Norton Rose has appointed a former partner as its first ever head of compliance.
Jonathan Ody, who retired in 2002 after spending 39 years as a partner in Norton Rose’s property department, returns to the partnership to take up the newly created role.
As the firm’s global compliance head, Ody will be responsible for making sure that Norton Rose’s offices all abide by local regulations, particularly with regard to money laundering requirements. Previously, the firm had a money laundering officer with a much narrower remit.
“It’s become apparent that the weight of regulation needed a single point of responsibility for making sure that we comply with all these regulations where non-compliance could be a criminal offence,” said Ody.
He added: “I’m the first person to hold this role to make sure we comply, but also that people are trained.”
On the future of regulation, Ody said: “I think that, around the financial services industry, the requirements will become a bit less prescriptive and more directed to taking what you might call a risk-based approach.”
As one of his first tasks, Ody is overseeing the introduction of a centralised electronic verifying system for new clients in the UK, cutting out much of the partners’ paperwork.