Prosecutor drops insider trading case against former Deutsche Boerse CEO
7th January 2019
Prosecutor drops insider trading case against former Deutsche Boerse CEO
The Frankfurt prosecutor’s office has dropped an insider trading case against former Deutsche Boerse (DB1Gn.DE) Chief Executive Carsten Kengeter in exchange for payments of almost 5 million euros ($5.68 million). Prosecutors investigated Kengeter after he purchased Deutsche Boerse shares worth 4.5 million euros in December 2015 as part of a… Read More
Credit Suisse reaches settlement over alleged RMBS misconduct
7th January 2019
Credit Suisse reaches settlement over alleged RMBS misconduct
Credit Suisse has reportedly reached a deal with the New York State Attorney General’s office over misconduct allegations regarding residential mortgage-backed securities (RMBS). Prosecutors had sought billions over the case, in which the bank was accused of misrepresenting the quality of loans linked to MBS during the financial crisis. Instead,… Read More
Iran approves anti-money laundering bill to ease foreign trade
7th January 2019
Iran approves anti-money laundering bill to ease foreign trade
A powerful Iranian council approved an anti-money laundering bill on Saturday, state media reported, a major step towards reforms that would bring Iran into line with global norms and could facilitate foreign trade in the face of U.S sanctions. Iran has been trying to implement standards set by the Financial… Read More
Breakingviews – U.S. will find a way to make Danske Bank suffer
7th January 2019
Breakingviews – U.S. will find a way to make Danske Bank suffer
Karsten Dybvad is putting on a brave face. Danske Bank’s new chairman recently insisted that the Copenhagen-based lender did not face an “existential crisis”, despite helping clients launder up to 200 billion euros between 2007 and 2015 via a Baltic subsidiary. In 2019 that will be put to the… Read More
Audits reveal Deutsche Bank’s links to tax trade scandal
7th January 2019
Audits reveal Deutsche Bank’s links to tax trade scandal
There are “lots of indications” that some managers discussed “the reputational risks” of Deutsche Bank’s involvement in a share-trading scheme that is the subject of Germany’s biggest post-war fraud investigation, according to a conclusion in one of five internal audits seen by Reuters. The bank issued tax certificates for withholding… Read More
Fewer affected in Marriott hack, but passports a red flag
7th January 2019
Fewer affected in Marriott hack, but passports a red flag
AP — Fewer Marriott guest records than previously feared were compromised in a massive data breach, but the largest hotel chain in the world confirmed Friday that approximately 5.25 million unencrypted passport numbers were accessed. The compromise of those passport numbers has raised alarms among security experts because of their… Read More
Former Barclays bosses face London trial over Qatari cash call
7th January 2019
Former Barclays bosses face London trial over Qatari cash call
The most senior bankers to face criminal charges in Britain over conduct during the financial crisis will appear before a London jury next week in a trial that will test the mettle of the Serious Fraud Office. Former Barclays (BARC.L) CEO John Varley and three one-time colleagues stand charged over… Read More
Money laundering: Ex-Credit Suisse bankers arrested over $2 billion-loan fraud scam
4th January 2019
Money laundering: Ex-Credit Suisse bankers arrested over $2 billion-loan fraud scam
Three former Credit Suisse bankers have been arrested over money laundering and bribery charges pertaining to a scam which involved $2 billion in loans to companies in Mozambique. According to the prosecution, three Mozambican state-owned firms borrowed over $2 billion. The loan proceeds were meant to be used… Read More
Switzerland relaxes anti-money laundering due diligence rules for small fintech firms
4th January 2019
Switzerland relaxes anti-money laundering due diligence rules for small fintech firms
Swiss financial regulator FINMA has introduced a relaxed anti-money laundering regime for smaller financial technology firms as it looks to promote innovation. The companies will still be subject to the Anti-Money Laundering Act, under the new licensing category – known as the FinTech licence – in Article 1b of the… Read More
Montenegro launches scheme offering citizenship for investment
4th January 2019
Montenegro launches scheme offering citizenship for investment
Montenegro has launched a programme offering citizenship to up to 2,000 foreigners in return for investment over the next three years to help speed up its economic development, the government said on Thursday. A passport from Montenegro, an Adriatic country with a population of 620,000 which has joined NATO and… Read More
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