Banking
22nd August 2018
Banks should not assume that customers have been negligent when they fall for scams peddled by increasingly sophisticated fraudsters, Britain’s financial ombudsman said on Wednesday. The ombudsman, which deals with disputes between banks and their clients, said lenders regularly say they are not liable for money a customer has lost… Read More
22nd August 2018
Europe needs to set up payment systems independent of the United States if it wants to save the nuclear deal between Iran and major powers that was abandoned by President Donald Trump, German Foreign Minister Heiko Maas said. “That’s why it is indispensable that we strengthen European autonomy by creating… Read More
22nd August 2018
The European Central Bank has fined French lender Credit Agricole (CAGR.PA) and several subsidiaries for breaching its rules on how certain capital items should be classified, the ECB said on Monday. An ECB statement said Credit Agricole was fined 4.3 million euros ($4.92 million), Credit Agricole Corporate and Investment Bank… Read More
22nd August 2018
Iran urged Europe on Monday to speed up efforts to salvage a 2015 nuclear deal between Tehran and major powers that U.S. President Donald Trump abandoned in May, saying French oil group Total has formally pulled out a major gas project. Efforts by the remaining signatories – EU members Britain,… Read More
21st August 2018
The Hong Kong Monetary Authority (HKMA) has penalised Shanghai Commercial Bank (SCOM) HK$5 million ($636,967) for breaching anti-money laundering rules, including failing to monitor transactions and conduct vital due diligence checks. HKMA found SCOM did not continuously monitor its business relationship with 33 customers by examining the background and purposes… Read More
21st August 2018
Venezuela on Monday slashed five zeros from prices as part of a broad economic plan that President Nicolas Maduro says will tame hyperinflation but critics call another raft of failed socialist policies that will push the chaotic country deeper into crisis. Streets were quiet and shops were closed due to… Read More
20th August 2018
A top Iranian constitutional body has demanded changes to anti-money laundering measures passed by parliament, state-run media said on Saturday, as Tehran nears a deadline to pass legislation to help it attract investment while facing U.S sanctions. Iran has been trying to implement standards set by the Financial Action Task… Read More
20th August 2018
The Commercial Court in London has ordered a freeze of assets owned by brothers Dmitry and Alexei Ananyev, secured against Russia’s Vozrozhdenie Bank (VZRZ.MM) and other international assets, a law firm representing investors said. The order was obtained by London law firm Withers, which applied for the freezing order on… Read More
17th August 2018
A majority of Britons do not trust banks and think they did not face severe enough penalties for their part in the 2008 financial crisis, a survey showed on Thursday. Next month will mark the tenth anniversary of the collapse of investment bank Lehman Brothers, as a bubble in the… Read More
17th August 2018
The United Kingdom’s Financial Conduct Authority (FCA) has opened a number of investigations into market firms over misconduct issues that could lead to prosecutions under Money Laundering Regulations, the regulator’s enforcement chief said. The UK considers capital markets to be exposed to high risks of money laundering due to the… Read More