WASHINGTON—Financial institutions can expect more lenient terms if they proactively report possible employee crimes to the government instead of waiting to be discovered, according to a statement from a Justice Department official.
The DOJ recently overhauled its approach to corporate criminal enforcement to incentivize companies to root out and disclose their misdeeds, Marshall Miller, a principal associate deputy attorney general, said at a banking conference in Maryland.
“When misconduct occurs, we want companies to step up,” Miller told the bank attorneys and compliance managers in attendance, CNBC reported. “When companies do, they can expect to fare better in a clear and predictable way.”
‘Lengthy Track Record of Failures’
As CNBC noted, “Banks, at the nexus of trillions of dollars of flows around the world daily, have a relatively high burden for enforcing anti-money laundering and other legal and regulatory requirement. But they have a lengthy track record of failures, often due to unscrupulous employees or bad practices.”
The report added that the financial services industry has paid more than $200 billion in fines since the 2008 financial crisis, mostly tied to its role in the mortgage meltdown.
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