Iceland gets rapid-response financial SWAT unit

The SWAT-style unit will be sent in to offices without notice to forensically investigate banks and other financial institutions suspected of not sticking to the rules. "We are trying to change the whole Icelandic banking culture - risk management was very poor and due diligence not observed," says Gunnar Andersen, director general of the FME, Iceland's financial supervisory authority. In an interview with Complinet, the compliance solution provider, Andersen also slammed the international credit ratings agencies: "These ratings certainly influenced the thinking of regulators and inve...