Major US banks are conducting massive examination of their compliance procedures that monitor trading activities in the aftermath of UBS’s rogue trading scandal in what compliance executives say is one of the largest bank-led examinations of internal compliance procedures, the FOX Business Network has learned.
The internal reviews, conducted by Bank of America (BAC: 5.90, -0.38, -6.05%), Citigroup (C: 24.63, -1.39, -5.34%) and JPMorgan (JPM: 30.70, -1.68, -5.19%), are being sparked at least in part by the expectation that federal and international securities regulators such as the US Securities and Exchange Commission, and Britain’s Financial Services Authority will soon conduct reviews of how well big banks monitor trading activities.
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