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Bank Enforcement Actions Likely to Follow U.K.’s Bribery Report, Say Former Officials

By Colby Adams

A report by the United Kingdom's chief financial regulator on the anti-bribery compliance efforts of investment banks likely signals coming enforcement actions, and greater scrutiny of depository institutions, say former officials. In a review published March 29, the Financial Services Authority (FSA) found that nearly half of the 15 firms, including "eight major global investment banks," that it visited from August to January, had not properly assessed their risk of violating the U.K's. Bribery Act and other anti-bribery laws, and that only two had conducted related internal audits. "There's a very real chance that the FSA will follow up this...

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