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.
If you haven't been watching carefully, you may not know that the banks are going to get whole lot of guidance about using independent consultants just in time for the holiday season.
Deloitte Financial Advisory Services must pay New York $10 million and refrain from consulting additional state-regulated banks for one year after improperly sharing client data with Standard Chartered.
The Royal Bank of Scotland will pay the United States $500 million over Bank Secrecy Act and sanctions violations committed by the now defunct ABN Amro, U.S. officials said Monday.
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