Message from the CEO of Bloomberg
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One of the things the Libor scandal has taught us is that there actually is a big contingent of people working in banks who don’t understand that emails, like puppies for Christmas, are forever. Strange, isn’t it?
To emphasize the point, Ernst and Young reported the results of an investigation, co-developed by the FBI, on language that tends to be present in electronic communications when cases of fraud are uncovered. Read more
Royal Bank of Scotland has been ordered by the US Federal Reserve board to improve compliance and governance in its US operations, the WSJ reports. The Fed issued similar cease-and-desist orders to HSBC and Barclays in 2010. The order is not a response to a specific incident, and gives RBS 60 days to submit a written plan showing how it will implement tighter oversight from board members and senior executives of risk and governance. RBS must also demonstrate that it will tighten up risk management and comply with requirements set by the Treasury Department’s Office of Foreign Assets Control, which monitors potential money laundering activities, reports Reuters. RBS said it was already tackling the issues. Read more