Post on 05-Jul-2020
Snapshot of notable global financial
services Compliance moves,
appointments, themes and trends
“There continues to
be a particular
focus on financial
crime as firms look
to consolidate or
improve
effectiveness in this
area.”
January 2016 - April 2016
Leathwaite: London | Zürich | Hong Kong | New York
Twitter @L3athwaite www.leathwaite.com
The compliance market remains
buoyant, with a number of key moves at
the large global banking groups, with
several changes at both the global and
regional head level
There continues to be a particular focus
on financial crime, but volume hiring is
giving way to more strategic hires to help
consolidate these groups, and improve
efficiency
There has been a significant amount of
activity in the UK retail financial services
space. The large banking groups are
restructuring and making hires as a result
of ring fencing legislation. Challenger
banks are also hiring as many go through
significant periods of growth
A more formalized three lines-of-defence
model remains a key focus for
commercial and retail banks. Where the
larger banking groups have more
advanced governance structures, many
smaller and mid-sized firms are currently
looking at the best way to organize
themselves
In the UK, The Senior Managers Regime
came into force in March with a view to
improving accountability. As such firms
have had to declare which individuals
are deemed “senior managers”, and
those who will be certified. The
increased liability associated with taking
on such roles is prompting individuals to
exercise more caution when considering
opportunities at institutions deemed to
have deep rooted compliance &
cultural issues
In the US, FINRA is targeting AML
Programs and “Culture of Compliance”
as a 2016 Enforcement Priority,
particularly for high-risk broker/dealers
Summary of key themes and trends Jan - Apr 2016
Compliance Themes
Page 1/5
Next update due: 19/9/2016
Global Banking Groups
William (Billy) Fenrich replaces Stuart Breslow as
Chief Compliance Officer at Morgan Stanley.
Billy joined the bank to work on a Volker
program in 2014, and was previously a partner
with Davis Polk & Wardwell. Breslow remains with
the bank as a senior advisor through January
2017. Separately, Tony Eastwood joins Morgan
Stanley as EMEA Head of Compliance. He joins
from Barclays, where he was Head of
Compliance for Corporate Banking.
Peter Hazelwood joins Deutsche Bank as Group
Money-Laundering Officer, replacing Ulrich
Göres who is stepping down. Peter joins from
HSBC where he is currently Global Head of AML
Compliance.
Pamela Root joins Deutsche Bank as Global
Head of Compliance, replacing Nadine Faruque
who has left the bank. Pamela joins from Citi
where she was Global Head of Compliance for
the Institutional Clients Group.
John Davidson takes on Pamela Root’s
responsibilities as Global Head of Compliance
for the Institutional Clients Group at Citi. This is in
conjunction with his role as Group Chief
Compliance Officer.
Colin Bell joins HSBC as Group Head of Global
Standards Execution and Remediation. He joins
from UBS where he was Global Head of
Compliance and Operational Risk Control.
James Oates, Group Head of Internal Audit at
UBS will replace Colin Bell. Alan Wehrenberg,
currently UK Head of Compliance & Operational
Risk Control (C&ORC) and Global Head of
Investment Banking C&ORC at the bank is
appointed Group Head of Audit as of 1st June.
Richard Kennedy is appointed Interim Group
Head of Internal Audit at UBS.
Kevin McKay, General Counsel for Americas
Wealth Management at Barclays, is appointed
Americas Chief Compliance Officer, replacing
Jill Ostergaard who has left the bank.
Robert Nowicki has joined Deutsche Bank as
APAC Head of Compliance. He was formerly
APAC Head of Compliance for RBS.
Paula Dominic joins Credit Suisse as Americas
Chief Compliance Officer from Bank of America,
replacing Louise Guarneri who has moved
internally. Paula was formerly with Bank of
America as Group Chief Compliance Officer,
and more recently part of a broader Internal
Simplification Project, accountable to the CEO.
Retail Financial Services
Allan Clare joins HSBC as Head of Financial
Crime Compliance UK (ring-fenced bank). He
joins from Nationwide where he was Financial
Crime Director.
Jennifer Shasky Calvery, Director of the Financial
Crimes Enforcement Network (FinCEN), is joining
HSBC in a senior global financial crime
Leathwaite: London | Zürich | Hong Kong | New York
Twitter @L3athwaite www.leathwaite.com
Key global people moves and appointments:
Compliance Moves
Page 2/5
Next update due: 19/9/2016
Leathwaite: London | Zürich | Hong Kong | New York
Twitter @L3athwaite www.leathwaite.com
compliance role.
Matthew Elderfield joins Nordea in November
2016, as Head of Group Compliance and a
member of the Group Executive Management.
He joins from Lloyds Banking Group where he is
Group Director, Conduct and Compliance.
Phale Mcmillan-To Van joins HSBC as Global
Head of AML for Retail Banking and Wealth
Management. She joins from Standard
Chartered Bank where she was the Senior
Programme Manager for Financial Crime
Compliance in Europe.
Paul Williams moves to the Commercial Bank at
HSBC as Head of UK Regulatory Compliance.
