IMF warns banks to evolve or be ‘left behind’ amid competition from big tech firms
16th July 2019
IMF warns banks to evolve or be ‘left behind’ amid competition from big tech firms
Banks must evolve or risk being “left behind” as big tech companies shake up the financial system, according to new research from the International Monetary Fund (IMF). In a paper published Monday titled “The Rise of Digital Money,” IMF authors… Read More
Latvia fines Rigensis Bank for lax anti-money laundering controls
16th July 2019
Latvia fines Rigensis Bank for lax anti-money laundering controls
Latvia’s financial watchdog has fined Rigensis Bank, the Baltic country’s 11th biggest bank by assets, 1 million euros ($1.1 million) for lax anti-money laundering controls, it said on Monday. The Financial and Capital Market Commission (FCMC) said in a statement the fine was “for infringements of regulatory requirements regarding the… Read More
Venezuela Defies Sanctions to Sell $40 Million in Gold Reserves
16th July 2019
Venezuela Defies Sanctions to Sell $40 Million in Gold Reserves
Venezuela sold about $40 million worth of gold last week, defying numerous U.S. sanctions that threaten to cut off Nicolas Maduro’s autocratic regime, according to people with knowledge of the matter. The central bank sold nearly one ton of gold July 12, lowering Venezuela’s dollar reserves to a near three-decade… Read More
Russia: 30 Fake Firms and 4 Billion Rubles Later, 10 Will Stand Trial
16th July 2019
Russia: 30 Fake Firms and 4 Billion Rubles Later, 10 Will Stand Trial
The Russian Ministry of Interior announced on Friday that 10 people will stand trial for allegedly conducting 4 billion rubles (US$64 million) of illegal banking activities in the Russian Chuvash Republic. The defendants stand accused of creating 30 fake firms over six years, each existing for only a… Read More
‘The battle has started’: Ex-Credit Suisse banker’s fraud victims still want an apology
16th July 2019
‘The battle has started’: Ex-Credit Suisse banker’s fraud victims still want an apology
It was December 30, 2015, and Russian businesswoman Olga Kurbatova, who founded a successful Moscow-based beverage company called Happyland Corp, was celebrating the New Year with her son when she got an unexpected phone call from the bank that managed her fortune, Credit Suisse. There had been a most unhappy… Read More
Najib: Yes, my credit cards used for RM3.3m in one day to buy gifts for ‘royalty’
16th July 2019
Najib: Yes, my credit cards used for RM3.3m in one day to buy gifts for ‘royalty’
Datuk Seri Najib Razak appears to have admitted that his two personal credit cards were used in 2014 for transactions worth RM3.3 million in a single day at a Swiss luxury jeweller’s store in Italy, but has claimed that the money was splashed out on gifts for a mysterious unnamed… Read More
Sour note: Sistine Chapel Choir director resigns after fraud allegations
16th July 2019
Sour note: Sistine Chapel Choir director resigns after fraud allegations
The director of the Sistine Chapel Choir, which has provided the musical backdrop to papal events for centuries, has resigned following allegations of fraud and embezzlement. Monsignor Massimo Palombella has “concluded his service” after Pope Francis approved his request to end his tenure, the Vatican said in a statement on… Read More
ING’s Belgian Unit Fined for Money-Laundering Violations
16th July 2019
ING’s Belgian Unit Fined for Money-Laundering Violations
The Belgian unit of ING Groep NV was fined 350,000 euros ($394,485) by the central bank of Belgium for violating legislation against money laundering. ING Belgium was hit with the penalty on April 24, Julie Kerremans, a Brussels-based spokeswoman for the unit, said in an emailed statement… Read More
U.S. proposes barring big tech companies from offering financial services, digital currencies
15th July 2019
U.S. proposes barring big tech companies from offering financial services, digital currencies
A proposal to prevent big technology companies from functioning as financial institutions or issuing digital currencies has been circulated for discussion by the Democratic majority that leads the House Financial Services Committee, according to a copy of the draft legislation seen by Reuters. In a sign of widening scrutiny after… Read More
Italian prosecutors probe allegations of League oil deal: sources
15th July 2019
Italian prosecutors probe allegations of League oil deal: sources
Italian prosecutors have opened an investigation into possible international corruption following media reports that the ruling League party sought millions of euros via a secret Russian oil deal, two sources said on Thursday. League leader Matteo Salvini, who serves as both deputy prime minister and interior minister in the government,… Read More
Popular

ING’s Belgian Unit Fined for Money-Laundering Violations

U.S. proposes barring big tech companies from offering financial services, digital currencies

UK Economic Crime Plan Draws Allegations of ‘Policy Capture’ from Critics: FT

EU mulls adding Saudi Arabia to money-laundering gray list

Credit Suisse Probed over Alleged Money Laundering

Must Read

Swedbank Slashes Dividend as Baltic Dirty-Money Probes Drag On

U.S. judge sentences Mexican drug lord ‘El Chapo’ to life plus 30 years

EU readies sanctions on Venezuelan security officials

The dark side of Zug’s Crypto Valley

London jury acquits three Sarclad staff despite corporate plea deal