14th September 2016
When Wells Fargo was hit last week with $185 million in fines after thousands of its employees were caught setting up fake accounts that customers didn’t ask for, regulators heralded the settlement as a breakthrough. The Consumer Financial Protection Bureau noted that the $100 million it will collect as part… Read More
14th September 2016
A Chinese organised crime syndicate has used Westpac and Commonwealth bank branches across Perth to help launder more than $29 million in drug money in just 10 months. Read More
14th September 2016
New York state is proposing new rules requiring banks and insurance companies to establish cybersecurity programs and designate an internal cybersecurity officer, in what Gov. Andrew Cuomo described as a “first-in-the-nation” move to codify cyber safety policies. The new regulations, proposed by New York’s Department of Financial Services, will apply only… Read More
13th September 2016
Iran’s difficulties in re-entering the world financial system have been laid bare in a row over whether local banks should refuse to deal with the sanctioned but still very powerful Revolutionary Guards. The Financial Action Task Force (FATF) agreed a deal with the Central Bank of Iran (CBI) in June to suspend certain financial restrictions on Tehran as part… Read More
13th September 2016
There is probably no broader problem in the U.S. banking industry over abusive sales practices, despite the penalties imposed on Wells Fargo & Co’s recently, the head of a federal consumer protection agency said on Monday. Richard Cordray, director of the Consumer Financial Protection Bureau… Read More
11th September 2016
The Philippines’ department of justice has ended primary investigation in the cyber highest of the largest-ever amount of money Bangladesh Bank account of New York Federal reserve. At least 81 million dollars of the stolen money was en-cashed in Manila. The Daily Inquirer reported that the probe was related to… Read More
11th September 2016
The Hong Kong Monetary Authority has warned banks that applying disproportionately stringent due diligence on customer accounts risks excluding legitimate businesses from basic financial services. The city’s de facto central bank urged lenders to adopt an approach that differentiates the risk of individual customers through factors such as country, business… Read More
9th September 2016
Hong Kong’s banking regulator on Thursday urged financial firms to review requirements that have made it virtually impossible for startups and small companies to open bank accounts in the city. Opening bank accounts has been one of the key issues holding back the development of financial technology (fintech) companies in… Read More
9th September 2016
Wells Fargo & Co. will pay $185 million to resolve claims that bank employees opened deposit and credit-card accounts without customers’ approval to satisfy sales goals and earn financial rewards, U.S. regulators said. The lender opened more than 2 million accounts that consumers may not have known about, the Consumer… Read More
8th September 2016
Regulating the banking sector in South Africa is a “difficult balancing act”, said Finance Minister Pravin Gordan in parliament on Wednesday. He was responding to questions from MPs posed to ministers in the economic cluster of government. “On the one hand we need to ensure there’s stability in the banking… Read More