Banking: Crime and Compliance

The financial crisis triggered in 2007, unleashed a series of far-reaching consequences including, stringent changes to the regulatory regime and the imposition of heavy penalties on Banks. Some Economists viewed this crisis as being one of the worst since the Great Depression of the 1930s. Billions of dollars have been paid out in fines since 2007 not just for the misdeeds pertaining to risky toxic assets, such as the mortgage-backed securities, but for the ongoing misdemeanors by the financial sector. These fines have covered violations such as market manipulation, sanctions, money laundering, tax evasion, lending and consumer practices, mortgage-backed securities, foreclosures, mergers and acquisitions, and mortgage repurchases.

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