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

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

Jes Breslaw

EMEA Director of Strategy at Delphix

Views 413

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

13.10.2016 08:15 am

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.

Latest blogs

Nish Kotecha Finboot and Bryan Foss, NED, Visiting Professor at Bristol Business School and member of the FRC Audit & Assurance Council

How Listed Companies Can Use Blockchain to Prevent Auditing and Reporting Malpractice and Avoid Scandal

Not too long ago, there was very little to link Wirecard, the disgraced payments platform in Aschheim, Germany, with Boohoo, the fast-fashion online retailer in Leicester, England, but both have recently been embroiled in high-profile scandals. Read more »

Leon Muis Yolt Technology Services

The Time for Financial Services to Become Truly Digital is Now

The financial services industry looks set to change dramatically over the next couple of years in response to COVID-19. The pandemic has certainly highlighted some inefficiencies and weak spots in current processes for many businesses, such as those Read more »

Granville Turner Turner Little

The Lockdown Money Revolution

Many Brits have found that lockdown has been beneficial for their money, having cut back on personal spending and managing to put away some extra cash. According to eToro, Brits with unspent discretionary income are set to accumulate £75.5bn in Read more »

Sandra Higgins Sysnet Global Solutions

Are You ‘Prescribing’ the Right Security Solution to Your Merchants?

When it comes to leading a healthy lifestyle, eating the right food, taking regular exercise, and maintaining a positive mindset are key. However, despite these best intentions and practices, you still might not get all the nutrients your body needs Read more »

Robert Flowers DivideBuy

It Doesn’t Have to Be the End – How Retailers Can Grow in Light of COVID-19

It’s no news that the retail industry has been flipped on its head by the COVID-19 pandemic. Due to the lockdown, most in-store operations have been shut down, and nationwide furloughs, reduced pay and steady streams of income at risk have fuelled a Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel