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Not enough is being done to prevent another LIBOR scandal

"Not enough is being done to prevent another LIBOR scandal," says Nigel Cannings of City Compliance specialists Chase ITS.

"The arrest today of three people in connection with LIBOR fixing is the tip of the iceberg. But the stable door is still wide open."

"The evidence to stop this sort of behaviour in its tracks already exists in major financial institutions. Many telephone calls are recorded, and e-mail and Instant Message traffic is retained. All of these have been expensively replayed in major internal investigations (costing hundreds of millions of dollars), but little investment is going into pro-actively monitoring internal communication"

"Banks need to invest now in state-of-the-art technology to 'snoop' on their communications and protect themselves from future problems. Anything that originates from the company's systems, even posts to social media, need to be monitored. And unless you have an army of people, that monitoring has to be achieved by upgrading existing capture technology and using high-performance software tools to do the bulk of the job for you"

Nigel Cannings qualified as a solicitor in 1993. He has worked at Withers, Slaughter and May and NCR and as EMEA General Counsel at BEA (now part of Oracle). He can be contacted at nigel.cannings@chaseits.co.uk or on 0203 627 2670

Chase ITS is a niche provider of Compliance Monitoring solutions for the Financial Services Marketplace.

This press release was distributed by ResponseSource Press Release Wire on behalf of Chase Information Technology Services in the following categories: Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.