5th April 2021
Citigroup Inc. hired Ken Blanco, the director of the Financial Crimes Enforcement Network, as its chief compliance officer of its newly created financial crimes unit. Blanco worked on combating financial crimes and enforcing regulations on money laundering and terrorism financing at FinCEN, a bureau in the Department of Treasury. Read More
5th April 2021
Central bank digital currencies (CBDCs) could potentially facilitate powerful, directed “money drops” and raise inflation expectations, according to a March 31 report by Bank of America. “CBDCs could boost the future transmission of monetary and fiscal stimulus,” the bank’s analysts wrote. While the report doesn’t mention bitcoin (BTC), the analysis… Read More
1st April 2021
Credit Suisse’s chief executive had a blunt message for his bank: it has “an attitude to risk that has to change . . . there has to be consequences”. But it was not Thomas Gottstein speaking this week after the Swiss lender warned of huge losses on trades with its client Archegos Capital Management. Read More
1st April 2021
An Indian court on Wednesday granted no relief to China’s ByteDance, owner of the TikTok video app, in a case where the company challenged the local tax authority’s decision to block its Indian bank accounts, dealing a blow to its operations. Indian authorities in mid-March blocked ByteDance’s bank accounts for… Read More
1st April 2021
Julius Baer can resume large acquisitions after markets watchdog FINMA lifted a ban levied against the Swiss private bank last year for failings in combating money laundering involving cash linked to world soccer body FIFA and Venezuela’s oil company. In February 2020, FINMA cited scores of failings at Switzerland’s third-largest… Read More
31st March 2021
It could be a while before European Union gets a central bank digital currency, if it gets one at all. In a Wednesday interview with Bloomberg Television, European Central Bank President Christine Lagarde laid out the complex decision-making process with which the bank will determine the… Read More
31st March 2021
Shadow banking in India has gained increasing popularity over the last 30 years or so, following the financial deregulation of the early 1990s that brought the growth of non-banking financial companies (NBFCs) across the country. During this period, NBFCs have consistently managed to gain market share, often at the expense… Read More
30th March 2021
Britain will focus first on regulating stablecoins rather than the broader cryptocurrency market, its financial services minister said on Tuesday, citing the threat to competition should any major private effort dominate the emerging field. Facebook Inc’s move in 2019 to introduce its own stablecoin Diem, then known as Libra, raised… Read More
30th March 2021
The Solicitors Regulation Authority (SRA) made 26 reports of suspected money laundering by solicitors to the National Crime Agency (NCA) last year, involving more than £200m in possible criminal proceeds. A further 122 matters are being monitored by the regulator’s money laundering reporting officer (MLRO) to track the progress of… Read More
30th March 2021
A widening investigation into allegations of high-level corruption on the island of Malta, first levelled by murdered journalist Daphne Caruana Galizia, stretches to China and a $400 million investment into Europe by a Chinese state power company, Reuters has found. Caruana Galizia was murdered in October 2017 as she investigated… Read More