Record Deutsche Fine A Shot Across The Bows For UK Banks
By Mark Taylor (January 31, 2017, 9:54 PM GMT) -- The Financial Conduct Authority's record £163 million ($205 million) fine levied against Deutsche Bank AG on Tuesday will force all banks operating in Britain to review their defenses against financial crime to detect weaknesses or risk similar consequences, legal experts warn.
The agency's first fine of the year followed months of warnings that it was stepping up its campaign to root out dirty money from the U.K. banking system. Lawyers advising banks on financial crime called it a warning shot from new FCA Chief Executive Andrew Bailey that banks can't ignore.
"This latest fine contradicts any complacency that Andrew Bailey's leadership...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!