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
3rd April 2020
A casino company has been fined a record £13m by the Gambling Commission for failures relating to VIP schemes that the regulator is considering banning. Three senior managers at Caesars Entertainment, which has 11 casinos in UK cities and seaside towns, will also lose their licence to run a… Read More
3rd April 2020
A U.K. regulator on Thursday reprimanded and fined KPMG and one of its former partners for a lack of “professional skepticism” and a failure to obtain sufficient verification to do an accurate audit. The actions by the Financial Reporting Council, which oversees accounting and audit in Britain, come as concerns… Read More
2nd April 2020
The QFC Regulatory Authority (QFCRA) yesterday announced that it had taken action against Horizon Crescent Wealth LLC (HCW) and imposed a fine of QR30,000,000 on it for serious legal and regulatory breaches. The action taken by the QFCRA followed an investigation of HCW identifying significant failings by the firm in… Read More
2nd April 2020
U.K. authorities have fined Standard Chartered PLC for violating sanctions that the European Union imposed on Russia following its annexation of the Crimea region of Ukraine in 2014. The British bank must pay £20.47 million ($25.41 million) for violating the EU’s sanctions against Russia, the U.K. Treasury’s Office of… Read More
1st April 2020
Luxembourg’s finance watchdog suspended the former CEO of private bank Edmond de Rothschild (Europe), Marc Ambroisien, for a decade, no longer allowing him to work in finance in the country over that period. The Comite de Surveillance du Secteur Financier (CSSF) accused Ambroisien of having failed to ensure strong internal governance… Read More
30th March 2020
The Securities and Exchange Commission of Zimbabwe (SECZ) has launched an investigation into suspected illicit activities surrounding trading in fungible stocks linked to three listed companies — Old Mutual, PPC Limited and Seed Co International. Government recently suspended the fungibility of the stocks. Fungibility means that shareholders from the three… Read More