Half of banks have punished employees for corruption

Pointing The Finger

Half of financial firms with an anti-corruption policy have punished employees who have breached regulations, according to a report published Thursday by Ernst & Young.

Bloomberg News reports that financial services firms are more likely to act if they suspect corruption than other companies, the accounting firm said in the survey.

Nearly 70% of individuals in finance said their employer had clear penalties for breaking money laundering rules, compared with 49% across all industries.

Regulators around the world have cracked down on fraud and corruption after the 2008 financial crisis. The U.S. fined HSBC $1.9bn last year over claims the lender gave terrorists and drug cartels access to the U.S. financial system.

Standard Chartered also agreed to pay $667m to U.S. regulators after they alleged the bank helped Iran launder $250bn.

Hit the link below to access the complete Bloomberg article:

Half of Banks Have Punished Employees for Corruption, E&Y Says

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