Banking Compliance Quotes

You can imagine how distraught I feel when I hear about the glorified heroism-free “middle class values,” which, thanks to globalization and the Internet, have spread to any place easily reached by British Air, enshrining the usual opiates of the deified classes: “hard work” for a bank or a tobacco company, diligent newspaper reading, obedience to most, but not all, traffic laws, captivity in some corporate structure, dependence on the opinion of a boss (with one’s job records filed in the personnel department), good legal compliance, reliance on stock market investments, tropical vacations, and a suburban life (under some mortgage) with a nice-looking dog and Saturday night wine tasting.

The Proofs Human society has devised a system of proofs or tests that people must pass before they can participate in many aspects of commercial exchange and social interaction. Until they can prove that they are who they say they are, and until that identity is tied to a record of on-time payments, property ownership, and other forms of trustworthy behavior, they are often excluded—from getting bank accounts, from accessing credit, from being able to vote, from anything other than prepaid telephone or electricity. It’s why one of the biggest opportunities for this technology to address the problem of global financial inclusion is that it might help people come up with these proofs. In a nutshell, the goal can be defined as proving who I am, what I do, and what I own. Companies and institutions habitually ask questions—about identity, about reputation, and about assets—before engaging with someone as an employee or business partner. A business that’s unable to develop a reliable picture of a person’s identity, reputation, and assets faces uncertainty. Would you hire or loan money to a person about whom you knew nothing? It is riskier to deal with such people, which in turn means they must pay marked-up prices to access all sorts of financial services. They pay higher rates on a loan or are forced by a pawnshop to accept a steep discount on their pawned belongings in return for credit. Unable to get bank accounts or credit cards, they cash checks at a steep discount from the face value, pay high fees on money orders, and pay cash for everything while the rest of us enjoy twenty-five days interest free on our credit cards. It’s expensive to be poor, which means it’s a self-perpetuating state of being. Sometimes the service providers’ caution is dictated by regulation or compliance rules more than the unwillingness of the banker or trader to enter a deal—in the United States and other developed countries, banks are required to hold more capital against loans deemed to be of poor quality, for example. But many other times the driving factor is just fear of the unknown. Either way, anything that adds transparency to the multi-faceted picture of people’s lives should help institutions lower the cost of financing and insuring them.

According to Bartholomew, an important goal of St. Louis zoning was to prevent movement into 'finer residential districts . . . by colored people.' He noted that without a previous zoning law, such neighborhoods have become run-down, 'where values have depreciated, homes are either vacant or occupied by color people.' The survey Bartholomew supervised before drafting the zoning ordinance listed the race of each building's occupants. Bartholomew attempted to estimate where African Americans might encroach so the commission could respond with restrictions to control their spread. The St. Louis zoning ordinance was eventually adopted in 1919, two years after the Supreme Court's Buchanan ruling banned racial assignments; with no reference to race, the ordinance pretended to be in compliance. Guided by Bartholomew's survey, it designated land for future industrial development if it was in or adjacent to neighborhoods with substantial African American populations. Once such rules were in force, plan commission meetings were consumed with requests for variances. Race was frequently a factor. For example, on meeting in 1919 debated a proposal to reclassify a single-family property from first-residential to commercial because the area to the south had been 'invaded by negroes.' Bartholomew persuaded the commission members to deny the variance because, he said, keeping the first-residential designation would preserve homes in the area as unaffordable to African Americans and thus stop the encroachment. On other occasions, the commission changed an area's zoning from residential to industrial if African American families had begun to move into it. In 1927, violating its normal policy, the commission authorized a park and playground in an industrial, not residential, area in hopes that this would draw African American families to seek housing nearby. Similar decision making continued through the middle of the twentieth century. In a 1942 meeting, commissioners explained they were zoning an area in a commercial strip as multifamily because it could then 'develop into a favorable dwelling district for Colored people. In 1948, commissioners explained they were designating a U-shaped industrial zone to create a buffer between African Americans inside the U and whites outside. In addition to promoting segregation, zoning decisions contributed to degrading St. Louis's African American neighborhoods into slums. Not only were these neighborhoods zoned to permit industry, even polluting industry, but the plan commission permitted taverns, liquor stores, nightclubs, and houses of prostitution to open in African American neighborhoods but prohibited these as zoning violations in neighborhoods where whites lived. Residences in single-family districts could not legally be subdivided, but those in industrial districts could be, and with African Americans restricted from all but a few neighborhoods, rooming houses sprang up to accommodate the overcrowded population. Later in the twentieth century, when the Federal Housing Administration (FHA) developed the insure amortized mortgage as a way to promote homeownership nationwide, these zoning practices rendered African Americans ineligible for such mortgages because banks and the FHA considered the existence of nearby rooming houses, commercial development, or industry to create risk to the property value of single-family areas. Without such mortgages, the effective cost of African American housing was greater than that of similar housing in white neighborhoods, leaving owners with fewer resources for upkeep. African American homes were then more likely to deteriorate, reinforcing their neighborhoods' slum conditions.

