Enron lessons: Banks must know their customers’ business


WASHINGTON -- US banking regulators stressed at US Senate hearings in December the importance of banks properly understanding their customers’ business in the wake of the collapse of the energy trading group Enron.

Senior deputy comptroller Douglas Roeder of the Office of the Comptroller of the Currency (OCC) said the agency, in a shift of policy, would now seek to determine whether bank managements understood customer disclosure and accounting intent.

In the past the OCC, which uses a risk-based

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