Banks could face an exodus of crime-fighting staff, as most compliance officers – who are responsible for making sure banks obey the law – want to quit their jobs.
The Daily Telegraph reports that the biggest worry for regulatory, compliance and anti-money laundering staff is the risk that they could go to jail if they fail to stop rogue colleagues breaking the law, according to a study from the British Bankers’ Association and LexisNexis.
As a result, 54% say they would leave the industry if an opportunity arose.
Banks have been recruiting compliance staff vigorously in recent yearsto cope with the rise in regulation, including rules designed to crack down on Libor manipulation, tougher rules on bonuses, stricter anti-money laundering controls and tighter affordability criteria on mortgages.
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