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Maybe it's the thing you're supposed to say when you get a new job and have responsibility for a lot of people. Still, it was a good thing to hear from FinCEN's new director in her debut speech at a D.C. money laundering conference.
A U.K. fine against a London-based private banking subsidiary of the Royal Bank of Scotland underscores the risks financial institutions take when they allow their account managers to vet valued clients, say compliance officials.
The private bank that serves Britain's Queen Elizabeth II and other wealthy individuals was fined 8.75 million pounds sterling by the United Kingdom's bank regulator for anti-money laundering deficiencies.
A planned regulatory overhaul, economic sanctions against Iran and the enforcement of anti-bribery rules will be among the biggest issues British financial institutions contend with in 2012, say experts.
A stringent new British anti-bribery law will be implemented before the end of the year despite concerns from the business community and the Cameron government, according to the measure's authors.
U.S. financial institutions and other companies will have additional anti-money laundering and anti-bribery monitoring duties when a new U.K. law takes effect next year, according to a U.K. regulator.
A British anti-bribery bill expected to pass this month could increase the likelihood that U.S. financial institutions and other companies will face sizable monetary penalties for overseas deals, say consultants.
