing, and it certainly isn’t a process that is going to end any time soon.
In May 2018 the European Union’s General Data Protection Regulation (GDPR) came into force, and in December 2018 came the approval by the industry’s regulators of Basel IV – the latter focusing on standardised risk weights and more detailed disclosures of capital reserves and other key financial statistics.
Also, earlier this year, national audit, tax and advisory firm Crowe Clark Whitehill in collaboration with the University of Portsmouth’s Centre for Counter Fraud Studies (CCFS) carried out research that found that fraud epidemic costs the UK £110 billion – and £3.2 trillion globally. According to Jim Gee, head of forensic and counter fraud at Crowe Clark Whitehill, “the threat of fraud is becoming increasingly like a clinical virus – it is ever-present and ever-evolving”.
Find out more about recording live chat conversations for compliance, read the complete article.
Published by FinTech Futures on 1st October 2018. Author: Graham Jarvis. Client: Click4Assistance.
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