Featured Banking

U.S. Fed investigating Deutsche’s role in Danske money laundering – Bloomberg

The U.S. Federal Reserve is investigating Deutsche Bank’s role in a money laundering scheme that has embroiled both it and Denmark’s Danske Bank, Bloomberg reported on Wednesday. Bloomberg, citing unnamed people familiar with the matter, said that the Fed’s investigation was at an early stage. – By Tom Sims and… Read More

Banking: Publication of new guidance on sanctions screening

A group comprising the world’s top banks has published guidance on how financial institutions should carry out sanctions screening. The notes are derived from regulatory requirements and global industry best practice, it said. “[The guidance] is not intended to suggest all FIs should apply all elements in this… Read More

Money laundering: Danske faces new investor lawsuit threat

Litigation funder IMF Bentham (IMF.AX) has teamed up with legal experts Quinn Emanuel and Njord Law Firm and plans to file a shareholder lawsuit against Danske Bank (DANSKE.CO) by July over a 200 billion euro ($230 billion) money laundering scandal. IMF’s European subsidiary, IMF Litigation Funding Services Limited (IMF LFS),… Read More
23rd January 2019
China’s banking and insurance regulator issued guidelines on Tuesday to strengthen banks’ overseas compliance management. It will pay special attention to country risk, anti-money laundering and counter terrorism risks, the China’s Banking and Insurance Regulatory Commission said in a statement on its website. (Reporting by Shu Zhang and Beijing Monitoring… Read More
23rd January 2019
A former UBS (UBSG.S) banker accused of selling information about wealthy German tax evaders to German authorities was convicted of economic espionage by a Swiss court on Monday. Rene S., as the 45-year-old ex-banker was called during court proceedings, was sentenced to 40 months in prison and must pay fines… Read More
23rd January 2019
By Robert Mazur Testimony in the ongoing New York federal trial of “El Chapo” Guzman offered a repeat of facts heard in hundreds of similar trials since the prosecution of Al Capone. Despite that blaring reminder, governments, including the one now prosecuting El Chapo, appear to turn a deaf… Read More
22nd January 2019
The president of German financial watchdog BaFin has urged firms to treat the fight against money laundering as a ‘very high priority,’ and called for better coordination in Europe to tackle the crime. In a recent speech, BaFin chief Felix Hufeld referred to reports of suspected cases of money laundering… Read More
22nd January 2019
Democrats now in control of the U.S. House of Representatives are working out which House panels will take the lead in investigating President Donald Trump’s business ties to Deutsche Bank, lawmakers and aides familiar with the plans told Reuters. As the new Democratic House of Representatives majority launches a range… Read More
21st January 2019
French authorities are considering launching an investigation into scandal-hit Danske Bank over violating anti-money laundering rules involving transactions worth millions of euros. In recent days, the French Tribunal de Grande Instance de Paris Court issued Danske with a letter summoning it to an interview to discuss matters relating to an… Read More
18th January 2019
The ECB has expressed concerns over reports that Spanish bank BBVA (BBVA.MC) hired a former police chief in 2004 to spy on a would-be buyer and some of its officials have discussed it with the bank, a source with knowledge of the situation told Reuters. Another source briefed about the… Read More
17th January 2019
European Union finance ministers are set to put on hold a plan to strengthen the bloc’s financial watchdogs, as some states led by Luxembourg oppose ceding their national powers to supervise money managers, according to EU officials and documents. The reform, proposed by the EU executive commission in 2017, was… Read More
17th January 2019
Someone asked me how I won an internal award or recognition for my compliance work at the bank where I worked, and I am pleased to share my little adventure. My story goes back to when I arrived at the glossy reception area of a smart block of offices. It… Read More
17th January 2019
Goldman Sachs Group Inc (GS.N) Chief Executive Officer David Solomon (pictured) on Wednesday apologised to the Malaysian people for former banker Tim Leissner’s role in the sovereign wealth fund 1MDB scandal, but said the bank had conducted due diligence before every transaction. Goldman is being investigated by Malaysian authorities and… Read More