17th April 2020
Spies from the The Australian Securities and Investments Commission have been hobbled by the coronavirus, as remote working has made observing bankers at close quarters impossible. The corporate cop announced earlier this week it had put its flagship program of embedding agents inside the banks on ice as the COVID-19… Read More
15th April 2020
Lockdowns intended to blunt the spread of coronavirus are delaying the work of corporate monitors who rely on visits to companies and access to sensitive data to ensure that regulator-mandated changes to compliance regimes are being upheld. With travel restricted as well, monitors have reached for digital tools to continue… Read More
15th April 2020
Westpac has revealed it will suffer a massive $1.4 billion hit to its first-half earnings. In a statement, Australia’s second-largest bank said the bulk of these “increased provisions” and write-downs related to the AUSTRAC money laundering scandal. The bank estimated that it might receive a $900 million fine for… Read More
14th April 2020
British American Tobacco is under criminal investigation by regulators in the United States over suspected sanctions-busting. The Department of Justice and the Office of Foreign Assets Control, a financial intelligence and enforcement agency that is part of the Treasury department, are investigating “suspicions of breach of sanctions”. It is not… Read More
14th April 2020
A Brisbane house and three Australian banks are now at the centre of a money laundering probe into a $US10.3 million payment made by the ASX-listed Horizon Oil to a company linked to a senior minister in Papua New Guinea. The Australian Financial Review has been told Westpac… Read More
14th April 2020
A former banker at Goldman Sachs Group Inc. arranged for millions of dollars in bribes to be paid to government officials in Ghana to help a client win a power-plant contract, U.S. regulators said Monday in a civil lawsuit. The Securities and Exchange Commission alleges that Asante Berko, a… Read More
14th April 2020
A St. Croix-based financial services and consulting company is facing a class action racketeering suit that claims it is using a North Dakota-based Indian tribe as a legal shield for a nationwide usury operation. Cane Bay Partners VI, based in the U.S. Virgin Islands, sits at the center of a… Read More
13th April 2020
Failure to tackle “significant” deficiencies in Malta’s anti-money laundering regime could potentially threaten financial stability, the International Monetary Fund (IMF) has warned. In its annual assessment of Malta’s economic wellbeing, the IMF charted how a failure to make a dent on shortcomings identified by Moneyval, the Council of Europe’s… Read More
10th April 2020
Central Bank of Kenya has suspended Absa Bank Kenya’s foreign exchange licence for seven days for failing to report specific foreign exchange trades it conducted last month. “During this period, Absa cannot transact in the inter-bank foreign exchange market. However, all committed transactions as at April 8,2020 can be settled,”… Read More
9th April 2020
Cryptocurrency’s growing value and popularity as a medium of exchange has not gone unnoticed. A Fundstrat Global Advisors study has estimated that approximately 30% of the world’s cryptocurrency is held by U.S. persons and, in 2017, the market value of all cryptocurrencies increased by almost $500 million with Bitcoin (which… Read More