While it may be the most common given name in the world, the global banking system seemingly can't cope with Mohammed and its various different spellings. When it comes to false positives - where a person or transaction is incorrectly flagged for contravening sanctions - the total at Middle Eastern banks is around twice that of many international lenders because of the high use of names like this, said John Garrett, chief compliance officer at National Bank of Abu Dhabi (ABD:NBAD). JP Morgan Chase (JPM) is due to spend an extra $1 billion on controls this year and had added 4,000 compliance staff since 2012, CEO Jamie Dimon said in September. Such figures are far beyond anything banks in Africa and the Middle East can comprehend, let alone apply themselves.
via Business News - Yahoo Finance http://finance.yahoo.com/news/soaring-compliance-costs-clip-wings-070707411.html
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