Banks are increasingly rooting out rogue traders such as JP Morgan’s London whale’ and avoiding foul-ups such as Standard Chartered’s breach of US sanctions against Iran by overhauling how they collect and analyse data.
Banks are focusing on key areas such as anti-graft and money laundering procedures, investigating and recording the identities of trading counterparties and clients, as well as keeping a closer eye on the market prices quoted by their traders.
Detectives and data systems suppliers have enjoyed a mini boom in business as banks scramble to comply with new regulations, such as the crackdown on offshore tax avoidance by Americans called the Foreign Account Tax...
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