He joins from Retail Banking and Wealth
Management UK, where he was Head of
Product Compliance.
Eleanor Dewar joins Sainsbury’s Bank as Head of
Policy and Advice, Compliance and Conduct.
She joins from Tesco Bank where she was a
Senior Audit Manager.
Alison Verlander joins TSB as Head of Regulatory
and Conduct. She joins from RBS where she was
Head of Business Model Analysis and Conduct
Delivery.
Julia Cattanach joins Experian as European
General Counsel in September this year. Julia will
be reporting into Darryl Gibson, Group General
Counsel, joining from Tesco Bank where she was
Compliance, Conduct and Regulatory Director.
Letitia Smith is appointed Conduct, Compliance
and Operational Risk Director at Lloyds Banking
Group. She was previously Compliance Director.
Jacqueline D. Molnar is promoted from Deputy
to Chief Compliance Officer for Western Union,
and is responsible for leading global AML / CFT,
sanctions and consumer protection compliance
programs.
Ingrid Busson joins PayPal as Head of Financial
Regulation from Morgan Stanley, where she part
of the bank regulatory legal group.
Soeren Seitz joins Manulife as Asia, Chief
Compliance Officer. He joins from Goldman
Sachs where he was Head of APAC Financial
Crime Compliance group.
Asset & Wealth Management
Amrit Midha leaves State Street Asset
Management where he was International Head
of Compliance. He has set up his own
consulting business. Gael Kerrigan replaces
Amrit in the interim, who joins from Amundi Asset
Management where she was Head of UK
Compliance.
Sofia Rosala joins Copeland Capital as General
Counsel and Chief Compliance Officer. She
joins from Aberdeen Asset Management where
she was U.S. Counsel and Deputy Head of
Compliance.
Sean Gray replaces Don Andrews as Chief
Compliance Officer & Chief Risk Officer at
Bessemer Trust. Sean joins from M&T Bank where
he was Chief Risk officer for the Wilmington Trust
business.
Doug Siegel joins Oppenheimer Companies as
Chief Compliance Officer from UBS Americas,
where he was the Head of Wealth Management
Compliance.
Compliance Moves
Page 3/5
Next update due: 19/9/2016
Leathwaite: London | Zürich | Hong Kong | New York
Twitter @L3athwaite www.leathwaite.com
Regulators
Andrew Bailey is appointed CEO of the Financial
Conduct Authority and starts this role in July. He
was previously the Head of the PRA and
replaces Tracey McDermott who has been
interim-CEO. Sam Woods is appointed CEO of
the PRA to replace Andrew Bailey. He has been
serving as Head of Supervision for Insurance.
Exchanges and Brokerages
Anthony J. Albanese, the top financial regulator
in New York State, joins The New York Stock
Exchange as Chief Regulatory Officer. Mr.
Albanese’s resignation comes several months
after his high-profile predecessor, Benjamin M.
Lawsky, announced he was leaving the Cuomo
administration to start his own law and
consulting firm.
Thomas D. Shpetner joins ITG, a leading
independent broker and financial technology
provider, as Global Chief Compliance Officer.
Susan Boudrot replaces Jim Reilly as Chief
Compliance Officer for TD Ameritrade. Jim left
the firm earlier this year. Susan was previously
Chief Compliance Officer for the Broker Dealer.
Chad Estep is appointed Chief Compliance
Officer for the Brokerage business at E*Trade. He
replaces Tom McManus who has been
appointed GC for the Brokerage. Chad was
previously the Chief Compliance Officer for
E*Trade Securities and joined from Stifel Nicholas
in 2015 where he was Chief Compliance Officer.
Compliance Moves
Page 4/5
Next update due: 19/9/2016
Leathwaite: London | Zürich | Hong Kong | New York
Twitter @L3athwaite www.leathwaite.com
SMCR and SIMR are high on the
agenda for firms across the
industry. Firms have been seeking
experienced interims to help
navigate the legislation and drive
implementation towards a more risk
-aware culture
AML/KYC has seen much focus
over the last 12 months. In many
cases, remediation projects
continue. In others, firms are
increasingly looking forward and
using expert interim resource to
ensure best practice process and
controls are in place. This often
involves the delivery of training
programmes and workshops across
the business
MiFID II continues to draw much
attention and resource. Firms are
using interim regulatory specialists
to conduct impact assessment
analyses, establish cross-regulatory
reform agendas, establish
strategies for TOMs and other
projects, as well as drive
implementation of the changes
required
How can
Leathwaite assist?
With a global network of offices that are
constantly communicating with the
Compliance market, Leathwaite is
perfectly positioned to advise clients on
the future demand cycle for talent.
London: +44 207 151 5151
Zürich: +41 44 214 6640
Hong Kong: +852 3152 2463
New York: +1 646 461 9100
For a discussion on how the talent
landscape is changing within this sector,
please call your regional Leathwaite
office.
www.leathwaite.com
Key interim Compliance themes and trends Jan - Apr 2016
Compliance Interim
Page 5/5
Next update due: 19/9/2016