DOJ: Bankers Need to Do More to Clean Up Profession

The U.S. Department of Justice’s second in command, Deputy Attorney General James Cole, told a group of bankers and lawyers gathered at a money laundering conference that too many financial institutions have failed in their duty to ensure that businesses are run cleanly. "Despite years of admonitions by government officials that compliance must be an important part of a corporation's culture, we continue to see significant violations of law at banks, inadequate compliance programs, and missed opportunities to prevent and detect crimes," he said. The comments come amid an international probe into possible manipulation of foreign exchange rates. "You will be hearing more about these investigations," Cole said. Read more in the Memphis Daily News.