Banking
29th August 2018
Basler Kantonalbank (BSKP.S) said on Tuesday it had settled a long-standing tax dispute with the U.S. Justice Department and will pay $60.4 million in penalties, less than the 100 million Swiss francs ($100 million) it had set aside for the purpose. “The bank signed a Deferred Prosecution Agreement and committed… Read More
28th August 2018
A former top executive at a Swiss bank has admitted to participating in a billion-dollar international scheme to launder funds embezzled from Venezuelan state-owned oil company Petróleos de Venezuela, S.A. (PDVSA). Matthias Krull, who was a managing director and vice chairman of the bank, admitted that the scheme began in… Read More
28th August 2018
An industry-funded police unit set up to combat card payment fraud says it has achieved estimated savings of £25m from preventing and disrupting fraud in the first half of this year. The Dedicated Card and Payment Crime Unit (DCPCU), which was launched in 2012, has tackled a variety of cases. Read More
28th August 2018
The Bank of Spain’s website has been hit since Sunday by a cyber attack which has temporarily disrupted access to the site, a spokesman for the central bank said on Monday. The spokesman said that the attack has not had any effect on the bank’s services or its communications with… Read More
27th August 2018
Three senior executives are to leave Britain’s TSB bank in the coming months, the mid-sized lender said on Friday, but added that none of the departures are related to a recent IT outage that plunged the bank into chaos earlier in the year. Nigel Gilbert, TSB’s chief marketing officer and… Read More
27th August 2018
The World Bank has priced the world’s first public bond created and managed using only blockchain in a A$100 million (56.84 million pounds) deal designed to test how the technology might improve decades-old bond sales practices. Commonwealth Bank of Australia, the sole manager of the deal, said in a statement… Read More
24th August 2018
Latvia must do more to enforce its laws against financial crimes, a European monitoring body said on Thursday, in a report published in the wake of the collapse of the country’s third largest bank in a money laundering scandal. Moneyval – the Council of Europe’s watchdog on measures against money-laundering… Read More
24th August 2018
Denmark’s financial watchdog said on Thursday it had asked the state prosecutor to investigate Copenhagen Cooperative Bank for a suspected breach of the country’s money laundering act. Based on an inspection in June, the Financial Supervisory Authority (FSA) said it suspected the small retail bank did not take appropriate measures… Read More
24th August 2018
Britons living in the European Union could lose access to their UK bank account services and businesses on the continent could be cut off from investment banks in London if there is a no-deal Brexit, the British government said on Thursday. In a document detailing contingency planning if Britain leaves… Read More
23rd August 2018
A former executive with Swiss bank Julius Baer pleaded guilty on Wednesday for his role in a billion-dollar scheme to launder money embezzled from the Venezuelan state-owned oil company PDVSA, the U.S. Justice Department said. Matthias Krull, 44, a German national who is a former Julius Baer Panama vice chairman,… Read More