(no subject)

little Intl attention. lux authorities will be very unhappy as well as internal people. G SLOW, all decision should be run by kathy, pr, can come back to bite you, if not very careful

In any case, impossible to leave bk's internal organisation as is. Will need to reorg & strengthen legal & compliance out of Gva headquarters (likely have one head of legal and one of compliance) and not locally in Lux. Also review audit committee who went along and never questioned client and funds provenance. And I'm conscious I'll get the heat for this (knowing B demanded that I make sure not to "unsettle Marc")

Lux regulator gets every yr from every bk the list of "political exposed clients". KAQ was obviously one

understood. spoke at length with kathy, feel free to call her. go home and begin, lots to do, and all delicate

the structure having compliance report to the ceo is one of the major issues. since he was dirty, core problem. how did the lux bank regulator approve