Sumitomo Mitsui Bank Hires Compliance Guru Andre Burrell to Fix New York Problems
The veteran in-house counsel and compliance expert left his job at Microsoft for Sumitomo's Americas division. Sumitomo recently entered a written agreement with regulators to “improve its New York branch's program for compliance with the Bank Secrecy Act and related U.S. anti-money laundering laws and regulations.”
April 30, 2019 at 04:56 PM
4 minute read
Veteran in-house counsel and compliance whisperer Andre Burrell has joined Sumitomo Mitsui Banking Corp. in its effort to bring its New York branch into compliance with requirements demanded last week by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York.
Burrell left his job at Microsoft Corp. to begin this month in New York as managing director and Bank Secrecy Act/anti-money laundering officer for Sumitomo's Americas division. Corporate Counsel spoke briefly with Burrell on Tuesday confirming his appointment, but he was not immediately available for an interview.
Tokyo-based Sumitomo brought in Burrell after federal bank examiners discovered deficiencies in the New York branch's compliance systems. On April 25 Sumitomo entered a written agreement with the regulators to “improve its New York branch's program for compliance with the Bank Secrecy Act and related U.S. anti-money laundering laws and regulations, which were found to be inadequate by the Federal Reserve Bank.”
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