Anyone want to help me start PAPA, Parents for Alternatives to Punishment Association? (There is already a group in England called ‘EPPOCH’ for end physical punishment of children.) In Kohn’s other great book Beyond Discipline: From Compliance to Community, he explains how all punishments, even the sneaky, repackaged, “nice” punishments called logical or natural consequences, destroy any respectful, loving relationship between adult and child and impede the process of ethical development. (Need I mention Enron, Martha Stewart, the Iraqi Abu Ghraib prisoner abuse scandal or certain car repairmen?) Any type of coercion, whether it is the seduction of rewards or the humiliation of punishment, creates a tear in the fabric of relational connection between adults and children. Then adults become simply dispensers of goodies and authoritarian dispensers of controlling punishments. The atmosphere of fear and scarcity grows as the sense of connectedness that fosters true and generous cooperation, giving from the heart, withers. Using punishments and rewards is like drinking salt water. It does create a short-term relief, but long-term it makes matters worse. This desert of emotional connectedness is fertile ground for acting-out to get attention. Punishment is a use of force, in the negative sense of that word, not an expression of true power or strength. David R. Hawkins, M.D., Ph.D. author of the book Power v. Force writes “force is the universal substitute for truth. The need to control others stems from lack of power, just as vanity stems from lack of self-esteem. Punishment is a form of violence, an ineffective substitute for power. Sadly though parents are afraid not to hit and punish their children for fear they will turn out to be bank robbers. But the truth may well be the opposite. Research shows that virtually all felony offenders were harshly punished as children. Besides children learn thru modeling. Punishment models the tactic of deliberately creating pain for another to get something you want to happen. Punishment does not teach children to care about how their actions might create pain for another, it teaches them it is ok to create pain for another if you have the power to get away with it. Basically might makes right. Punishment gets children to focus on themselves and what is happening to them instead of developing empathy for how their behavior affects another. Creating

Two minutes after she entered the building, a light appeared in a third-floor window. A rapid check of a government property database indicated that the unit in question was owned by an Isabel Brenner, a citizen of the Federal Republic of Germany. A further check revealed that she served as a compliance officer in the Zurich office of RhineBank AG, otherwise known as the world’s dirtiest bank

Traders today complain of living in fear that chats from a bygone era will be dredged up and used against them. They paint a picture of a world where communications are monitored, compliance officers roam the trading floors and it's hard to make an honest living. Banks have finally got the picture, they claim. Market manipulation on the scale we've seen over the past few years is no longer possible. Time will tell (p. 174).

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Compliance,’ articulated the colleague, with an isn’t-it-obvious shrug. But it wasn’t obvious to me. Not at all. Then, to make matters even more confusing, another colleague chimed in, blaming ‘Central Bank rules’. When I looked into it, though, what I found was astonishing. Most of these ‘rules’ didn’t actually exist. A lot of what my colleagues believed true was mere folklore, no doubt passed down from generation to generation of bankers.

Incumbents are admittedly iterating on the friction, but have to butt up against compliance, legal and risk departments constantly trying to retain as much of the friction as possible. It takes a really strong CEO and executive team to reform that systemic thinking.

Daring leaders, even in compliance-driven and highly structured industries like banking, healthcare, and the food industry, create and share context and color. They take the time to explain the “why” behind strategies, and how tasks link to ongoing priorities and mission work. Rather than handing down black-and-white mandates stripped of story, they hold themselves responsible for adding texture and meaning to work and tying smaller tasks to the larger purpose.

Even at Goldman, some bankers, including David Ryan, considered the bank’s likely profit excessive. Alex Turnbull, a Hong Kong–based Goldman banker whose father, Malcolm Turnbull, would later become Australia’s prime minister, also raised concerns internally. Turnbull wasn’t involved in the deal, but he knew how bond markets worked, and he sent an email to colleagues expressing disbelief about Goldman’s profits. The email led to a reprimand from Goldman’s compliance department, while Turnbull’s boss told him to keep his mouth shut if he ever wanted to get promoted. He left the bank almost two years later for reasons unrelated to 1MDB.

The following year, Low had arranged for $170 million from the Goldman-prepared power-plant bonds to fill Najib’s account. To avoid questions, Cheah and Low had seen to it the account was marked as one used for internal bank transfers, meaning it would not be visible to compliance staff. The Australian and New Zealand Banking Group, known as ANZ, owned a minority stake in AmBank, giving it the right to appoint executives and board members. But ANZ’s management had no idea about this secret account’s existence. Joanna Yu, a middle-level AmBank executive, was tasked with taking instructions from Low about incoming wires and outgoing checks. Najib had used most of the initial infusion to pay off crony politicians, as well as on jewelry and a $56,000 expense at Signature Exotic Cars, a high-end car dealership in Kuala Lumpur. Now, with the elections approaching, the account was about to become a lot more active.