Banking
2nd April 2018
The Philippine central bank issued a notice to its banks to be ‘extra careful’ during the holiday following a cyber attack at Malaysia’s central bank. On Tuesday Bank Negara Malaysia (BNM) identified a cyber attack which is understood to have involved ‘falsified wire-transfer requests over the SWIFT bank messaging network,’… Read More
2nd April 2018
Police have arrested members of a criminal gang who stole details of customers at two major banks through phishing scams, netting almost EUR 1 million. The group is also suspected of money laundering, drug and human trafficking. The arrests of the 20 individuals was conducted by law enforcement agencies in… Read More
2nd April 2018
Victims of a fraud which leads them to transfer money to a con-artist are typically losing nearly £3,000 each, new figures show. The cost of so-called authorised push payment fraud has been calculated by UK Finance, the banking trade body. A total of £236m was lost last year, with banks… Read More
29th March 2018
Barclays has agreed to pay $2 billion to settle a case over a fraudulent scheme that sold residential mortgage-backed securities (RMBS) and cost investors billions. According to the United States Department of Justice, the scheme involved 36 RMBS deals and Barclays misled investors about the quality of the mortgage loans… Read More
29th March 2018
Money exchange houses in the United Arab Emirates have been ordered by the central bank to raise their standards, after several banks cut ties with them due to concerns about the risk of illicit financial flows. The United Arab Emirates’ huge expatriate workforce and growing business and tourism sectors have… Read More
28th March 2018
British authorities have used the new Criminal Finances Act to freeze half a billion US dollars that was illegally transferred from an Angolan bank to HSBC in the United Kingdom. It is understood that when the $500m landed in the HSBC account, the British bank filed a suspicious activity report… Read More
28th March 2018
The European Central Bank has revoked the licence of small Estonian bank Versobank AS over failures to remedy regulatory breaches in areas such as money laundering, the Estonian financial watchdog said. The action taken against Versobank comes as the Baltic states’ leaders prepare for a summit with U.S. President Donald… Read More
28th March 2018
Firms and funds will continue to benefit from passporting between the United Kingdom and EEA during the implementation period that will apply following the UK’s withdrawal from the European Union, according to the Financial Conduct Authority. The implementation period is intended to operate from 29 March 2019 until the end… Read More
27th March 2018
Nigeria and Switzerland signed a memorandum of understanding on Monday to pave the way for the return of illegally acquired assets, the west African country said. Switzerland said in December that it would return to Nigeria around $321 million in assets seized from the family of former military ruler Sani… Read More
27th March 2018
Cyber-attacks pose the biggest threat to the Swiss financial system with risks from hacking incursions on the rise, watchdog FINMA warned on Tuesday, calling on Switzerland to step up its national defences against the menace. “The risks connected with these attacks are growing in sync with the pace of global… Read More