22nd February 2019
The Financial Conduct Authority (FCA) has imposed a £102.2 million ($133 million) penalty against Standard Chartered Bank for issues pertaining to its financial crime controls. The bank said it is ‘considering its options,’ regarding the FCA decision. The development follows remarks in the bank’s 2018 interim report, in which… Read More
22nd February 2019
The French trial court on Wednesday found UBS AG and UBS (France) SA guilty of illicit solicitation and laundering the proceeds of tax fraud. It assessed a penalty of EUR 3.7 billion and EUR 15 million respectively and civil damages of EUR 800 million, or about 4.5 billion euros… Read More
21st February 2019
Estonia is investigating allegations linking Swedbank to suspicious transactions in the country involving Danske Bank, Estonia’s state prosecutor said on Wednesday. Danske is being investigated in its home market of Denmark, Estonia, Britain, France and the United States over some 200 billion euros (174 billion pounds) in payments from Russia,… Read More
21st February 2019
The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More
20th February 2019
Commerzbank’s compliance function, helped by the demands of a U.S. monitor, has come at a cost of 600 million euros since 2015 and reduction in both products and customer reach, the bank said. This includes an international anti-money laundering and sanctions compliance programme, it said in its Q4 results… Read More
20th February 2019
Berlin will stop extraditing Germans to Britain immediately after Brexit even if it leaves the European Union with a deal, the Financial Times reported on.ft.com/2DPMBED on Sunday, citing a formal notification submitted by Germany to the European Commission last week. By Kanishka Singhm, Reuters, 17 February 2019. Link to… Read More
20th February 2019
AP — Chinese police have investigated 380 online lenders and frozen $1.5 billion in assets following an avalanche of scandals in the huge but lightly regulated industry, the government announced Monday. Beijing allowed a private finance industry to flourish in order to supply credit to entrepreneurs… Read More
19th February 2019
Serial production of Russia’s first post-Soviet mainline commercial aircraft will be delayed by a year due to U.S. sanctions, the head of state-owned industrial conglomerate Rostec said on Monday, Russian news agencies reported. Russia hopes the MS-21, a twin-engine, medium-range passenger plane, will give Boeing and Airbus a run for… Read More
19th February 2019
German financial watchdog Bafin has extended the mandate of its monitor at Deutsche Bank over the bank’s role in a money laundering scandal involving Danske Bank. Deutsche Bank acted as a correspondent bank for Danske Bank in Estonia, meaning it helped transfer funds on behalf of the Danish lender from… Read More
18th February 2019
Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions, a Gazprombank source told Reuters on Sunday. While many foreign firms have been cutting their exposure to PDVSA… Read More