Source | The Economic Times
MUMBAI: The ever-tightening regulatory regimes worldwide have pushed up the demand for compliance professionals in the lending sector, according to experts. In most markets including India, the cost of non-compliance is huge, giving banks, non-banking financial companies (NBFCs) and employers in other sectors enough reason to want to ramp up their compliance departments with more professionals.
“There is a sudden need for awareness on internal compliance for companies,” said Zulfiqar Memon, founder of boutique white-collar crime and compliance advisory law firm MZM Legal.”We are now representing two large private sector banks, assisting them set up their internal compliance practice, which also extends to creating awareness among employees for email protocol and ethics.”
There is a shift globally in the way finance companies look at compliance, industry trackers said. British bank HSBC Holdings PLC last year hired 1,600 compliance professionals, while US-headquartered finance giant JP Morgan Chase has created a special compliance team, called ‘SWAT Team’, after it agreed to pay billions of dollar in settlement payments.