Goldman Sachs CEO apologises for ex-banker’s role in 1MDB scandal
17th January 2019
Goldman Sachs CEO apologises for ex-banker’s role in 1MDB scandal
Goldman Sachs Group Inc (GS.N) Chief Executive Officer David Solomon (pictured) on Wednesday apologised to the Malaysian people for former banker Tim Leissner’s role in the sovereign wealth fund 1MDB scandal, but said the bank had conducted due diligence before every transaction. Goldman is being investigated by Malaysian authorities and… Read More
Money laundering: European Commission treatment of Malta ‘unfair’ compared to Latvia – MEP
17th January 2019
Money laundering: European Commission treatment of Malta ‘unfair’ compared to Latvia – MEP
The European Commission (EC) has handled money laundering issues regarding Malta disproportionally compared to Latvia, which had a ‘much more serious case,’ according to EU lawmaker and former Maltese prime minister Alfred Sant. Malta has been in the spotlight over a number of money laundering and corruption issues in recent… Read More
UK watchdog says has downgraded probe into Credit Suisse over Mozambique loans
16th January 2019
UK watchdog says has downgraded probe into Credit Suisse over Mozambique loans
Britain’s financial watchdog has dropped a criminal probe into Credit Suisse related to an alleged fraud in Mozambique, but is still checking the bank and individuals for any breaches of conduct rules, the watchdog said on Tuesday. In 2016, the Financial Conduct Authority (FCA) launched an investigation into the Swiss… Read More
Unexplained wealth orders: £1 million diamond ring purchased by banker seized
16th January 2019
Unexplained wealth orders: £1 million diamond ring purchased by banker seized
Britain’s National Crime Agency (NCA) has seized a high value ring bought by a jailed Azerbaijani banker as part of an ongoing probe into its unexplained wealth order (UWO) case against him and his wife. The Cartier diamond ring, which has a retail value of £1,190,000 and was originally… Read More
Banking: RBC staff ‘mistreated’ over compliance concerns, FCA investigates culture
16th January 2019
Banking: RBC staff ‘mistreated’ over compliance concerns, FCA investigates culture
The Financial Conduct Authority (FCA) has reportedly launched an investigation into working culture at investment bank RBC Capital Markets following the dismissal of RBC workers who were mistreated after they raised concerns about compliance issues at the bank. According to media reports, former RBC employees have spoken to the FCA… Read More
Compliance: Standard Chartered deferred prosecution agreements extended, again
14th January 2019
Compliance: Standard Chartered deferred prosecution agreements extended, again
Standard Chartered’s deferred prosecution agreements (DPAs) with the US Department of Justice and the New York County District Attorney’s Office will be further extended until March 2019. Both deals were reached in 2012, and subsequently extended until 31 December 2018. The bank entered the agreements after it landed in trouble… Read More
HSBC to pay $30 million to settle bond rigging lawsuit in U.S.
14th January 2019
HSBC to pay $30 million to settle bond rigging lawsuit in U.S.
HSBC Holdings Plc has agreed to pay $30 million to settle litigation by investors who accused 11 big banks of rigging the roughly $9 trillion government agency bond market from 2009 to 2015. The settlement with the British bank was made public late Wednesday night in the federal court in… Read More
Hong Kong regulator fines JPMorgan over anti-money laundering, CDD failures
11th January 2019
Hong Kong regulator fines JPMorgan over anti-money laundering, CDD failures
The Hong Kong Monetary Authority (HKMA) has reprimanded and penalised JPMorgan Chase Bank HK$12.5 million ($1.60 million) for breaching anti-money laundering rules, after a probe revealed deficiencies in customer due diligence (CDD) and other areas. According to the watchdog, the investigation found that, between April 2012 and February 2014, JPMorgan… Read More
UK: Ex-Premier League footballer accused of money laundering
11th January 2019
UK: Ex-Premier League footballer accused of money laundering
Former footballer Sam Sodje has reportedly been accused of laundering thousands of pounds after he helped fraudsters move their cash through his bank account. As part of the scheme, the fraudsters sent emails to firms in Columbia, India and Italy, purporting to be their supplier. Funds were then paid into… Read More
UK: MP cleared of election expenses fraud, aide convicted
10th January 2019
UK: MP cleared of election expenses fraud, aide convicted
A member of parliament from Prime Minister Theresa May’s minority ruling Conservative Party was cleared on Wednesday of declaring false expenses during Britain’s 2015 national election in which he narrowly beat leading Brexit figure Nigel Farage. Craig Mackinlay, 52, defeated Farage, the former head of the UKIP party, to win… Read More
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