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U.K. Proposes Tougher Tack on Foreign Bankers
By Irene Madongo and Colby Adams
printA proposal to hold British bankers more accountable for compliance failings could soon extend to senior executives of foreign banks, U.K. regulators said Monday. Under a 2013 law, British regulators have the authority to fine or seek other penalties against senior managers of U.K.-based banks that have failed to meet compliance expectations. In July, regulators proposed augmenting covered roles to include board members and individuals tasked with money laundering reporting and compliance oversight. The same penalties could apply to senior managers at foreign financial services firms with U.K. branches, HM Treasury said in a consultation paper seeking commentary from foreign...
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