VComply Editorial Team
Historically, the banking sector has always been plagued by vulnerabilities and risks. The global financial crisis of 2007 and 2008 is an indicator of this fact. Robust risk and compliance management programs and use of technology have helped banks to make good progress on the risk management front. While these control systems and risk management protocols are constantly evolving, operational risk always remains a concern.
Operating as a non-profit organization in an overly competitive and capitalism-first economy means that there is no shortage of obstacles. Non-profits are bound by unending public scrutiny coupled with strict government regulations because of the special financial privileges they enjoy. The tax-exempt status combined with access to public funding is two very good reasons why compliance, on all fronts, can’t be ignored.
Regulatory watchdogs around the world served stiff penalties in 2020, with major financial institutions being asked to own up for their deficiencies and malpractices. Citigroup faced a $400 million fine for risk management shortfalls, JP Morgan was charged $920 million for illicit market activity, Westpac agreed to a record fine of AUD 1.3 billion for anti-money laundering breaches, Goldman Sachs was fined $2.9 billion in connection with the 1MDB scandal, and Wells Fargo saw a huge $3 billion penalty for he fraudulent account fiasco.
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