Banking
10th August 2018
Switzerland’s Financial Market Supervisory Authority (Finma) has rolled out what it said is a ‘less complex’ regulatory regime for small banks, which will also include changes to the risk-oriented focus of regulatory audits they undergo. The new plans will be initially implemented as part of a pilot project. Participating… Read More
10th August 2018
A $250 million superyacht, impounded as part of a hunt for assets linked to the multi-billion dollar investigation into 1Malaysia Development Bhd, arrived at a port in Malaysia on Tuesday about six months after it was seized. The Cayman Islands-flagged Equanimity was first seized in the Indonesian holiday venue of… Read More
9th August 2018
Russia condemned a new round of U.S. sanctions as illegal on Thursday after news of the measures sent the rouble tumbling to two-year lows and sparked a wider asset sell-off over fears that Moscow was locked in a spiral of never-ending curbs by the West. Moscow has been trying with… Read More
9th August 2018
Banks in Singapore have been urged to consider the possibility of introducing bank accounts that offer basic services and also have safeguards from money laundering risks, amid concerns some sectors in society are being denied access to banking. Although Singapore is a highly-banked country, there are pockets of society… Read More
9th August 2018
The Financial Conduct Authority (FCA) has launched a consultation into improving conduct standards in payment services and e-money firms. The consultation paper proposes to extend the FCA’s Principles for Businesses so that they cover wider categories of businesses that it regulates. Its Principles of Business lists factors such as… Read More
9th August 2018
AP — The United States announced Wednesday it will impose new sanctions on Russia for illegally using a chemical weapon in an attempt to kill a former spy and his daughter in Britain earlier this year. The new sanctions, to be imposed later this month, come despite President Donald Trump’s… Read More
9th August 2018
Samsung’s Galaxy S7 smartphones contain a microchip security flaw, uncovered earlier this year, that has put tens of millions of devices at risk to hackers looking to spy on their users, researchers told Reuters. The Galaxy S7 and other smartphones made by Samsung Electronics Co Ltd (005930.KS) were previously thought… Read More
9th August 2018
HSBC (HSBA.L) has shifted ownership of its Polish and Irish subsidiaries from its London-based entity to its French unit, and will do so for seven more European branches, as it prepares for Britain’s exit from the European Union. HSBC France will also acquire the activities of seven European branches in… Read More
9th August 2018
The German finance ministry on Wednesday denied a media report suggesting it would give Iran permission to withdraw 300 million euros (£270.1 million) in cash from bank accounts held in Germany, a plan that is strongly opposed by the United States. Iran’s request was still being studied, the ministry said… Read More
8th August 2018
Around 11 regulators and related organisations have clubbed together to form a ‘global sandbox’ project aimed at improving communication between fintech companies and regulators, as well as making it smoother for firms to navigate between various jurisdictions. Called the Global Financial Innovation Network (GFIN), the platform will also create a… Read More