Globally, more than 200 regulations applicable to financial institutions are issued every day. The enormity of the challenge this creates cannot be underestimated. At the same time, many banks and financial services corporations are struggling to find innovative solutions to remain competitive while also exploring ways to optimize their tax structures. Baker McKenzie’s Jeremy Pitts, Gavin Raftery, and Steven Sieker provide effective solutions to balance priorities in terms of regulatory change, innovation and tax.
The most important way to figure out which rules apply and how to remain compliant with changing regulations will be internally driven – that is, by adopting a culture of compliance rather than one that emphasizes profit maximization. Across Asia, many banks and other financial institutions continue to expand compliance functions to ensure compliance and avoid unnecessary and costly enforcement actions.
Financial Institutions STEPS FOR SUCCESS: A balancing act
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