Have banks reached the inflection point of adding analysts to meet AML compliance obligations?

Nearly two years ago Lloyd Blankfein, CEO of Goldman Sachs, predicted that the demand for compliance analysts to meet the institution's regulatory obligations would soon be leveling off: This has a Y2K feel about it – that is, we have to hire additional people because we have to get ourselves up to speed. I think once we catch up and once automated, we probably will be able to reduce that headcount in some of these costs. While getting "automated" may seem straightforward, three major factors dispute his assertion. "There are some things you learn best in calm, and some in storm." In case it isn't clear from this Willa Cather quote, financial institutions don't have the luxury of waiting for relative calm in terms of their compliance obligations.