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The regulatory reforms, which have set new international standards, brought about both greater complexity and regulatory requirements to the financial sector and its regulators. These reforms are impacting on the effectiveness and efficiency of both low-income and emerging market jurisdictions.1 Some of them come from international regulations aimed at protecting the financial sector from criminal use, such as anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. On this matter, the increase of regulatory expectations and the corresponding sanctions have increased Misconduct Bank Costs, which have gone from approximately 10 billion euros in 2009 after the crisis, to 200 billion euros by January 2014 worldwide.2 Concomitantly, banks are acting to avoid the risk of non-compliance through reducing potentially high-risk business lines, lower return activities, businesses with increased regulatory requirements, and others that may expose the sector to undue reputational risk.
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