Banking
11th September 2018
Europe’s ‘shadow banking’ sector shrunk last year, unexpectedly yielding market share to traditional lenders after more than a decade of often rapid growth, a report by the European Union’s risk watchdog showed on Monday. Assets held by EU shadow banks – financial firms outside regular banks, insurance companies, pension funds… Read More
10th September 2018
EU regulators have drafted proposed changes to existing anti-money laundering (AML) rules, following a spate of money laundering scandals at banks in a number of European countries, including Latvia and Denmark. The plans are understood to include new guidelines on how banks should address money laundering and call for more… Read More
10th September 2018
Shares in Danske Bank came under fresh pressure on Friday after the Wall Street Journal reported that an investigation into a money-laundering scandal at its Estonian branch between 2007 and 2015 involved $150 billion worth of transactions. Danske Bank has admitted to flaws in its anti-money laundering controls in Estonia… Read More
10th September 2018
Europe needs a single agency to tackle money laundering, European Central Bank board member Benoit Coeure said on Friday after recent cases at European Union banks that have exposed gaps in the bloc’s ability to prevent financial crime. “We support any initiative that leads to a more harmonized and… Read More
7th September 2018
Police in Ireland have conducted raids across a number of properties as part of an investigation into a Nigerian gang suspected of laundering €14.6 million in criminal proceeds through Irish bank accounts. The police – or Garda – searched 15 premises across Dublin, Louth, Meath, Kildare and Laois, and… Read More
7th September 2018
The U.S. Justice Department is probing whether employees committed fraud in Wells Fargo & Co’s (WFC.N) wholesale banking unit, following revelations that employees improperly altered customer information, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The department has sought more information from the bank to… Read More
6th September 2018
Wealth manager Perpetual Ltd (PPT.AX) said it has divested Commonwealth Bank of Australia (CBA.AX) from its A$1.3 billion ($933.6 million) ethical fund due to revelations of corporate misconduct, the first big institutional investor to do so. The move by one of Australia’s best-known share managers could encourage other socially minded… Read More
6th September 2018
When Dutch prosecutors trawled through ING’s books they found a “women’s underwear trader” had been able to launder 150 million euros (135 million pounds) through the bank’s accounts without ringing alarm bells. “It should have been clear to the bank that the monetary flows had little to do with… Read More
5th September 2018
European Union parliamentarians have approved proposals that will mete out unilateral jail sentences across the bloc for non-cash payment fraud, including those involving virtual currencies. Gaps and differences among EU countries’ laws can hamper the detection and punishment of crimes such as fraud and counterfeiting of credit cards, electronic wallets,… Read More