3rd January 2018
Postal Savings Bank of China, the country’s largest bank in terms of branch numbers, has been fined 521 million yuan (US$80 million) by the country’s banking regulator over its role in a scandal involving fake guarantees for bonds that has engulfed regional lender Guangfa Bank. Postal Bank said in… Read More
28th December 2017
Homeowners renting out holiday cottages should beware of short lets becoming “pop-brothels” in the Peak District and beyond, a bishop has warned. The Rt Rev Alastair Redfern said vulnerable young women, often from eastern Europe, were being trafficked to the area as sex workers. Redfern, the bishop of Derby, who… Read More
27th December 2017
Special Counsel Robert Mueller’s investigation into links between US President Donald Trump’s campaign and Russian influence has led the FBI to probe a closed Cypriot bank used by wealthy Russians and accused by the US of money laundering. That was the claim made by the British newspaper The Guardian which… Read More
27th December 2017
Fresh indications have appeared that show Iran and Russia are moving closer to an ambitious plan to integrate their banking systems – a strategy both hope would make them immune to the financial sanctions of the United States in the future. A top banking official in Tehran was quoted by… Read More
25th December 2017
Seventeen months ago, a former Wall Street investment banker who specialised in distressed assets took to Twitter to announce he had bought a cryptocurrency for 50 cents per coin. “At $0.50, risk/return felt right,” tweeted Barry Silbert, founder and chief executive of a private New York-based company called Digital… Read More
25th December 2017
Although there are misgivings on the operation of the Economic and Financial Crimes Corruption (EFCC) among Nigerians, one obvious fact about the agency is that its activities have shown clearly that corrupt practices permeate every sector of the nation’s economy. Notwithstanding occasional skirmish in the discharge of its duties which… Read More
22nd December 2017
JP Morgan’s Swiss unit has landed in trouble with regulator FINMA for violating anti-money laundering rules in its dealing with the Malaysian sovereign wealth fund 1Malaysia Development Bhd (1MDB) and one of its business partners. 1MDB is at the centre of a scandal which alleges that around $700m… Read More
22nd December 2017
Globex, a subsidiary of state-owned VEB development bank, has reportedly been attacked by hackers using its SWIFT international payments system. Cybercriminals attempted to steal 55 million roubles ($940,000), but only managed to withdraw $100,000. The attempted attack occurred last week, said Reuters, which quoted Globex President Valery Ovsyannikov saying… Read More
19th December 2017
By Jill Treanor, Guardian Banks and building societies face fines and public sanction by the City regulator if they fail to conduct thorough immigration checks on current account holders from January. From the start of 2018, banks will be required to scrutinise the immigration status of their 76 million current… Read More
15th December 2017
Saudi Arabia has high hopes that a campaign of arrests to crack down on corruption will improve its chances of joining the Financial Action Task Force, a global body dedicated to combating illicit money flows. The kingdom, one of only two G20 nations along with Indonesia which is not a… Read More