Partner Jeffrey Alberts Speaks With Compliance Reporter About Foreign Exchange Market Collusion
Partner Jeffrey Alberts, head of Pryor Cashman’s White Collar Defense and Investigations Practice, was quoted in the article “FX Settlements: Industry Sees Anti-Manipulation Difficulties” in the June 15, 2015 edition of the Compliance Reporter.
The article notes that in the wake of global banks settling accusations of foreign exchange market collusion, one of the most difficult jobs facing compliance teams is thwarting potentially manipulative behavior by traders.
The Compliance Reporter interviewed Alberts, a former prosecutor with the U.S. Attorney’s Office for the Southern District of New York. Alberts emphasized the importance of tailoring any monitoring system employed by the compliance department to the nature of the business. He told the Compliance Reporter that it is very important for Chief Compliance Officers (CCOs) to work closely and brainstorm with lines of business to identify red flags that teams should be looking out for when monitoring for possible manipulation.
Alberts noted that in addition to helping CCOs in their work, meeting with business lines can help supervisors think about potential wrongdoing and keep the issue top of mind.
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