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Featured Misconduct

The Case of Sergei Magnitsky: Questions Cloud Story Behind U.S. Sanctions

There’s a tombstone in northeastern Moscow that bears the portrait of a man with a friendly yet somewhat uneasy smile. His name is Sergei Leonidovich Magnitsky. He was born in April 1972 in Odessa, Ukraine, and died in November 2009 in Moscow. To this day, 10 years after the fact,… Read More

Top HSBC Risk Head to Take Sabbatical as Bank Faces BOE Warnings

HSBC Holdings Plc’s head of operational risk, who has been in the role for almost six years, has asked to take a sabbatical. Mark Cooke, whose role involves overseeing non-financial risks such as financial crime, staff misconduct and compliance breaches, has requested a sabbatical, the bank said in an email. Read More

Scandal-Hit Westpac to Refund Some Buyers of New Shares

Australia’s Westpac Banking Corp offered to refund people who bought new shares weeks before a lawsuit accusing it of millions of breaches of money laundering laws, a move some investors said was to fend off criticism about its transparency. The country’s oldest and second-largest bank has… Read More

15th November 2019

Activists Worry Britain’s Financial Watchdog Is Losing Its Zeal

About seven years ago, the U.K. agency set up to prosecute errant executives and publicly traded companies started taking on some meaty cases. The Serious Fraud Office investigated everything from derivative traders to top brass at blue-chip darlings Barclays Plc and engine maker Rolls-Royce Holdings Plc. Now some academics,… Read More

14th November 2019

State Bank of Pakistan fines HBL over non-compliance of regulatory requirements

The State Bank of Pakistan (SBP) had fined Habib Bank Limited (HBL) an amount of Rs35.62 million on October 4 for violating regulations. According to a notice issued by the SBP, the penalty was imposed mainly on the “deficiencies” in HBL’s foreign exchange operations and Customer Due Diligence (CDD). “The… Read More

14th November 2019

Basel Committee Seeks Cooperation Between Prudential and AML Supervisors

The BCBS says different supervisory functions should exchange information and cooperate both domestically and across borders, regardless of the institutional setting. The BCBS (Basel Committee on Banking Supervision) is proposing revisions to strengthen the interaction and cooperation between prudential and AML/CFT supervisors. The proposed changes to its June 2017… Read More

11th November 2019

HSBC Warned Twice by Bank of England on Conduct Risk Control

The Bank of England has warned HSBC Holdings Plc for two years in a row that it hasn’t done enough to tackle concerns about how the bank handles risks including financial crime and staff conduct. Samir Assaf, HSBC’s top investment banker, told executives on a conference call this week… Read More

1st November 2019

Ireland: Bankers to be held to account but will not face jail

New rules to hold individual bankers who do wrong to account will not result in jail but will still help to change culture, the finance minister has said. Paschal Donohoe said yesterday that he is working on legislation to bring in a senior accountability regime (Sear) for prominent figures in… Read More

10th October 2019

Barclays bosses tried to ‘legitimise’ fraudulent payments to Qatar, court told

Prosecutors for the Serious Fraud Office (SFO) say attempts by former Barclays bank bosses to show advisory services provided by Qatar were merely a “smoke-screen” to try to “legitimise” fraudulent payments to the Gulf state in 2008. A jury at the Old Bailey in London heard that former banking executives… Read More

25th September 2019

PwC to Pay $8 Million to Settle SEC Charges Over Auditor Independence and Improper Conduct

PricewaterhouseCoopers LLP is preparing to pay about $8 million to settle claims of improper professional conduct and violating auditor independence rules, the U.S. Securities and Exchange Commission said Monday. The regulator said it also charged Brandon Sprankle, a partner at the Big Four audit firm, for causing the firm to… Read More

18th September 2019

EBA Director’s Move to Bank Lobbyist Group Angers EU Officials: FT

Members of the European Parliament could summon the head of the EU’s banking watchdog after one of its senior official agreed to join a lobby group for Europe’s financial sector, the Financial Times reported Tuesday. Adam Farkas, who has served as the European Banking Authority’s executive director since… Read More

17th September 2019

Bankers or Mobsters Becomes Question in German Cum-Ex Tax Probe

Germany’s biggest tax scandal has landed the masters of the financial universe with an unflattering label: criminal organizations. It’s an allegation not leveled by finger-wagging populist crusaders, but prosecutors seeking to push their case beyond a probe of lost revenue. Now two dozen financial institutions caught up in the so-called… Read More

17th September 2019

FINRA hands J.P. Morgan Securities $1.1 million ‘traffic ticket’ for failing to report 89 potential criminal cases

FINRA is fining J.P. Morgan Securities $1.1 million for failing to report 89 internal investigations against its advisors and employees between 2012 and 2018. The timeline covers the period of time when former JPMorgan financial advisor Johnny Burris began whistleblowing about product pushing and other alleged problems at the bank. Read More

Must Read

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U.S. sanctions Latvian oligarch charged with corruption

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Money Laundering Battle Drives Japan Banks to JPMorgan’s Payments Network

Deutsche Bank Agrees to Pay €15 Million in Money-Laundering Probe