October 30, 2020

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Scott Tominaga – The Importance of Compliance in Banking

Compliance in Banking

Throughout the years the world of banking has gone through a number of changes as it has sought to modernize, offer a better and more secure service. One key area of this is the compliance of a banking institution, essentially the set of rules which are in place to ensure honesty, transparency, and integrity. This area of banking is the spine to which all activities are carried out and it is a critical area of the finance industry on the whole. Scott Tominaga is an expert in the field of financial compliance and he has been speaking recently about exactly why, in the modern age more than ever before, compliance is absolutely critical to the success of the baking sector. 

Customer Trust 

Banks, of course, are nothing without customers and they must ensure that they can promise maximum trust and security to those customers. Customers want to know that their money is safe in the bank’s care and in order to do that a bank must show that it is more than responsible enough to keep that money and to always have their best interests at heart. This is why it is essential that compliance is a critical tool in customer service. 


Compliance is there to set limits which the banks must adhere to in order to protect the institution and to protect those working within it. Let’s take the case of Barings Bank for example, one of the UK’s oldest banks, this was brought downy a single stock trader who was allowed to run up enormous debts based on trades which went wrong. Because of a lack of compliance in this situation, the trader was allowed to continue to trade the bank’s money and the result was that it was forced to close its doors. Banks and those working within it must have limits as to what they can and cannot do, otherwise this is the risk that they run. 


Another reason for compliance is to ensure that banks remain completely transparent around their operations. Unfortunately working in an industry that involves money, be it banking or cash transport, will tempt those working within it to aim to bend the rules or defraud their employers. Compliance such as internal audits is the perfect way in which to ensure that there is absolute transparency and that nothing can go unnoticed. 


Compliance also acts as a deterrent to anyone who is considering doing something unlawful. Whilst these situations may still occur, they only serve to help banks to increase their compliance and ensure that all of their operations are watertight. Compliance is very much there to deter anyone from unlawful actions within the baking world, and they have certainly worked well in recent years to reduce the amount of crime within the industry. 

Compliance is in place to protect everyone, the banks, the employees, and most importantly the customers who place their trust and their money in their bank.  

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