These are some of the compliance-related stories that recently caught my attention.
World’s 20 biggest banks rack up £252bn ‘conduct costs’ in five years by Sean Farrell in the Guardian
The cost of fines, legal bills and customer compensation racked up by the world’s 20 biggest banks over the five years to the end of 2015 amounted to £252bn, according to new research. So called “conduct costs” for the 20 banks rose 4.1%, or £10bn, compared with the previous rolling five-year period, 2010-2014. UK-based financial institutions Lloyds Banking Group, Royal Bank of Scotland and Barclays accounted for £11.3bn of extra costs while charges at five other banks fell. [More…]
Adding ‘father-son’ to the Familial Betrayal list by Bruce Carton in Compliance Week
A review of the Familial Betrayal archives here at Enforcement Action shows that we have not chronicled any father-son betrayals to date. We do, of course, have almost everything else, including husband-wife (and wife-husband), father-daughter, brother-sister,boyfriend-girlfriend, brother-in-law betraying brother-in-law, divorcee betraying divorcee. [More…]
In Properties Targeted in 1MDB Case, a High-End House Tour by Hannah Karp and Peter Grant in the Wall Street Journal
The properties allegedly bought with funds misappropriated from a Malaysian investment fund would make for a stunning house tour of high-end real estate in New York and Los Angeles. Besides flashy real estate, the U.S. government alleges that money from the fund, known as 1Malaysia Development Bhd. or 1MDB, was used to buy a $35 million private jet and a stake in EMI Music Publishing.[More…]
Nations of the World Confront the Pokémon Menace by Karen Zraick in the New York Times
Indonesian officials also called it a national security threat that could allow its enemies to penetrate military sites and gain access to top-secret data. On Monday night, a French citizen working in Indonesia was temporarily detained after stumbling onto the grounds of a military base in West Java Province while searching, he said, for Pokémon figures. [More…]
There are two weeks to go. If you enjoy Compliance Building, please support my Pan-Mass Challenge ride to fight cancer on August 5-7. 100% of your donation goes to the fight against cancer. You can read more and donate here: http://profile.pmc.org/DC0176
I was biking all winter to stay in shape for this ride.
