News
From the Editor: Naming, Shaming and Firing
By Kieran Beer
print"This time it's personal" was a promo line for "Jaws: The Revenge," a none too successful fourth and mercifully final Jaws movie built on the premise that a great white shark could be so enraged by one family that it would pursue them from New England to the Bahamas in order to eat them. Whatever jokes the regulated may want to make about regulators, the enraged great white shark image doesn't capture the spirit of banking regulators. But to the degree that they have made it clear that they are going to go after individuals responsible for a financial institution's...
TO READ THE FULL STORY
Subscribe
Learn More
Related News
A civil court hearing in Minneapolis on Friday will mark the first test of the U.S financial intelligence unit's power to fine individuals accused of violating federal anti-money laundering program rules.
There are all those sayings about how the optimist and the pessimist encounter the world, starting with the old "glass half-full or half-empty" adage. The 33rd Cambridge International Symposium on Economic Crime offered fodder aplenty for both world views earlier this month in the United Kingdom.
An expected jump in regulatory penalties against individual bankers is motivating more compliance officers to look into obtaining personal liability insurance, with perhaps disappointing results.
Credit Suisse AG's guilty plea to charges that it hid clients' assets from U.S. tax collectors is likely to translate into more troubles for the institution, both here and abroad.
Beleaguered bank BNP Paribas SA will move several top compliance positions to New York City in a bid to please the U.S. Justice Department and American regulators preparing to fine the institution.
America's oldest private bank will pay $8 million to settle regulatory anti-money laundering violations, the largest such fine imposed by the Financial Industry Regulatory Authority.
New York State's financial regulator will take a more aggressive tack against bankers and consultants who violate anti-money laundering rules, the agency's superintendent said Monday.