31st December 2019
MAS (Monetary Authority of Singapore) has issued a consultation paper on proposed amendments to the Payment Services Act 2019 in relation to AML/CFT and other matters. The Payment Services Act 2019 will commence on 28 January 2020, applying AML/CFT measures to all three classes of payment service providers: holders of… Read More
31st December 2019
China’s listed brokerages rallied on the mainland after the legislature approved changes to the law that may make it easier for new firms to list. Citic Securities Co. surged by the 10% daily limit at the close in Shanghai to the highest in eight months. CSC Financial Co. and Huatai… Read More
24th December 2019
China may debut the breakout fintech innovation of 2020. Beijing is primed to launch the world’s first digital sovereign currency. The initial roll out looks cautious, focusing on consumer spending. Deploying the new technology more widely in the country’s banking system could be the disruptive next step. A 2019 survey… Read More
24th December 2019
Goldman Sachs Group Inc.is in talks with the U.S. government to pay a multibillion-dollar fine, admit guilt and agree to continuing oversight of its compliance procedures in order to resolve a criminal investigation into its role in a Malaysian corruption scandal. Goldman and the Justice Department have largely agreed on… Read More
24th December 2019
The former head of HSBC Holdings Plc’s North American interest rates business was sued for fraud by the U.S. Commodity Futures Trading Commission. Christophe Rivoire helped manipulate the price of an interest rate swap between the bank and a bond issuer, the CFTC said in a complaint filed Friday in… Read More
20th December 2019
Goldman Sachs is negotiating with federal prosecutors to pay a fine of as much as $2 billion, and have a subsidiary plead guilty to settle claims about its role in a scheme to loot billions from a sovereign wealth fund in Malaysia, according to two people with knowledge of… Read More
20th December 2019
Transactions at Pilatus Bank involving the daughters of Azerbaijan ruler Ilham Aliyev and the sons of  his minister for emergency situations Kamaleddin Heydarov, show “commonly accepted red flags for money laundering”, a forensic review included in the Egrant magisterial inquiry concludes. On the basis of this suspicion that the… Read More
18th December 2019
The province has filed a lawsuit seeking to seize another property allegedly linked to a $200-million-plus international stock fraud. The $2.4-million property on Salt Spring Island, north of Victoria off the east coast of Vancouver Island, is added to two properties the B.C. Civil Forfeiture Office is already pursuing in… Read More
17th December 2019
Securities regulators have barred a former partner at Goldman Sachs from working in the industry more than a year after he pleaded guilty to helping orchestrate the looting of billions of dollars from a sovereign wealth fund in Malaysia. The banker, Tim Leissner, did not contest the penalty in… Read More
17th December 2019
Many investment firms have been touting new products as socially responsible. Now, regulators are scrutinizing some funds in an attempt to determine whether those claims are at odds with reality. The Securities and Exchange Commission has sent examination letters to firms as record amounts of money flow into ESG funds. Read More