In the present world, technology has increased in every way, such as oil prices increased, simultaneously increased complexity. The trends of violating the rules and regulations of various financial institutions and tax evasion are also not less. In the past decade, the Compilation Department has increased the importance of protecting the internal rules and regulations of the organization and dealing with external legal complications.
It is important to note that the implementation of special procedures and methods of the organization according to existing laws is to be taken care of by the Compliance Department. The Compliance Department is closely monitoring everything from corporate capital to corporate governance. This division contributes to profit by saving the organization’s cost. As a result, compliance officers are more in financial institutions than overseas.
Regulatory agencies have imposed a fine of $ 28.4 billion on the financial and financial institutions for violating money laundering and prohibition in the world since 2008.
Failing the ban, the French international banking group BNP Paribas were fined $ 8.9 billion each. Scandinavian banks of Denmark, Denmark’s Denmark, Sueid Bank of Sweden, and Europe have been fined in these scandals. In the interest of the organization, they are using compliance officers on both positive and negative side. HSBC Bank Chief Compliance Officer (CCO) Ceylon Bell has urged to create ‘industrial-scale operation’ in the face of the emerging situation.
International financial institutions are currently giving priority to compliance departments. They highlight the information-data of the compliance department in various tasks, including banking. Besides, the positive aspect is highlighted by the business-related party in which compliance department is active in their organization.
In a recent UK-based magazine The Economist, it has been reported that at the end of 2018, 30 thousand (15 percent) of the 200,000 employees of the American banking company, CT Group, were working in compliance, risk and other control activities. At the end of 2008, which was slightly more than 4 percent. Within 10 years, the number of workers in this sector has increased nearly four times.
According to the Financial Conduct Authority of the United Kingdom Financial Contributing Authority, in 2010, HSBC Bank was fined US $ 190 million for banking black money and other irregularities. Although there are five thousand employees of Anti-Money Laundering (AML) compliance in this organization, money-laundering (AML) compliance.
In addition, the standard Chartered Bank has been fined 180 million dollars for violation of the ban. And there are anti-money laundering-related workers in this organization, at least three thousand. Both banks spend $ 500 million annually on each anti-money laundering issue. British Bank’s annual anti-money laundering cost $ 500 million In 2011, BNP’s residence was fined a major penalty. There are about 13,000 employees for compliance and other activities in this institution. That is, it clarifies that it is not just systematic, compliance officers are also used in case of irregularities.
Worldwide membership of Florida’s Association of Certified Anti-Money Laundering Specialists In 2007, its membership increased from 5 thousand 600 to 70 thousand now. The banks did not just catch money in the scam, but also spoiled the image by publishing and publishing the Safai advertisement to calm the market. Banks in Denys, say they hire 600 new complainants this year. Four times more than 2015.
Not only has the expenditure increased in the compliance sector, the benefits of this sector are extensively available. Earlier in this sector, the Department of Law and Risk was in dormitory. Now it has become very popular at the top level of the organization. Mark Jackson, the US employer, Hedrick and Straugal, said compliance has now become a more influential sector.
This period has become one of the most attractive jobs in the world after the global economic recession. The strong role of compliant executives with a wide range of work-oriented skills around the world is a cause of panic for bankers. However, the compliance department could not become as strong as developing countries like Bangladesh and India in developing countries. Commentators of renowned employer organizations around the world, well-versed lawyers or law-makers are more interested in being involved in this sector.
According to the market research firm HTF, in 2010, the market profit of Rectex (financial institution) worldwide was $ 1.4 billion. By the year 2025, the possible profit would be $ 6.4 billion. In 2009, the risk and compliance officials of 800 financial institutions studied worldwide, and 43 percent of their fields could increase in the next 12 months.
In recent years, BNP Paribahan has encouraged employees to increase their attention in the trade and compliance sectors. Some financial institutions are working with Compliance Officers for compliance-related outsourcing or special projects. Mitch Avnet, managing partner of the American Farm Compliance Risk Concepts, said that 30 percent of the demand in this sector is increasing in the year.
It is now a big question that the bank regulators will engage in the human resources compliance sector to meet the increased demand. Apart from this, there is doubt about the running of information-based compliance division with old-minded bankers. As a result, the demands of the time to appoint new, young or trained skilled manpower in this sector