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Sometimes, a fine isn’t enough

Tom Fox | April 30, 2018

When is a simple fine insufficient for anti-money laundering rules infractions or violations of the Foreign Corrupt Practices Act, U.K. Bribery Act, or banking frauds such as the LIBOR scandal?

Was the penalty assessed by the U.K. Financial Conduct Authority to Barclays CEO Jes Staley for his attempts to unmask an anonymous, internal whistleblower punishment enough?  While Staley paid the unreported fine, it now appears that a high-ranking official at French bank SociétéGénérale (SocGen) paid another type of price for a violation—he lost his job. 

Barclays Chief Executive Officer Didier Valet departed from the bank in March “following a divergence of approaches regarding management of a specific legal matter.” Now it appears the reason for the employment separation was that the bank would have faced much tougher penalties from the Justice Department if Valet had not resigned over accusations of LIBOR rate-rigging. While it is not clear if U.S. authorities demanded...

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