OCBC Cites Compliance Burden as Reason to Expand Private BankBy
Bank needs wealthy clients to offset surging regulatory costs
Compliance costs are rising by 35 percent a year, CEO says
Oversea-Chinese Banking Corp.’s Chief Executive Officer Samuel Tsien said surging compliance costs are one factor spurring him to expand his Asian wealth-management business, at a time when some overseas competitors are retreating.
That’s because the rapidly expanding costs of complying with anti-money laundering, tax-compliance and other regulatory requirements — rising by 35 percent annually across the whole bank — need to be spread out across as many fee-generating clients as possible, according to Tsien…
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