HUGE FINES PROMPT COMPLIANCE BOOM IN FINANCIAL SERVICES
July 5th, 2014
Nothing concentrates the minds of bankers like being hit with the largest fines in corporate history. In July it was the turn of BNP Paribas to be targeted with a record fine of USD9 billion by the American government for sanctions breaches. In May, Credit Suisse agreed to pay USD2.5 billion for helping Americans evade taxes. At the end of 2012, HSBC took a USD1.9 billion hit for money laundering offences. Something more than a routine adjustment of financial penalties is clearly taking place here. “We’re experiencing a kind of regulatory climate change ...
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