24th December 2019
South African police arrested two former senior managers at the state electricity company and two other suspects over allegations of fraud, corruption and money laundering at the Kusile power plant. Abram Masango, the former head of group capital at Eskom Holdings SOC Ltd. and France Hlakudi, a former senior manager… Read More
24th December 2019
Prosecutors in the southern Italian town of Bari are investigating the former chairman of Popolare di Bari for alleged corruption in relation to the central bank’s supervisory activity over the failing local lender, a judicial source said on Sunday. Earlier this month Italy’s government approved an… Read More
23rd December 2019
A whistleblower who highlighted suspicious activity at a Dubai firm has hit back after the publication of a damaging finding against her. In October Anna Waterhouse said Dubai regulators had failed to investigate “suspicious circumstances” at Kaloti, the emirate’s biggest gold refiner. Subsequently the regulator found she “acted without integrity”… Read More
23rd December 2019
A new front is opening up in Europe’s battle with money laundering. After dirty-cash scandals involving hundreds of billions of euros rocked some of the continent’s biggest banks, the Baltic region — where one of the the biggest cases yet erupted — has begun a fresh clampdown. This time, the… Read More
23rd December 2019
Latvia’s financial watchdog said on Friday it had fined Swedish bank SEB a total of 1.79 million euros ($1.99 million)for lax anti-money laundering controls and for one case of violation of sanctions in the Baltic country. The Financial and Capital Market Commission (FCMC) said an inspection in 2017 of SEB… Read More
23rd December 2019
The SA Reserve Bank has imposed administrative sanctions on five banks and directed them to take remedial actions after it found weaknesses in each of the banks’ money laundering control measures following routine inspections conducted in terms of the Financial Intelligence Centre (FIC) Act. The Reserve Bank said in a… Read More
23rd December 2019
On the first day of Christmas, the industry gave to me…the most common recurring issues and potential pitfalls across a firm’s governance, compliance and control environment. Christmas comes but once a year, but compliance obligations apply all year round. Unfortunately, when it comes to compliance programmes this Christmas, UK financial… Read More
20th December 2019
Goldman Sachs is negotiating with federal prosecutors to pay a fine of as much as $2 billion, and have a subsidiary plead guilty to settle claims about its role in a scheme to loot billions from a sovereign wealth fund in Malaysia, according to two people with knowledge of… Read More
20th December 2019
Independent specialist the Financial Markets Tribunal (FMT) has upheld the decision by the Dubai Financial Services Authority (DFSA) to fine Anna Waterhouse $100,000 (£76,438, €89,860). As well as restricting her from being involved in providing financial services in or from the Dubai International Financial Centre (DIFC). Waterhouse was previously head… Read More
20th December 2019
The Swedish Financial Supervisory Authority (FSA) is opening a sanction case related to both its investigation into Skandinaviska Enskilda Banken AB’s (SEB) governance, as well as a check of anti-money laundering (AML) measures the bank’s subsidiaries in the Baltic States use. The decision on opening the sanction case is itself… Read More