Banking
14th September 2018
British lawmakers on Friday accused Royal Bank of Scotland (RBS) Chief Executive Ross McEwan of withholding information when he gave evidence to their committee in January, a charge the CEO disputes. Nicky Morgan, chair of Parliament’s Treasury Committee, said McEwan failed to disclose, when asked whether there had been any… Read More
14th September 2018
The European Union’s general court upheld on Thursday the bloc’s sanctions against Russian banks and oil and gas companies over their involvement the turmoil in Ukraine. Rosneft, Sberbank, VTB Bank, Gazprom Neft, Vnesheconombank, Prominvestbank and DenizBank challenged the EU sanctions, which restrict their access to some financial transactions and certain… Read More
13th September 2018
The European Commission has outlined proposals to improve the supervision of banks within the EU regarding financial crime, amid a series of money laundering scandals that have highlighted the need for change to the current system. In recent years, the EU has introduced a number of anti-money laundering laws,… Read More
12th September 2018
A whistleblower fighting extradition to Switzerland for leaking details of thousands of clients of HSBC’s (HSBA.L) private bank there said on Tuesday his actions had played a key role in helping other European countries uncover tax frauds. Spain’s High Court is considering Switzerland’s second extradition request against Herve Falciani, a… Read More
12th September 2018
Singapore has made a smooth transition to electronic payments and there has been a sharp drop in cash withdrawals at ATMs, however, the jurisdiction does not intend to scrap cash, according to Singaporean Deputy Prime Minister Tharman Shanmugaratnam. Electronic payments are growing ‘in ease’ with more than 8 in 10… Read More
12th September 2018
Dutch banking group ING has announced that its chief financial officer will step down after it was fined €775 million (about $900m) for poor anti-money laundering controls, including client on-boarding and customer due diligence issues. CFO Koos Timmermans (pictured) was also a member of the Management Board Banking… Read More
11th September 2018
New York’s Department of Financial Services (DFS) has authorised two firms to offer a price-stable cryptocurrency or “stablecoin,” which is pegged to the U.S. dollar, and stressed the need for them to implement effective controls to prevent money laundering, terrorism funding and other illegal activities. The regulator said it… Read More
11th September 2018
HSBC in Hong Kong has issued an alert, warning the public to be wary of a phishing scam that seeks to obtain the personal information of bank customers. The email, purported to come from HSBC, appears to be sent from an @hsbc.com.hk email address. It has the subject matter… Read More
11th September 2018
AP — A Singaporean court has ordered the return of 15.3 million Singapore dollars ($11.1 million) linked to the indebted 1MDB Malaysian state investment fund. Law firm Tan Rajah & Cheah said Monday that the misappropriated funds were being transferred to a special 1MDB recovery bank… Read More
11th September 2018
Danske Bank said on Monday it will on Sept. 19 publish the results of an investigation into a money laundering case at its Estonian branch. The results of the investigation will be scruntinised by investors and the wider financial community as the case has the potential to be one of… Read More