16th July 2019
The Belgian unit of ING Groep NV was fined 350,000 euros ($394,485) by the central bank of Belgium for violating legislation against money laundering. ING Belgium was hit with the penalty on April 24, Julie Kerremans, a Brussels-based spokeswoman for the unit, said in an emailed statement… Read More
15th July 2019
India has told a tribunal the local auditing affiliate of international accounting group Deloitte Touche Tohmatsu is misreading a key federal law as the firm seeks to avoid a five-year ban on new business, according to legal documents reviewed by Reuters on Sunday. Deloitte Haskins & Sells LLP is contesting… Read More
15th July 2019
A new UK plan to tackle economic crime would fail to hold companies sufficiently liable for illicit activity beyond bribery and tax evasion, anti-corruption campaigners told the Financial Times. Under current laws, British firms can only be deemed guilty of other financial crimes if the “directing mind”—a senior manager… Read More
12th July 2019
Wall Street’s industry-funded watchdog on Thursday said it plans to be more transparent about its process for determining when a securities brokerage qualifies for a reduced penalty in exchange for so-called “extraordinary cooperation.” The Financial Industry Regulatory Authority (FINRA) said settlements it reaches with brokerages for regulatory violations will include… Read More
11th July 2019
The Prime Minister’s Office (PMO) has called for expeditious freezing of bank accounts belonging to shell companies after some of them were found to be active, after around 350,000 inactive companies were struck off the official records since 2016-17. Nripendra Misra, principal secretary to the Prime Minister, wrote a letter… Read More
11th July 2019
Three of Australia’s biggest banks will have to set aside an additional A$500 million ($348 million) each until they have strengthened risk management and reimbursed customers for wrongly charged fees, the prudential regulator said on Thursday. Westpac Banking Corp (WBC.AX), Australia and New Zealand Banking Group Ltd (… Read More
11th July 2019
The U.K’s Financial Conduct Authority issued the largest total amount in fines against individuals during the 2019 fiscal year, the regulator said in its annual report published Tuesday. The FCA imposed £80.2 million in fines against eight individuals during the fiscal year ending March 31, compared with about £900,000 in… Read More
5th July 2019
British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran’s fury and could escalate its confrontation with the West. The Grace 1 tanker was impounded in the British territory… Read More
5th July 2019
Britain’s competition watchdog said it has directed Barclays Plc (BARC.L) to improve the way its treats small businesses after the bank broke the rules by forcing some to open current accounts to access other services like loans. The rules were designed to make it easier for small businesses… Read More
4th July 2019
Norway’s Financial Supervisory Authority has ordered Spanish bank Santander (SAN.MC) to pay a fine of nine million crowns ($1 million) for violations of the country’s anti-money laundering laws, it said on Tuesday. The fine was imposed in relation to violations found at Santander Consumer Bank in Norway, the… Read More