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Richard L. Cassin Publisher and Editor

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Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

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Richard Bistrong Contributing Editor 

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FCPA Blog Daily News

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Monday
Jul232018

Big European bank names CCO to board of directors

Denmark’s biggest bank by market value has appointed a new chief compliance officer and named him to its board of directors.

The Wall Street Journal's Sam Rubenfeld reported Friday that Dankse Bank A/S named Philippe Vollot to the CCO post and to the board, effective in December.

Vollot is moving from Deutsche Bank AG, where he served as global head of anti-financial crime and group anti-money laundering officer.

Last month, Siemens named a chief compliance officer, Sylvie Kandé de Beaupuy of Airbus, to its board of directors.

Tom Fox said de Beaupuy's appointment "is the recognition that compliance has become intertwined with business and profits, and should be overseen at the board level by a compliance subject matter expert."

Fox also said last year’s release of the FCPA Corporate Enforcement Policy (pdf) showed that the DOJ "now expects to see compliance expertise at the board level."

Danske Bank has about 20,000 employees and five million retail customers.

The Copenhagen-based bank is currently dealing with a money-laundering scandal involving its branch in Estonia.

"It’s investigating whether the branch was used by foreigners to launder money from 2007 to 2015," Rubenfeld said Friday.

Danske Bank expects to wrap up the internal investigation by September, according to Rubenfeld.

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Richard L. Cassin is the publisher and editor of the FCPA Blog.