Regulators look to punish bankers for money launderingSubmitted by GBAmerica on Thu, 03/14/2013 - 20:11
Regulators look to punish bankers for money laundering
(Reuters) - Bank executives who violate anti-money laundering laws may soon face harsher punishment in the United States as regulators consider ways to step up the fight against illicit money flows.
New rules are being weighed that will hold individuals specifically liable, and older rules - rarely used to take action against executives - will also be explored, top officials from the Office of the Comptroller of Currency and the Treasury Department's illicit finance unit told lawmakers on Thursday.
Regulators and law enforcement authorities have recently settled with top banks, including HSBC Holdings Plc, which in December agreed to pay a record $1.9 billion to resolve charges it laundered a river of drug money from Mexico. It entered into a deferred prosecution agreement, and no bank employees were charged in connection with the case.