29th September 2016
Luxembourg has risen two points in Global financial centres index, to 12th place. According to the competitiveness index by consultancy firm Z/Yen and Long Finance, Luxembourg’s financial centre made the two-point rise after it was ranked 14th in March this year. On a European level, Luxembourg occupies third place, behind… Read More
29th September 2016
In the aftermath of the 2008 financial crisis, the banking industry sought to address an ethics crisis with surveys, town hall meetings, appointments of overseers and mechanisms for employees to report malfeasance. Now, the high-pressure sales scandal at Wells Fargo & Co provides more evidence… Read More
29th September 2016
Singapore will intensify measures to fight money laundering and terrorism financing in response to the latest warnings of the Financial Action Task Force (FATF). Vietnam News Agency (VNA) reports that, in a joint statement, the Ministry of Home Affairs, the Ministry of Finance and the Monetary Authority of Singapore (MAS)… Read More
28th September 2016
Some banks are fudging which staff are ultimately responsible for decisions, contravening a new regime designed to make it easier to apportion blame if something goes wrong, Britain’s top market regulator said on Wednesday. The senior managers regime (SMR) was introduced in March to replace a previous system that lawmakers… Read More
28th September 2016
Royal Bank of Scotland is to pay 1.1 billion US dollars (£845 million) to a US regulator to settle two claims over mis-sold mortgage bonds in the run-up to the financial crisis. Read More
28th September 2016
In a double blow to beleaguered business tycoon Vijay Mallya on Monday, the Enforcement Directorate (ED) in Mumbai lodged a money laundering case and the Debt Recovery Tribunal (DRT) in Bengaluru barred British liquor giant Diageo from paying him anything till a case against him was disposed off. The tribunal… Read More
28th September 2016
Chair Werner Langen kicked off Tuesday’s hearing with the investigative journalists behind the Panama Papers revelations by announcing that the inquiry committee will also look into the recent Bahama Leaks affair and the case of former Commissioner Neelie Kroes, who failed to declare a directorship in an offshore firm while… Read More
27th September 2016
Standard Chartered (STAN.L) has referred allegations of impropriety at an Indonesian power company that the bank’s private equity arm invested in to the appropriate authorities, the bank said on Tuesday. The Wall Street Journal earlier reported the bank faced an investigation by the U.S. Department of Justice into whether… Read More
27th September 2016
The trial has started of six people accused of fraud and corruption involving a department of the Halifax Bank of Scotland (HBOS). David Mills, Michael Bancroft, Mark Dobson, Alison Mills, Jonathan Cohen and Tony Cartwright, have pleaded not guilty. Southwark Crown Court was told that the six were involved… Read More
27th September 2016
Banks wary of doing business with potentially troublesome clients typically turn away between 6 and 15 percent of people seeking to become customers, a survey released on Tuesday found. The study by LexisNexis Risk Solutions of banks in eight financial centers found 14 percent of banks turned away 5 percent… Read More