17th December 2019
Many investment firms have been touting new products as socially responsible. Now, regulators are scrutinizing some funds in an attempt to determine whether those claims are at odds with reality. The Securities and Exchange Commission has sent examination letters to firms as record amounts of money flow into ESG funds. Read More
17th December 2019
Britain’s government is set to announce its choice for the next boss of the Bank of England, one of its most pressing decisions after last week’s election victory of Prime Minister Boris Johnson. Below are possible contenders to replace Mark Carney as governor of the BoE which oversees the world’s… Read More
17th December 2019
South Korea’s financial regulator on Monday granted preliminary approval for a new internet-only bank, a move that could further fuel competition with established bigger players and foster the fledgling market. The Financial Services Commission (FSC) gave the initial approval to the consortium led by South Korean fintech firm Viva Republica. Read More
16th December 2019
The U.K. capital’s financial center cheered Boris Johnson’s emphatic election victory for alleviating the Brexit uncertainty that has hung over the British economy’s key engine for 3½ years. Banks and financial firms have been preparing for a disruptive Brexit, collectively spending billions of pounds to protect themselves, while also… Read More
16th December 2019
UK regulators are increasingly ordering independent investigations into financial institutions due to concerns over money laundering and white-collar crime, according to data cited by the Financial Times. The Financial Conduct Authority (FCA) and the Bank of England (BoE) ordered 51 “skilled persons’ reports” in the 2018-2019 fiscal year—a 16-percent… Read More
16th December 2019
The Treasury Department announced sanctions Friday against a diamond dealer who the government said has used an art gallery in Beirut, Lebanon, and an extensive personal collection, sprinkled with names like Pablo Picasso and Andy Warhol, to shelter and launder money. American officials described the diamond dealer, Nazem Said Ahmad,… Read More
13th December 2019
The United States imposed sanctions on another son of Nicaraguan President Daniel Ortega, Rafael, on Thursday, accusing him of money laundering and corruption, in the latest effort by Washington to put pressure on the leftist government. The Trump administration has accused the current Nicaraguan government of concentrating power in the… Read More
13th December 2019
Malaysia is set to introduce new guidelines requiring all registered companies to submit information on their beneficial owners. The Companies Commission Malaysia (CCM) regulatory development and services division director, Norhaiza Jemon, said the commission intends to implement the new requirements in early 2020 as local media reported. Norhaiza had… Read More
13th December 2019
The Federal Reserve on Thursday lifted consent orders against JPMorgan Chase & Co. and U.S. Bancorp stemming from what the central bank identified as weak anti-money laundering controls. The Fed’s order against JPMorgan, issued in January 2013, directed the bank to strengthen its board oversight of anti-money laundering… Read More
12th December 2019
The European Union is finally moving to seal a gaping chasm in the internal market’s institutional makeup, with a new anti-money laundering authority, and a common structure for financial intelligence-gathering. In a sign of the political tests the new powers will face, the EU has already stopped short of what… Read More