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 UK Head

of Compliance 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

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Next update due: 19/9/2016