U.K. Anti-Bribery Law Will Mean New Compliance Duties for U.S. Banks

By Colby Adams

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. The U.K. Bribery Act, which takes effect in April 2011, prohibits companies in Britain from bribing foreign officials to promote business interests. The law will bring hundreds of foreign companies operating in Britain, as well as British institutions, under the microscope of U.K. regulators examining for compliance to the rules. The law is also going to raise regulatory expectations for U.S. and other banks operating in Britain beyond the current anti-money...