5th September 2018
Dutch bank ING Groep will pay 775 million euros (about $900 million) in a settlement with the Dutch Public Prosecution Service (DPPS) over its poor anti-money laundering controls which in some cases allowed customers to launder cash for years. A DPPS investigation established ‘serious’ shortcomings at the lender, including that… Read More
5th September 2018
Paul Pester, the chief executive of Britain’s crisis-hit TSB Bank, is stepping down after months of pressure following a botched IT project that has cost more than 200 million euros ($231 million). Pester ran the lender for seven years but was heavily criticised for his handling of the IT update… Read More
4th September 2018
Britain’s TSB was hit by another technology glitch on Monday, the latest since a botched IT upgrade in April resulted in one of the country’s worst banking outages. TSB chief executive Paul Pester was criticized by lawmakers over his handling of the crisis, which has cost its Spanish parent Sabadell… Read More
3rd September 2018
Fines levied by China’s banking regulator have surged since Guo Shuqing became its head in February 2017, rising nearly six-fold from the cumulative fines levied over the previous 14 years, UBS said in a report. The exponential increase in fines highlights a much stricter level of enforcement of regulations in… Read More
31st August 2018
The United Kingdom and its key allies have entered into a fresh agreement to crackdown on illicit cash flows and corporate secrecy which will see their financial intelligence units step up their information sharing and aim to work more closely with the private sector. The partnership was agreed upon this… Read More
29th August 2018
Financial technology firms operating in Switzerland will have to adhere to less financial crime controls than other firms under a new regime which seeks to promote financial innovation in the country. Generally, all financial institutions in Switzerland are subject to due diligence requirements when it comes to combating money laundering. Read More
29th August 2018
Complaints about potential data breaches to the UK’s Information Commissioner’s Office (ICO) have more than doubled since the General Data Protection Regulation (GDPR) came into effect, new figures show. Greater media publicity and Government advertising has boosted awareness of individuals’ new data rights under the law, and there is now… Read More
28th August 2018
The Bank of Spain’s website has been hit since Sunday by a cyber attack which has temporarily disrupted access to the site, a spokesman for the central bank said on Monday. The spokesman said that the attack has not had any effect on the bank’s services or its communications with… Read More
27th August 2018
The UK’s parliamentary research department has published a paper on registers of beneficial ownership. The study outlines the beneficial ownership structure in the UK, and also looks at issues around its Overseas Territories. It explains that the UK has registers of beneficial ownership for three different types of assets: companies,… Read More
23rd August 2018
Australia’s government has banned major Chinese telecoms firm Huawei Technologies Co Ltd from supplying equipment for the country’s planned 5G mobile network, citing risks of foreign interference and hacking. The move, following advice from security agencies, signals a hardening of Australia’s stance toward its biggest trading partner as relations have… Read More