january 29, 2014, 11:51 am et sdny plans unit name change...

SDNY Plans Unit Name Change Amid Money Laundering Focus - Risk & Compliance - WSJ

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January 29, 2014, 11:51 AM ET

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Preet Bharara, United States attorney for the Southern

District of New York.

SDNY Plans Unit Name ChangeAmid Money Laundering Focus

By RACHEL LOUISE ENSIGN

Wall Street Journal

The powerful Manhattan U.S. attorney’s office plans to add “money laundering” to

the name of its criminal division’s asset forfeiture unit, in the latest sign of its focus

on the area.

This move, mentioned by U.S. Attorney

at a conference Monday, comes on the

heels of his office’s $1.7 billion

settlement with J. P. Morgan Chase

JPM +0.44% & Co. announced this

month over anti-money laundering

lapses.

“J.P. Morgan is not going to be the last

big case that my office brings in this

area. I can promise that,” he said at an

Association of Certified Anti-Money

Laundering Specialists event in New

York.

Mr. Bharara went on the defensive against critics of deferred prosecution

agreements like the one employed in the recent J.P. Morgan settlement. These

critics often maintain that individuals, not just companies, should be prosecuted in

these situations.

“It should not be one or the other; individuals or institutions,” Mr. Bharara said.

“Institutional accountability is particularly appropriate in the [Bank Secrecy Act]

context because many of the anti-money laundering laws and BSA provisions are

specifically directed at institutions.”

Ben

DiPietro

Editor

Nicholas

Elliott

Editor

Rachel

Louise

Ensign

Reporter

Gregory J.

Millman

Columnist

Samuel

Rubenfeld

Reporter

Joel

Schectman

Reporter

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But Benjamin M. Lawsky, head of the New York State Department of Financial

Services, took a different stance in a speech at the same event, calling for more

actions against individuals in order to close what he called an “accountability gap”

at financial institutions. He advocated for regulators to play a greater role in those

actions against individuals.

“Real deterrence, in my opinion this is the key, it means that as regulators and as

prosecutors, we should be focusing a lot of individual bad conduct, not just

corporate wrongdoing,” he said. “If as we resolve cases as both regulators and

prosecutors we can’t find individuals to hold accountable…we’re not really creating

real deterrence.”

Write to Rachel Louise Ensign at [email protected]

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