Banking
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
5th September 2018
Australia’s Westpac Banking Corp (WBC.AX) agreed to pay a record A$35 million (19.5 million pounds) fine for wrongly approving thousands of mortgages, in a sign regulators are taking steps to tame the financial sector amid damaging revelations from an inquiry. With this settlement, two out of three lawsuits brought this… Read More
5th September 2018
Dutch bank ING Groep will pay 775 million euros (about $900 million) in a settlement with the Dutch Public Prosecution Service (DPPS) over its poor anti-money laundering controls which in some cases allowed customers to launder cash for years. A DPPS investigation established ‘serious’ shortcomings at the lender, including that… Read More
5th September 2018
Paul Pester, the chief executive of Britain’s crisis-hit TSB Bank, is stepping down after months of pressure following a botched IT project that has cost more than 200 million euros ($231 million). Pester ran the lender for seven years but was heavily criticised for his handling of the IT update… Read More
4th September 2018
Danske Bank (DANSKE.CO) handled up to $30 billion of non-residents’ money via its Estonian branch in 2013 according to an independent investigation, the Financial Times reported on Monday. The non-resident portfolio at the Estonian branch has been at the centre of allegations that the bank had flawed money laundering controls… Read More
4th September 2018
France’s Societe Generale (SOGN.PA) expects penalties relating to its dispute with U.S. authorities over international sanctions violations to be close to 1.2 billion euros ($1.4 billion) which would almost entirely be covered by provisions. “Societe Generale expects that the amount of the penalties in the U.S. Sanctions Matter will… Read More
4th September 2018
British authorities are preparing to deport a former UBS (UBSG.S) trader jailed for the country’s biggest fraud which cost the Swiss bank $2.25 billion (£1.75 billion), his spokesman said on Monday. Ghanaian citizen Kweku Adoboli was released from prison on probation in 2015 after serving half of a seven-year sentence,… Read More
4th September 2018
Britain’s TSB was hit by another technology glitch on Monday, the latest since a botched IT upgrade in April resulted in one of the country’s worst banking outages. TSB chief executive Paul Pester was criticized by lawmakers over his handling of the crisis, which has cost its Spanish parent Sabadell… Read More
3rd September 2018
A man from Sheffield has been found guilty of sending money to his brother in Syria who was fighting against the Syrian government with the hope of establishing an Islamic state. Dental student Abdurahman Kaabar, 23, entered an arrangement to send an unspecified sum in late 2016 to his brother… Read More