The key compliance challenge of the modern investment bank is to convince employees that their electronic communications are being monitored. The big bank fines and scandals of the post-crisis era are about stupid e-mails and electronic chats. The conduct was vague, ambiguous, hard to prove; the proof of nefarious intent came from all the dummies […]

Commerzbank will pay fines as part of a global settlement with a number of US authorities in relation to an investigation of alleged breaches of US sanctions regulations relating to Iran, Sudan, Burma and Cuba, Commerzbank will pay:  – US$258.7m to the US Treasury’s Department of the Office of Foreign Assets Control (OFAC) to settle […]

The pivotal role BNP Paribas played in helping Sudan sell oil in violation of U.S. sanctions is the major reason U.S. authorities are pushing for harsh penalties against the French banking giant, two sources with first-hand knowledge of the matter said. ”BNP basically was the Sudanese economy. They were just huge in helping the government […]