3min chapter

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2023 Big Ideas in Technology (Part 2)

a16z Podcast

CHAPTER

Is This a Good or Bad Thing?

Since the last financial crisis in 2008, there's been more than $250 billion in fines for poor compliance procedures. Estimates are between 6% to 10% of banks' revenue, of their entire revenue is spent on compliance costs. Some of the larger banks, if you read their annual reports, 10 years ago, 4% of their employees were in the compliance and risk functions.

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