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Regulatory Update

8th November 2016

Rurik Jutting, British banker, guilty of Hong Kong murders

British banker Rurik Jutting has been found guilty of murdering two Indonesian women in Hong Kong, in a case that has gripped the city. Read More

8th November 2016

UK: RBS to compensate squeezed firms

Royal Bank of Scotland is to compensate up to 12,000 small business customers that it allegedly mistreated in the wake of the financial crisis. Read More

7th November 2016

China’s AgBank Fined $215 Million for Hiding Transactions

China’s third-largest lender tried to obscure the trail of dollar transactions by Russian, Chinese and Middle Eastern clients and attempted to silence a compliance officer who raised alarms about it, according to New York’s banking regulator. Read More

7th November 2016

AgBank fine shows China banks still flunking compliance test

Last week's $215 million (173 million pound) fine for Agricultural Bank of China Ltd (AgBank), the third big Chinese bank disciplined by U.S. regulators in 16 months, shows Chinese lenders still falling short in their compliance duties. Read More

7th November 2016

UK: Tesco Bank freezes transactions after cash taken from 20,000 accounts

Tesco Bank has frozen online transactions after customers were affected by fraudulent activity and pledged to refund those who had money taken from their accounts over the weekend. Read More

7th November 2016

UK: Convicted Libor traders hit back at fraud squad boss for “misleading” comments

Two convicted Libor traders have launched fresh attacks against the head of the fraud squad for presenting "misleading" stories about their trials. Read More

4th November 2016

Bank of China to face legal hearings in Italy after procedural delay

An Italian judge has accepted a request from prosecutors in a money laundering case to bring Bank of China (BOC) and four of its employees into preliminary hearings ahead of a possible trial, a legal source said on Thursday. Magistrates had to re-file their request for China’s fourth-biggest bank to… Read More

3rd November 2016

Nigeria: Court convicts firms of laundering Patience Jonathan’s $15.5m

A Federal High Court in Lagos on Wednesday convicted four companies of laundering $15.5m kept in their accounts with Skye Bank. The companies – Pluto Property and Investment Company Limited; Seagate Property Development & Investment Co. Limited; Trans Ocean Property and Investment Company Limited and Avalon Global Property Development Company… Read More

3rd November 2016

Ireland: Rush Credit Union goes into provisional liquidation

Rush Credit Union was placed into provisional liquidation yesterday following an application by the Central Bank of Ireland amid allegations of money-laundering, the misappropriation of funds and and other financial improprieties. The President of the High Court, Mr Justice Peter Kelly, approved the appointment of Jim Luby and Tom… Read More

2nd November 2016

United States: Ex-bank board member sentenced to 5 years in prison

Two former board members of failed Wilmette-based Premier Bank have pleaded guilty and been sentenced for defrauding the federal government’s bank bailout program, as well as state banking regulators, Illinois Attorney General Lisa Madigan said Tuesday. Zulfikar Esmail, 73, pleaded guilty to one count of financial institution fraud of more… Read More

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