UK bank compliance staff want to change careers as they fear being jailed

Banks’ crime fighters want to quit their jobs
From The Telegraph –

“Banks could face an exodus of crime-fighting staff, as most compliance officers – who are responsible for making sure banks obey the law – want to quit their jobs.

The biggest worry for regulatory, compliance and anti-money laundering staff is the risk that they could go to jail if they fail to stop rogue colleagues breaking the law, according to a study from the British Bankers’ Association and LexisNexis Risk Solutions.

As a result, 54pc say they would leave the industry if an opportunity arose.”

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Barclays told bank lobby to ensure Libor reflected reality, court hears

From The Economic Times –

“A senior Barclays executive told a British bank industry lobby overseeing Libor benchmark interest rates to start "bilateral conversations" with banks in 2008 to ensure rates reflected market reality, a London court heard on Tuesday.

The trial of Tom Hayes, a former yen derivatives trader accused of alleged benchmark interest rate rigging, has already revealed that the British Bankers' Association lobby group was concerned that banks were distorting or lowballing Libor during the 2007-2008 financial crisis to allay solvency fears.”

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