Delphix's View on £3.25 million Fine of Sonali Bank

  • Jes Breslaw, EMEA Director of Strategy at Delphix

  • 13.10.2016 08:15 am
  • undisclosed

In our recent survey of European executives, 60 per cent of financial executives admitted that Anti-Money Laundering regulation is their number one compliance concern. As regulators take a tougher stance on institutions failing to introduce appropriate financial controls and increasingly hold individuals to account for due diligence failures, the Sonali Bank incident should act as a serious warning.

Financial organisations across the board are worryingly behind in their ability to demonstrate compliance with the growing body of regulation across different borders. The real challenge is building strong procedures that are underpinned by robust data architectures that meet evolving reporting demands. Being able to take action in an age where both firms and individuals are being held to account for compliance failure means getting a handle on the data practices, and fast. 

Yet, copying and moving ever-increasing amounts of data for regulatory requirements has become riskier and more difficult, than ever. Now is the time to take action to ensure that secure data can be delivered on-demand to those who need it. Using data virtualisation to make data from legacy systems available for reporting applications, is paramount to streamline operations and demonstrate to regulators that the people, processes and technology needed to effectively manage risk, have been introduced.

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