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.
A recent regulatory penalty citing a Brown Brothers Harriman executive made a compliance director at Bank of America wonder about his future personal liability, attendees of a business forum heard Tuesday.
The terms of a $100 million settlement disclosed Friday by MoneyGram for anti-money laundering lapses will cost the Dallas-based money remitter nearly $200 million once completed, regulatory documents show.
The U.S. Justice Department is investigating possible anti-money laundering compliance infractions related to how MoneyGram oversees agents working near Mexico's border, say current and former government sources.
print