5th February 2019
A key government-appointed inquiry into misconduct and other issues within the Australian banking sector has highlighted a need to reform culture within the industry, and revealed issues of ‘greed’ within industry, where the drive for profit supersedes customer care. In its final report published on Monday, the Royal Commission said… Read More
5th February 2019
AP — Facebook, trudging through its awkward teenage years, is turning 15 on Monday. Launched in 2004 as “TheFacebook,” the service was originally intended only for Harvard students. It’s now a massive global business that connects some 2.3 billion users. It was born in an era… Read More
5th February 2019
France, Germany and the United Kingdom (E3) have announced the creation of a new platform aimed at facilitating legitimate trade between European firms and Iran, which will operate under the ‘highest standards’ of financial crime compliance, officials said. Called INSTEX SAS (Instrument for Supporting Trade Exchanges), the special purpose vehicle… Read More
4th February 2019
The Monetary Authority of Singapore (MAS) has clarified its stance on whether remittance firms can lend out money following a query about their operations. The query, which was published in the Straits Times, said that many maids were being paid through a remittance firm. In its response, the… Read More
4th February 2019
International payments network SWIFT said on Saturday it had signed an agreement with Bangladesh’s central bank to help it rebuild its infrastructure after hackers used it to steal $81 million in 2016 in the world’s biggest cyber heist. Unidentified hackers, suspected to be from North Korea, carried out the heist… Read More
1st February 2019
Danish and Estonian financial regulators are blaming each other for the Danske Bank money laundering scandal, which has highlighted the need for better cross-border surveillance. Denmark’s largest lender is being investigated in Denmark, Estonia, Britain and the United States over 200 billion euros ($229 billion) of suspicious payments through its… Read More
1st February 2019
In Frankfurt and Paris, the flood of banking jobs predicted to arrive after Brexit is, for now, little more than a trickle. An analysis of job postings on eight of the world’s major investment bank websites show a modest push to recruit staff in other European cities but little to… Read More
1st February 2019
Standard Chartered has landed in trouble with US authorities after it was found to have failed to effectively supervise its forex (fx) business and ensure compliance with laws. On Tuesday, the New York Department of Financial Services (DFS) said it has fined the bank $40 million for attempting to rig… Read More
31st January 2019
Bangladesh will file a lawsuit in a U.S. court on Wednesday against Philippine bank Rizal Commercial Banking Corp (RCBC) over its role in one of the world’s biggest cyber-heists, the Bangladesh central bank governor said. In February 2016, unknown criminals used fraudulent orders on the SWIFT payments system to steal… Read More
31st January 2019
AP – Police in Massachusetts are looking for a woman they say intended to rob a bank but got cold feet and left without a penny. Fall River police tell the Herald News the woman walked into the Fall River Municipal Credit Union on Monday afternoon… Read More