The U.K. Financial Conduct Authority will review its decision not to compensate whistleblowers from the financial services industry after a lawmaker complained the agency repeatedly fails employees coming forward to expose wrongdoing at their institutions.
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.
The Internal Revenue Service disclosed final rules set for publication next week that will clarify how and when informants can collect rewards for identifying tax cheats, but not money launderers.
A U.S. lawmaker is questioning an IRS decision not to reward whistleblowers who disclose potential violations of Bank Secrecy Act reporting requirements tied to accounts held at foreign financial institutions.
The effect of a planned whistleblower program expected to have an impact on anti-money laundering compliance departments will likely be mitigated by low funding and other issues, say consultants.
In the wake of the recession, compliance departments are grappling with implementing more regulations with fewer resources, a former bank regulator says.
U.S. and Canadian banks are among the over 260 companies asking the Securities and Exchange Commission to reconsider a new federal whistleblower program they say will undermine internal reporting controls.
The release of hundreds of U.S. State Department cables as part of a massive leak of sensitive diplomatic communiqués is likely to prompt bank compliance departments to tweak risk rankings.
The former chief executive officer of a Miami-based bank has filed a lawsuit against his former employers claiming that they fired him for refusing to violate anti-money laundering and corruption laws.
Former Bank COO Rudolph Elmer, who has been sued by Julius Baer for allegedly leaking hundreds of the bank's documents suggesting a systemic laxity toward tax evasion and money laundering, said the Swiss laws allow institutions to hide their criminal support for white collar criminals.
Bank Julius Baers sued Wikileaks.org, claiming the organizations violated bank privacy laws by publishing hundreds of documents online that detail the private accounts of bank clients. The documents purportedly show evidence of money laundering and fraud through an offshore branch of the bank.
For a whistleblower program to be effective, employees have to believe that any action they take will produce results and that they will be protected from retaliation, experts say.