Banking
16th August 2018
Britain’s five biggest banks had a total of 64 security or operational incidents that cut customers off from telephone, mobile or online banking in the second quarter of 2018, according to disclosures on the banks’ websites. New rules from the Financial Conduct Authority (FCA), which came into effect on Wednesday,… Read More
16th August 2018
Commonwealth Bank of Australia (CBA.AX) charged some estates of dead people for superannuation advice and had inadequate compliance controls in its management of retirement funds, the country’s inquiry into financial sector misconduct heard. Among Australia’s “Big Four” banks, CBA has taken the biggest reputational hit as the inquiry airs allegations… Read More
16th August 2018
Royal Bank of Scotland (RBS.L) will pay $4.9 billion (£3.86 billion) to settle U.S. claims that it misled investors on residential mortgage-backed securities between 2005 and 2008, the U.S. Justice Department said on Tuesday. The Justice Department said the penalty is the largest-ever imposed on a bank for misconduct leading… Read More
16th August 2018
Denmark’s largest lender Danske Bank has lost 28,000 private customers this year as public confidence dropped due to allegations its Estonia branch was involved in money laundering between 2007 and 2015, a poll showed on Tuesday. A Danske Bank spokesman said the bank did not recognise the negative customer development… Read More
15th August 2018
A group of Members of Parliament has written to the Financial Conduct Authority (FCA), demanding the release of information pertaining to a Royal Bank of Scotland probe in order to ascertain which bosses were personally accountable for the misconduct that harmed many small firms. The calls for fresh action come… Read More
15th August 2018
An Egyptian national who handled the finances of a people smuggling gang has been jailed for three years after pleading guilty to money laundering at Birmingham Crown Court. Ahmed Saleh Elsayed Mustafa was arrested by the National Crime Agency in January 2017 as part of a joint operation with… Read More
15th August 2018
Financial technology companies that lend online are sounding a cautious note on a U.S. banking regulator’s plan to offer them special federal charters because of concerns over legal challenges and requirements that are more onerous than expected. The Office of the Comptroller of the Currency said last month it would… Read More
14th August 2018
HSBC has set aside $632 million to settle a number of investigations into allegations of tax evasion and other crimes such as money laundering, but expects the amount could go up to $1.5bn, according to its interim results. The bank is currently being investigated and reviewed by various authorities around… Read More
14th August 2018
Iraqi Prime Minister Haider al-Abadi said on Monday his government was only committed to not using dollars in transactions with Iran, not to abiding with the full scope of U.S. sanctions against the country. “Our commitment in the Iran issue is to not use the dollar currency in transaction, not… Read More
13th August 2018
There’s been a marked increase in the number of cases launched by the Financial Conduct Authority (FCA), with figures showing it has almost a hundred more cases open compared to the same period last year. “[The FCA] has a record 504 investigations open as of 1 April, compared with 410… Read More