I spent more than eleven years as in-house legal counsel at major investment banks in the City of London and Europe. As head of Legal Americas for the Corporate and Investment Banking division of a major European bank, I led my bank’s registration as a swap dealer in the US and, among other responsibilities, was in charge of Dodd-Frank compliance in general.
There, just like in many other international banks, most transactions straddled across a number of jurisdictions, so regulatory compliance was never a straightforward matter of complying with regulation X in isolation (which would have been challenging enough) but rather, meeting the requirements of regulation X and a number of foreign, overlapping rules at the same time.
I took part in just about every regulatory working group. It quickly dawned on me that, no matter how qualified the lawyers and compliance officers were, most regulations demanded a great deal of compliance at the Front Office level. That demanded that the very traders, structurers and salespeople must become compliance experts. Experience and common sense showed me that that kind of expectation wasn’t realistic for any financial entity and that, to really meet the requirements of the ever-growing number of regulations, the old compliance methods were no longer workable. An efficient tool had to be devised: Front Office personnel needed a virtual regulatory expert co-pilot.
“I am proud and thrilled to introduce RegBot®, probably the most cutting-edge compliance technology solution in the market today.”
— Adolfo Pando Molina, CEO RegBot®