New York Fed legal vice-president challenges ‘check the box’ mentality
If a compliance regime does not accept blame or responsibility, then it has failed says Held
Compliance at central banks and regulated financial institutions must resist adopting a ‘check the box’ mentality when adhering to standards, said Michael Held, executive vice-president of the legal group of the Federal Reserve Bank of New York, in a speech on May 9.
Held told the Securities Industry and Financial Markets Association’s compliance and legal society meeting that there is a growing risk that control groups in large institutions are evolving to be “driven by their own self
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