Banking
8th August 2018
Malaysia’s embattled former Prime Minister Najib Razak was charged on Wednesday with three counts of money laundering as part of a probe into money missing from state fund 1Malaysia Development Berhad (1MDB). The charges, read out in a lower court, were related to three electronic transfers amounting to 42 million… Read More
7th August 2018
The United Kingdom’s banking regulator has launched a probe into HSBC’s anti-money laundering systems and its compliance with British rules, the bank said in its interim results. The lender did not give details of the Financial Conduct Authority’s (FCA) investigation, but said it is engaging with the watchdog on the… Read More
7th August 2018
Denmark’s state prosecutor has started a criminal investigation into Danske Bank (DANSKE.CO) over allegations the country’s biggest lender had been involved in money laundering through its Estonian branch. The investigation, which follows a similar step by Estonian authorities last week, concerns transactions worth billions of Danish crowns that might have… Read More
7th August 2018
Legislation that will enable EU firms to trade with Iran despite US sanctions will come into effect on Tuesday 7 August, the European Commission (EC) said on Monday, after Washington reimposed restrictions on Tehran and warned of ‘severe consequences’ for those who continue to deal with Iran. The EU’s… Read More
6th August 2018
A new department within the National Crime Agency (NCA) formed to fight money laundering, fraud and other financial crime will receive £1.5 million from the government. The funding for the National Economic Crime Centre (NECC), which was created in December 2017, is part of an £8 million package awarded to… Read More
6th August 2018
Wells Fargo & Co (WFC.N) is facing government probes into its use of low-income housing tax credits, and has also set aside $8 million to compensate borrowers who were incorrectly denied mortgage modifications under a federal assistance program, the bank said in a regulatory filing on Friday. The new disclosures… Read More
6th August 2018
Iran will ease foreign exchange rules, state TV reported on Sunday, in a bid to halt a collapse of the rial currency that has lost half its value since April due to fears about U.S. sanctions likely to be imposed this week. President Donald Trump’s decision to pull out of… Read More
6th August 2018
An easing of European banking regulation risks taking power from regulators to ensure that banks have sufficient capital to withstand crises, ECB board member Sabine Lautenschlaeger has told a German newspaper. “I’m concerned about looming deregulation. Not just in the United States but also in Europe,” the weekly Welt am… Read More
6th August 2018
AP — Indonesia is returning a luxury yacht allegedly bought with funds stolen from a Malaysian state investment company after a monthslong legal battle, a police official said Sunday, The $250 million Equanimity is on its way to a border location where it will be transferred… Read More
6th August 2018
India has asked Britain to extradite billionaire jeweller Nirav Modi, one of the main accused in the $2 billion (1.5 billion pounds) loan fraud at state-run Punjab National Bank (PNB). Modi’s whereabouts have been unknown since PNB in January said that two jewellery groups headed by Modi and his uncle,… Read More