4th May 2020
The alleged mastermind of the fraud involving Hong Kong’s largest independent financial advisory firm, Convoy Global Holdings, was charged with intent to deceive members of the company about its affairs by the city’s anti-corruption investigator as the trial got under way on Monday. Roy Cho Kwai-chee, the former executive director… Read More
23rd April 2020
Trading worth billions of dollars has shifted to kitchen tables or bedrooms as traders work through the coronavirus crisis from home, testing patchy fixes to make sure they stick to the rules. Far away from the strict confines of a dealing room, compliance officers find they can no longer eavesdrop… Read More
22nd April 2020
This past January, Goldman Sachs CEO and chairman David Solomon strode onto a stage at the bank’s lower Manhattan headquarters to launch the first “Investor Day” in the famously secretive institution’s one-hundred-and-fifty-year history. The celebration was promoted as an inspiring review of Goldman’s “strategic road map and goals,” and the… Read More
21st April 2020
Hong Kong’s markets watchdog said on Monday it had fined a local securities unit of one of China’s largest banks, Bank of Communications (3328.HK) (601328.SS), HK$19.6 million ($2.53 million) for a range of regulatory breaches. BOCOM International Securities Limited broke anti-money laundering rules by not identifying… Read More
17th April 2020
Spies from the The Australian Securities and Investments Commission have been hobbled by the coronavirus, as remote working has made observing bankers at close quarters impossible. The corporate cop announced earlier this week it had put its flagship program of embedding agents inside the banks on ice as the COVID-19… Read More
15th April 2020
When markets tanked in 2008, Bernie Madoff’s $65 billion Ponzi scheme finally blew up. As the economy begins to tumble under the weight of the COVID-19 pandemic, could more hidden frauds be waiting like land mines to detonate? And what fallout might financial institutions face? On Tuesday, the International… Read More
15th April 2020
The U.S. Department of Justice on Tuesday said it has repatriated another $300 million to Malaysia in recovered money misappropriated from 1Malaysia Development Berhad, or 1MDB, the country’s sovereign wealth fund. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The DOJ estimated… Read More
10th April 2020
Central Bank of Kenya has suspended Absa Bank Kenya’s foreign exchange licence for seven days for failing to report specific foreign exchange trades it conducted last month. “During this period, Absa cannot transact in the inter-bank foreign exchange market. However, all committed transactions as at April 8,2020 can be settled,”… Read More
9th April 2020
An international crime ring that conned hundreds of people out of millions of pounds has been broken up in police raids across Bulgaria and Serbia. Nine people were arrested in an operation co-ordinated by Europol and conducted by police in the two countries, as well as in Germany and Austria. Read More
6th April 2020
An online shares and options broker has been formally warned for its lax anti-money laundering processes. The Financial Markets Authority (FMA) issued a formal warning to NZX-accredited broker Tiger Brokers (NZ) Limited for failing to have several adequate anti-money laundering protections in place. It was one of seven businesses reprimanded… Read More