"I think your best compliance cultures are the ones which have this attitude of trust and some of the ones with the biggest compliance departments, like Wall Street, have the most scandals".
Rosanne Altshuler, codirector of the Urban-Brookings Tax Policy Center, worries that all the tax gotchas could "erode confidence in the system, and that could lead to a bigger compliance problem".
The G-20 has given the I.M.F. the job of monitoring the big economies' compliance with the "framework for strong, sustainable and balanced growth" that the G-20 endorsed in Pittsburgh in September 2009.
LendUp CEO Sasha Orloff spoke to TechCrunch, admitting his company didn't have a big enough compliance and legal team to review all of its promotions and features.
At the world's big banks, compliance officers are already trying to apply what they have learned from years of watching for drug-related financial activity and money-laundering.
The Internal Revenue Service will soon be auditing 49,000 individual 2001 tax returns as part of its biggest tax compliance research project since 1988.
The banks themselves say (with qualified support from the Government Accountability Office) that the living wills are unprecedentedly big and difficult compliance exercises and that the requirements weren't made clear enough.
The engine under the hood of big banks — the compliance and money-transfer systems — are simply too difficult for any startup to replace, which is why tech plays like Apple Pay are still built on top of existing bank systems and payment rails.
"We found ourselves asking this question over and over and over again: Where's the analysis?" said John W. White, the S.E.C.'s top official in charge of the new rules, calling it the "the biggest shortcoming" of compliance with the new pay disclosure rules.
