Personal criminal liability works
If the banking industry is to be cleaned up, rules alone will not cut it. Bankers should face personal criminal liability as well, argues David Rowe
An old personal experience came to mind while reviewing the HSBC money laundering allegations. The bottom line is, if you want compliance, nothing works as well as personal criminal liability.
Many years ago, I served as chief financial officer of what was then known as a Section 20 subsidiary of a US commercial bank – an investment banking business, in simpler language. One of the first things I learned was that I had personal criminal liability for proper reporting of the firm’s capital
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