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4 Ways Banks Can Leverage Data to Comply with Complex Global Regulations

4 Ways Banks Can Leverage Data to Comply with Complex Global Regulations
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Since the financial crisis of 2007-2008, banks all around the world have faced fines totaling $321 billion for regulatory failings consisting of money laundering to market manipulation and terrorist financing.

Ever since then, there have been several regulations put in place that are crucial for banks to adopt. For instance, failure to shift with regulations like FATCA, CRS, Dodd-Frank, Basel III (Three), EMIR, MiFID II (Two), and others might result in a severe penalty and various technical challenges.

That is why every bank must be updated with the norms and make sure that they are not falling behind in adherence to these regulations. The optimum way for banks to maintain this adherence is to regulate employee communication across all offices.

The potential regulatory requirement is based on multiple factors like Rule Variability, which requires different rules which depend on geography, communication type, the line of business, or product specifics.

The resulting technical challenge for this requirement is the inability to address variable regulations like monitoring organizations globally and lack of a unified approach.

Other factors include the collection, search, and analysis of all trade communication interactions following regulatory requirements, monitoring communications which take place outside the bank’s firewalls and monitoring, archiving, and analysis of all types of communication such as telephone, email, SMS and voice recordings.

Additionally, the compliance and discovery reports need to comply with strict deadlines.

Below are four essential ways through which banks can achieve this:

  • Gain complete visibility into internal communications and provide detailed reporting.
  • Use relevant tags across critical areas to store data across various categories for smart search.
  • Enhance quick search by implementing e-discovery.
  • Enable compliance teams to conduct their search which results in reduced overhead for the IT department and compliance team.

There are multiple solutions providers, such as Hitachi, who help the banks to sail smoothly through this process.

Want to know more ways in which banks can leverage data to ensure compliance? Click on the link below to watch a quick video and to download the whitepaper How Banks Can Leverage Data to Comply with Complex Global Regulations.


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Tanuja Thombre
Tanuja Thombre
A Soft Skills and Behavior Trainer by passion and profession, with 8 years of experience into Mortgage Banking sector. Currently I am working as a Training Consultant and I cater to the training needs across various industries. This also allows me to interact with, train and learn various aspects of human modes. Adorned with certifications from various institutes like Dale Carnegie & Steven Covey. I have a natural instinct for writing; every once a while, a Blog, a short article and in the future I plan to author a Book. When it comes to writing, I believe there is seldom anything as appealing as Simplicity.

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