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Half of Banks Have Punished Employees for Corruption, E&Y Says

Half of financial firms with an anti-corruption policy have punished employees who have breached regulations, according to a report published today by Ernst & Young LLP.

Financial services firms are more likely to act if they suspect corruption than other companies, the accounting firm said in the survey. Nearly 70 percent of individuals in finance said their employer had clear penalties for breaking money laundering rules, compared with 49 percent across all industries.