This article is a week old and I’ve been pondering what to think and make of it. It’s always good news if perpetrators are caught, but something just feels amiss here.
I’ve worked
for and with financial institutions most of my working life and I’ve tried to do
what’s right for the institution I worked for, its customers and society at
large. But even when I had senior positions, I was never acting on my own. I
was an employee, firmly embedded in organisation structures, reporting lines, policies,
procedures, controls and all these other things that employees in an organisation
deal with.
Yet this
article only briefly mentions the organisation the person worked for and it
looks like it’s something done by an individual on his own. While MAS and other
regulators indeed also include the individual responsibility and accountability
of employees, every regulatory framework I know is built around what a
Financial Institution as a whole needs to do.
Maybe I’m
missing something but it would seem logical that the institution that this
person was working for would be under scrutiny in the first place. Instead of
making it look like an individual acting completely in isolation.
Any
thoughts? Am I missing something here?
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