The Man from FCPA has seen a lot of strong statements from top management but when a chief executive calls non-compliance a cancer you know it is serious. It is sort of like Wow, did he really say that?
Last week, Bill Winters, the chief executive of the U.K. bank Standard Chartered announced that he has taken steps and will continue to take steps to stamp out the cancer of complacency and lax controls at the financial institution. As reported by the Financial Times, “Winters delivered an ‘angry’ address to its 1,500 top managers and sent several staff memos condemning transgressions that include inappropriate financial dealings with colleagues and excessive expenses.”
