7th August 2018
The United Kingdom’s banking regulator has launched a probe into HSBC’s anti-money laundering systems and its compliance with British rules, the bank said in its interim results. The lender did not give details of the Financial Conduct Authority’s (FCA) investigation, but said it is engaging with the watchdog on the… Read More
20th July 2018
Hong Kong’s securities regulator has hit HSBC’s Asia unit with a HK$9.6 million (US$1.2m) penalty for systematic deficiencies in its bond selling practice, which included compliance failings. The Securities and Futures Commission (SFC) found that when selling bonds to clients, HSBC Broking Securities (Asia) failed to conduct proper and adequate… Read More
28th June 2018
Lloyds Banking Group is facing more pressure over its handling of a fraud at its HBOS Reading business that took place more than a decade ago, with the chair of Britain’s Treasury Committee calling for “maximum transparency” over the affair. The intervention by committee chair Nicky Morgan follows the publication… Read More
21st June 2018
Merrill Lynch has agreed to pay a $42 million penalty over charges it falsely informed customers that it had executed millions of orders internally when it actually had routed them for execution at other broker-dealers. According to the Securities and Exchange Commission (SEC), Merrill Lynch’s process – which it dubbed… Read More
15th June 2018
Swiss financial market supervisor FINMA found serious breaches at Raiffeisen Switzerland RFSHW.UL in a probe related to fraud allegations against former Chief Executive Pierin Vincenz. “FINMA has found that the bank’s handling of conflicts of interest was inadequate. In addition, Raiffeisen’s board of directors failed to adequately supervise its… Read More
7th June 2018
Politicians criticised TSB boss Paul Pester’s handling of the British bank’s ongoing IT problems on Wednesday and the Financial Conduct Authority (FCA) said it was investigating the bank’s response. TSB, owned since 2015 by Spanish bank Sabadell (SABE.MC), saw thousands of users locked out of their accounts last month and… Read More
5th June 2018
France’s financial prosecutor opened an inquiry on Monday into allegations that President Emmanuel Macron’s chief of staff breached conflict of interest rules while working for the state and the Swiss-Italian Mediterranean Shipping Company. The investigation comes after anti-graft group Anticor filed a complaint accusing the aide, Alexis Kohler, of influence-peddling… Read More
23rd May 2018
Australia’s Westpac Banking Corp (WBC.AX) admitted on Monday to signing up a legally blind pensioner as loan guarantor for her daughter’s business without warning her of the risks, then threatened to evict her when the business failed. The testimony, given to a powerful inquiry into the country’s financial sector, came… Read More
23rd May 2018
A partner at a City law firm has landed in trouble for allegedly failing to comply with anti-money laundering rules in a case linked to the Panama Papers and a wealthy politically-connected family. Child & Child’s Khalid Mohammed Sharif is understood to be linked to the setting up of an… Read More
22nd May 2018
AP — A court has dismissed charges against Barclays relating to its emergency fundraising from Qatar at the height of the financial crisis. The Serious Fraud Office had accused Barclays over a 2008 deal to give to Qatar Holding LLC a $3 billion loan that was then used to… Read More