23rd November 2018
Australia’s corporate regulator told an inquiry on Thursday that funding cuts and an increasing mandate had hampered its ability to prevent wrongdoing in the financial sector, and slammed bank bosses for failing to properly respond to its inquiries. Australian Securities and Investment Commission Chairman James Shipton told the inquiry into… Read More
21st November 2018
German financial watchdog Bafin has asked Deutsche Bank (DBKGn.DE) to supply information on its dealings with Danske Bank (DANSKE.CO), which is ensnarled in money laundering allegations, a source close to the matter said on Tuesday. After a fast evaluation of the data, Bafin will decide whether to launch a formal… Read More
19th November 2018
Banks are increasingly stepping back from helping one another with international money transfers due to tougher money laundering checks, dealing a blow to countries that rely on remittances and potentially driving some payments underground. The Financial Stability Board (FSB), which coordinates financial rules across the Group of 20 economies (G20),… Read More
16th November 2018
European Union states are still divided over an overhaul of rules for the supervision of banks against money laundering, two EU sources said on Wednesday. EU confidential documents show countries had agreed a preliminary common stance on the reform proposed by the European Commission in September which would give more… Read More
15th November 2018
Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More
15th November 2018
A leading British trade union is calling for the government to change laws in order to protect employees from ‘excessive surveillance’ following revelations that financial and other firms in the United Kingdom have started fitting their employees with microchips. The development comes amid concerns that bosses could use the technology… Read More
14th November 2018
European Union governments have reached a preliminary deal to clamp down on money-laundering by strengthening bank supervision, but do not address key loopholes, documents show. A series of money-laundering cases at banks in several EU states have forced regulators to act after public outcry. The preliminary deal, which could… Read More
9th November 2018
The European Commission has requested Malta’s Financial Intelligence Analysis Unit step up its supervision of the banking sector after an investigation revealed that Malta had failed to ensure banks comply with EU anti-money laundering (AML) rules. Malta has been under the spotlight over various scandals related to money laundering,… Read More
8th November 2018
AP — Come January, the banking industry is going to be on Rep. Maxine Waters’ time. With Democrats taking control of the House of Representatives, the California representative is expected to become chairwoman of the powerful House Financial Services Committee, which oversees the nation’s banking… Read More
8th November 2018
The Financial Conduct Authority (FCA) has unveiled proposed plans for new rules which will require firms to reconsider claims they previously rejected regarding the premium payment protection insurance (PPI) scandal. The regulator also published its final guidance about how it expects the PPI claims to be handled. The consultation on… Read More