Wall St. watchdog proposes plan to boost oversight of firms with tainted brokers
3rd May 2019
Wall St. watchdog proposes plan to boost oversight of firms with tainted brokers
Wall Street’s industry-funded watchdog on Thursday proposed a rule to boost oversight of securities brokerages with a “significant history of misconduct” that could require them to set aside funds that cannot be withdrawn without the regulator’s consent, among other measures. The proposal, published in a Financial Industry Regulatory Authority (FINRA)… Read More
U.N. blacklists founder of Pakistan-based militant group Jaish-e-Mohammed
2nd May 2019
U.N. blacklists founder of Pakistan-based militant group Jaish-e-Mohammed
A U.N. Security Council committee blacklisted the head of the Pakistan-based militant group Jaish-e-Mohammed (JeM) on Wednesday after China dropped its objection to the move, ending a long diplomatic impasse. Western powers have for many years been attempting to sanction JeM head Masood Azhar, whose group has carried out several… Read More
Supervisors ignored Russian warnings over money laundering at Danske – document
1st May 2019
Supervisors ignored Russian warnings over money laundering at Danske – document
Russia’s Central Bank sent warnings in 2007 and 2013 to Estonian and Danish financial supervisors over suspect transactions worth billion of dollars at the Estonian branch of Danske Bank but they were largely ignored, a confidential EU document shows. The EU paper, seen by Reuters, is the outcome of an… Read More
EBA Decision to Drop Danske Bank Probe Draws Calls for EU Legislation
1st May 2019
EBA Decision to Drop Danske Bank Probe Draws Calls for EU Legislation
The European Commission’s top policymaker for the financial services sector has called for the EU to adopt new legislation in response to a decision earlier this month to close a bloc-wide investigation into the supervision of Danske Bank, the Financial Times reported. The European Banking Authority (EBA) voted on 16 April… Read More
Britain starts search for ‘highest caliber’ Bank of England governor
25th April 2019
Britain starts search for ‘highest caliber’ Bank of England governor
Britain’s finance minister Philip Hammond began the search for a new governor of the Bank of England to help steer the world’s fifth-biggest economy, and its global financial center, through the upheaval of Brexit. Mark Carney, a Canadian, twice extended his term in charge of the British central bank as… Read More
California bill encourages banks to work with pot businesses
23rd April 2019
California bill encourages banks to work with pot businesses
AP — California legislators considered a plan Monday intended to encourage more banks to do business with marijuana companies that have been frozen out of thousands of financial institutions. Most Americans live in states where marijuana is legally available in some form. But most financial institutions don’t want anything to… Read More
Fed proposes blueprint for bank-controlling companies
23rd April 2019
Fed proposes blueprint for bank-controlling companies
The U.S. Federal Reserve on Tuesday proposed a framework for determining when a company has taken control of a bank and must face more rigorous oversight and restrictions, a move that could remove hurdles for banks seeking to attract investors and partners. A company that gains control of a bank… Read More
Iran says ready for U.S. waivers end, as Guards threaten to shut Hormuz
22nd April 2019
Iran says ready for U.S. waivers end, as Guards threaten to shut Hormuz
Tehran is prepared for a U.S. decision to end waivers granted to buyers of Iranian crude, an Iranian oil ministry source said on Monday, as the Revolutionary Guards repeated their threat to close the strategic Strait of Hormuz, Iranian media reported. The United States will fail to cut Iranian oil… Read More
Enhancing Financial Inclusion: Telecoms and AML in Nigeria
21st April 2019
Enhancing Financial Inclusion: Telecoms and AML in Nigeria
The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it has become a payment terminal in the… Read More
New York Fed cracks down on Puerto Rico banks following Venezuela sanctions
19th April 2019
New York Fed cracks down on Puerto Rico banks following Venezuela sanctions
U.S. sanctions on Venezuela have led the New York Federal Reserve to crack down on Puerto Rico’s $50 billion offshore banking industry, according to four sources and a document seen by Reuters. The development will prevent the island’s offshore banks, several of which are owned by citizens of crisis-stricken Venezuela,… Read More
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