Indiabulls Housing Finance slumps even as it rejects fraud allegations
13th June 2019
Indiabulls Housing Finance slumps even as it rejects fraud allegations
Shares in Indiabulls Housing Finance Ltd plummeted as much as 8.8% on Tuesday even as the mortgage lender and its top management moved to quash allegations of financial misconduct and money laundering within the company. A criminal writ petition filed on Monday in India’s Supreme Court alleged that about 980… Read More
Deutsche Warns Corporate Clients of Potential Account Closures: Report
13th June 2019
Deutsche Warns Corporate Clients of Potential Account Closures: Report
Deutsche Bank has notified nearly 1,000 blue-chip companies that it will terminate their corporate accounts within weeks if they do not send documents verifying their identities, the Financial Times reported Tuesday. The lender issued the termination letters as part of a broader effort to shore up its anti-money laundering (AML) controls… Read More
UK Lawmakers Call for Urgent Fix to ‘Incoherent’ Sanctions Policy
13th June 2019
UK Lawmakers Call for Urgent Fix to ‘Incoherent’ Sanctions Policy
The United Kingdom must amend its disjointed approach to sanctions policymaking and enforcement ahead of the country’s departure from the European Union, a House of Commons committee said in a report Wednesday. The findings by the Foreign Affairs Committee cite concerns that the Foreign & Commonwealth Office has set… Read More
FCA Outlines Risks of Money Laundering to Capital Markets
13th June 2019
FCA Outlines Risks of Money Laundering to Capital Markets
Investment banks and other firms participating in UK capital markets must do more to understand their potential exposure to money laundering, according to the Financial Conduct Authority (FCA). In a thematic review published Tuesday, the FCA found that most financial institutions involved in the trading of shares, derivatives, bonds… Read More
Finnish police decline to investigate Nordea complaint
12th June 2019
Finnish police decline to investigate Nordea complaint
Finnish police have declined to investigate an allegation of money laundering at Nordea made by anti-corruption campaigner Bill Browder’s Hermitage Capital, citing lack of jurisdiction and the statute of limitations. Hermitage Capital Management Ltd requested an investigation last October into transfers of funds to corporate customer accounts at Nordea from… Read More
U.S. says Iran is in breach of nuclear deal but repeats offer of talks
12th June 2019
U.S. says Iran is in breach of nuclear deal but repeats offer of talks
The United States said on Tuesday that Iran’s work with advanced centrifuges is a breach of the nuclear deal Washington has already pulled out of, expressing its concern while repeating that it is open to holding talks with Tehran. In a statement to a quarterly meeting of the U.N. nuclear… Read More
U.S. imposes sanctions on Syrian businessman with ties to Assad
12th June 2019
U.S. imposes sanctions on Syrian businessman with ties to Assad
The United States on Tuesday slapped sanctions on Syrian businessman Samer Foz and his family, who have close ties to President Bashar al-Assad and who Washington said has made millions by developing properties on land seized from those who have fled the Syrian war. The sanctions were being placed on… Read More
India’s J&K Bank shares slide further on fraud probe allegations
12th June 2019
India’s J&K Bank shares slide further on fraud probe allegations
Shares in India’s Jammu and Kashmir Bank Ltd slumped for a second consecutive day on Tuesday, after local media reported that an anti-corruption probe into the bank had uncovered a sizable fraud at the state-run lender. Shares in the bank closed down 6.72% at 48.55 rupees, after falling 12.4% on… Read More
Grab eyes Singapore banking license as regulator studies virtual banks – sources
12th June 2019
Grab eyes Singapore banking license as regulator studies virtual banks – sources
Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said. Grab is close to hiring a consultancy to advise it on its banking potential and is gearing up… Read More
Deutsche Bank Acknowledges ‘Critical’ AML Failures: Report
12th June 2019
Deutsche Bank Acknowledges ‘Critical’ AML Failures: Report
Deutsche Bank has identified serious failures in its screening of cheques and high-value electronic payments for anti-money laundering (AML) and sanctions compliance purposes, the lender told the Financial Times. The lapses, which went undetected for years and were discovered as the result of an internal audit, include a “filtering gap”… Read More
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