Fintech firms want to shake up banking, and that worries the Fed
15th January 2019
Fintech firms want to shake up banking, and that worries the Fed
The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc (ONDK.N) or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other regulators looking to bring them into the fold. The Office of the Comptroller of the Currency (OCC)… Read More
Compliance: Standard Chartered deferred prosecution agreements extended, again
14th January 2019
Compliance: Standard Chartered deferred prosecution agreements extended, again
Standard Chartered’s deferred prosecution agreements (DPAs) with the US Department of Justice and the New York County District Attorney’s Office will be further extended until March 2019. Both deals were reached in 2012, and subsequently extended until 31 December 2018. The bank entered the agreements after it landed in trouble… Read More
Sanctions: Nuclear chief says Iran exploring new uranium enrichment
14th January 2019
Sanctions: Nuclear chief says Iran exploring new uranium enrichment
AP — The head of Iran’s nuclear program said Sunday that the Islamic Republic has begun “preliminary activities for designing” a modern process for 20-percent uranium enrichment for its 50-year-old research reactor in Tehran, signaling new danger for the nuclear deal. Restarting enrichment at that level… Read More
HSBC to pay $30 million to settle bond rigging lawsuit in U.S.
14th January 2019
HSBC to pay $30 million to settle bond rigging lawsuit in U.S.
HSBC Holdings Plc has agreed to pay $30 million to settle litigation by investors who accused 11 big banks of rigging the roughly $9 trillion government agency bond market from 2009 to 2015. The settlement with the British bank was made public late Wednesday night in the federal court in… Read More
Huawei fires employee arrested in Poland on spy charges
14th January 2019
Huawei fires employee arrested in Poland on spy charges
AP — Chinese tech giant Huawei said Saturday it has fired an employee who was arrested in Poland on spying charges. The allegations against Wang Weijing “have no relation to the company,” Huawei Technologies Ltd. said in a statement. It said Wang was fired because… Read More
U.S. warns German companies of possible sanctions over Russian pipeline
14th January 2019
U.S. warns German companies of possible sanctions over Russian pipeline
The United States has warned German companies involved in the Russian-led Nord Stream 2 gas pipeline that they could face sanctions if they stick with the project. U.S. President Donald Trump has accused Germany of being a “captive” of Moscow because of its reliance on Russian energy and urged it… Read More
Danske Bank, ex-CEO are sued in U.S. over money laundering scandal
11th January 2019
Danske Bank, ex-CEO are sued in U.S. over money laundering scandal
Danske Bank A/S and four former top executives were sued on Wednesday by a U.S. shareholder that accused Denmark’s largest bank of defrauding investors and inflating its share price by hiding and failing to stop widespread money laundering at its Estonian branch. The complaint was filed in the U.S. District… Read More
Hong Kong regulator fines JPMorgan over anti-money laundering, CDD failures
11th January 2019
Hong Kong regulator fines JPMorgan over anti-money laundering, CDD failures
The Hong Kong Monetary Authority (HKMA) has reprimanded and penalised JPMorgan Chase Bank HK$12.5 million ($1.60 million) for breaching anti-money laundering rules, after a probe revealed deficiencies in customer due diligence (CDD) and other areas. According to the watchdog, the investigation found that, between April 2012 and February 2014, JPMorgan… Read More
Investor Browder asks France to investigate Danske in Magnitsky case
11th January 2019
Investor Browder asks France to investigate Danske in Magnitsky case
Bill Browder, founder and CEO of investment fund Hermitage Capital Management, said on Thursday he had asked French authorities to investigate Danske Bank over alleged money laundering, rather than treating it as a witness. Danske Bank (DANSKE.CO) is already under investigation by authorities in Denmark, Estonia, Britain and the United… Read More
Sanctions: Democrats question Treasury chief on Russian oligarch
11th January 2019
Sanctions: Democrats question Treasury chief on Russian oligarch
AP — Treasury Secretary Steven Mnuchin told lawmakers in a classified briefing Thursday that the Trump administration will keep strict U.S. sanctions on Oleg Deripaska and any companies he owns, but Democrats say they still have concerns that the government is being too soft on the… Read More
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