Banking
3rd September 2018
Fines levied by China’s banking regulator have surged since Guo Shuqing became its head in February 2017, rising nearly six-fold from the cumulative fines levied over the previous 14 years, UBS said in a report. The exponential increase in fines highlights a much stricter level of enforcement of regulations in… Read More
3rd September 2018
Indian Prime Minister Narendra Modi launched a payments bank on Saturday to turn postmen into bankers so they can offer financial services to the poor in rural areas and boost digital transactions. Modi has since 2014 sought to end what he has called “financial untouchability” by giving millions of people… Read More
31st August 2018
Britain’s Financial Conduct Authority (FCA) and Central Bank of Nigeria (CBN) have agreed to work together to develop the ‘best possible’ regulatory framework for the Nigerian fintech sector. The move follows British Prime Minister Theresa May’s visit to Africa, where she sought to strike up business partnerships as the UK… Read More
31st August 2018
The United Kingdom and its key allies have entered into a fresh agreement to crackdown on illicit cash flows and corporate secrecy which will see their financial intelligence units step up their information sharing and aim to work more closely with the private sector. The partnership was agreed upon this… Read More
31st August 2018
Wells Fargo & Co (WFC.N) has fired or suspended more than a dozen employees in its investment bank over alleged violations of the company’s expense policy regarding after-hours meals, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The bank is investigating dozens of others ranging… Read More
31st August 2018
U.S. authorities are closely following an investigation into Danske Bank (DANSKE.CO) over allegations that Denmark’s biggest lender had been involved in money laundering through its Estonian branch. Investors are watching for signs of a possible U.S.-led fine, which would be another big hit to the bank, which has seen its… Read More
31st August 2018
AP — Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, India’s reserve bank has announced, indicating the move did little to slow the underground economy. Prime Minister Narendra… Read More
30th August 2018
Standard Chartered Bank expects it could pay a hefty fine to the UK’s Financial Conduct Authority (FCA) for violating financial crime rules outlined in an ongoing investigation, its interim report shows. The bank explained that it is engaging with the FCA to resolve an investigation into the effectiveness and governance… Read More
30th August 2018
Lloyds Banking Group and City of London Police have launched a programme to tackle financial crime, which will include training special investigators and sharing expertise. As part of the deal, Lloyds will sponsor City of London £1.5 million over three years to deliver projects to counter economic crime. The money… Read More
29th August 2018
Financial technology firms operating in Switzerland will have to adhere to less financial crime controls than other firms under a new regime which seeks to promote financial innovation in the country. Generally, all financial institutions in Switzerland are subject to due diligence requirements when it comes to combating money laundering. Read More