7th March 2018
Indonesia issued rules this week requiring corporations to reveal details of beneficial ownership to the government, as part of efforts to tackle money laundering and terrorism financing in Southeast Asia’s largest economy. This comes at a time when Indonesia is trying to join the Financial Action Task Force (FATF), an… Read More
6th March 2018
The Royal Bank of Scotland (RBS) has agreed to pay a half a billion dollars fine to settle charges for mis-selling residential mortgage-backed securities (RMBS) leading up to the financial crisis. The British tax payer owned-bank admitted that it sold RMBS backed by mortgage loans that it knew did not… Read More
6th March 2018
France stuck to its tough stance in the Brexit negotiations on Tuesday, warning there was little chance of securing a free trade deal for financial services that would provide the degree of access sought by Britain’s biggest taxpaying industry. The French economy minister Bruno le Maire instead said finance companies… Read More
4th March 2018
Some diamond merchants in India’s biggest center for trading the precious gemstones say they had stopped dealing with Nirav Modi and his uncle Mehul Choksi – two big-name jewelers accused of massive bank fraud – because they were often slow to pay dues. The Indian financial sector was stunned when… Read More
2nd March 2018
Ukraine’s Security and Defence Council said on Thursday it had extended sanctions that had been due to expire in March against the Ukrainian subsidiaries of Russian state-owned banks. Four such banks still operate in Ukraine, including arms of Sberbank, VEB and VTB, which are among Ukraine’s 20 largest lenders. The… Read More
28th February 2018
The United Kingdom’s National Crime Agency (NCA) has secured two unexplained wealth orders (UWOs), a month after they were established in the country. UWOs require individuals to explain various issues about an asset, including how it was obtained, in situations where there are grounds to suspect that their known… Read More
27th February 2018
Estonia’s financial regulator said on Tuesday it would open an investigation into Danske Bank after media reported it had been aware of money-laundering allegations at its Estonian branch as far back as 2013. Estonia’s Financial Supervisory Authority (FSA) said it would look at whether Danske, Denmark’s biggest bank, knowingly withheld… Read More
26th February 2018
British retail banks are poised to introduce money management apps to compete with those already launched by financial technology start-ups, betting their trusted brands, broad client base and deep pockets will help them make up lost ground. HSBC, Lloyds Banking Group and the Royal Bank of… Read More
21st February 2018
AP – The Supreme Court ruled Wednesday that whistleblower protections passed by Congress after the 2008 financial crisis only apply to people who report problems to the U.S. Securities and Exchange Commission, not more broadly. The justices said that a part of the Dodd-Frank Act that protects whistleblowers from… Read More
20th February 2018
The Financial Conduct Authority (FCA) is seeking views about how firms can use technology to meet its standards as well as improve the quality of information they submit. The FCA, which every year receive receives over 500,000 scheduled regulatory reports from firms, as well as additional ad hoc reports, is… Read More