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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

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

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

17th September 2019

Why Some Banks Are Ditching Their State Regulators

A national bank regulator is trumpeting his agency’s oversight as a good business proposition. Banks are taking him up on it. Fifth Third Bancorp is the latest company to seek supervision from Trump-appointed regulators who have struck a friendlier tone with the industry. The Office of the Comptroller of… Read More

17th September 2019

JPMorgan Hacker Will Plead Guilty Over Role in Vast Cyber-Attack

A Russian hacker at the center of an alleged scheme to steal financial data on more than 80 million JP Morgan Chase & Co. clients will plead guilty later this month, according to a U.S. court filing. Andrei Tyurin, who was extradited last year from the Republic of Georgia, is… Read More

17th September 2019

Justice minister’s cousin arrested in widening corruption scandal

A court issued an arrest warrant for the nephew of scandal-struck Justice Minister Cho Kuk on Monday night as part of a widening probe into corruption allegations surrounding the minister’s family. Judge Im Min-sung of the Seoul Central District Court issued the warrant, saying the suspect’s detention was needed to… Read More

16th September 2019

No One Wants to Hire the Fired Wells Fargo Branch Staffers

It was a few bank accounts opened years ago that got Gerard Camerino fired from Wells Fargo & Co. last October. He didn’t even remember some of the customers in question, but the company suspected their accounts were among the millions of potentially fake ones that have dogged the… Read More

4th September 2019

How to Scandal-Proof Your Company

In the late summer of 2016 allegations that employees of Wells Fargo’s retail banking unit had opened more than a million unauthorized accounts and sold customers thousands of unneeded products hit the national news. The scandal cost Wells Fargo dearly. On September 8 the Consumer Financial Protection Bureau (along with… Read More

4th September 2019

Fugitive Jeweler Gets 5 Years in U.K. Insider-Trading Case

A fugitive luxury jeweler, who eluded police after a judge found him too ill to stand trial, was sentenced to five years and eight months in prison for his role in a U.K. insider-trading scheme. Richard Baldwin was sentenced by Judge Christopher Hehir, who said the jeweler was convicted on… Read More

4th September 2019

Deripaska Says U.S. Fails to Prove He Acted as Putin Agent

Russian billionaire Oleg Deripaska wants a U.S. judge to lift sanctions against him because, he claims, the U.S. Treasury Department failed to prove he acted as an agent of Russian President Vladimir Putin. The Treasury’s Office of Foreign Assets Control, known as OFAC, punished Deripaska last year in… Read More

2nd September 2019

Danske Bank reported to police for overcharging customers: regulator

Denmark’s financial watchdog said on Friday it had reported Danske Bank (DANSKE.CO) to the police for overcharging customers, the latest blow to the lender as it tries to restore trust after involvement in a major money laundering scandal. The FSA said in June it was investigating the bank… Read More

Must Read

UBS pays more than 10 million euros to settle Italy money-laundering probe

Pakistan expects to avert blacklisting over terrorism financing

Congress Pushes Forward On Turkey Sanctions Despite Ceasefire

Ex-Credit Suisse Banker Hid $45 Million, Names Four Others

Can big data be used to stop human trafficking?