"Taking on the responsibility of leading Barclays global compliancefunction, and overseeing the bank's relationships with governments and regulators, gives me that opportunity, " he added.
The key regulatory changes in the U.S. come from Dodd Frank and FATCA (Foreign Account Tax Compliance Act) will require firms to upgrade their compliancefunction, Owen said.
From the standpoint of people actually impacted and trying to function in the real world, compliance headaches and job losses driven by regulation are most emphatically costs.
Most importantly, the interdiction provisions involve conditional language that could function as a loophole for non-compliance, mandating states to inspect cargo, but only if they have "reasonable grounds" to believe that cargo contains prohibited items.