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.
"This time it's personal" was a promo line for "Jaws: The Revenge," the unsuccessful fourth Jaws movie featuring a great white shark that pursues a family from New England to the Bahamas. To the degree regulators are pursuing individuals for compliance failures, this time IT IS personal too.
Federal investigations of bank employees suspected of enabling violations of U.S. rules against illicit finance are on the rise, with several compliance officers at a number of institutions currently the targets of civil or criminal inquiries, say sources.