UK money laundering: Different roles for new and existing taskforces involving banks
16th January 2019
UK money laundering: Different roles for new and existing taskforces involving banks
Britain’s existing financial crime taskforce initiatives, formed with the banking sector, will not be replaced by the creation of a new economic crime taskforce announced on Monday. Rather, they will have different roles and feed into the new project as part of joint efforts to combat economic crime. Read More
Malaysia to regulate initial coin offerings, cryptocurrency trade
15th January 2019
Malaysia to regulate initial coin offerings, cryptocurrency trade
Malaysia will regulate initial coin offerings (ICOs) and the trade of cryptocurrencies, the finance minister said in a statement on Monday. The minister said an order to recognize digital currencies and digital tokens as securities will come into force on Jan. 15, under the regulation of the Securities Commission Malaysia. Read More
US anti-money laundering: Hot topics for 2019
15th January 2019
US anti-money laundering: Hot topics for 2019
After a tumultuous 2018, which saw some eye-watering penalties, the rollout of new privacy laws and Europe’s ‘biggest banking scandal,’ anti-money laundering compliance officers may be ready for a fresh start. But regulatory expectations, the promise of fintech solutions and money laundering issues linked to ongoing political corruption scandals, are set to loom large for… Read More
Money laundering: UK govt, banks in new taskforce
15th January 2019
Money laundering: UK govt, banks in new taskforce
The United Kingdom is set to launch a new initiative aimed at tackling financial crime such as money laundering, fraud and bribery. The new taskforce, to be known as the Economic Crime Strategic Board, will comprise government ministers, law enforcement figures and the bosses of Barclays, Santander and Lloyds… Read More
Fintech firms want to shake up banking, and that worries the Fed
15th January 2019
Fintech firms want to shake up banking, and that worries the Fed
The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc (ONDK.N) or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other regulators looking to bring them into the fold. The Office of the Comptroller of the Currency (OCC)… Read More
Compliance: Standard Chartered deferred prosecution agreements extended, again
14th January 2019
Compliance: Standard Chartered deferred prosecution agreements extended, again
Standard Chartered’s deferred prosecution agreements (DPAs) with the US Department of Justice and the New York County District Attorney’s Office will be further extended until March 2019. Both deals were reached in 2012, and subsequently extended until 31 December 2018. The bank entered the agreements after it landed in trouble… Read More
Sanctions: Nuclear chief says Iran exploring new uranium enrichment
14th January 2019
Sanctions: Nuclear chief says Iran exploring new uranium enrichment
AP — The head of Iran’s nuclear program said Sunday that the Islamic Republic has begun “preliminary activities for designing” a modern process for 20-percent uranium enrichment for its 50-year-old research reactor in Tehran, signaling new danger for the nuclear deal. Restarting enrichment at that level… Read More
UK appoints former Deloitte exec as new Tax Director
14th January 2019
UK appoints former Deloitte exec as new Tax Director
The United Kingdom has announced the new appointment of Bill Dodwell as Tax Director of the Office of Tax Simplification (OTS). As part of his portfolio, Dodwell will provide’ expert advice, guidance and direction’ to the OTS and its Board as a Non-Executive Member, the Treasury department said. OTS… Read More
HSBC to pay $30 million to settle bond rigging lawsuit in U.S.
14th January 2019
HSBC to pay $30 million to settle bond rigging lawsuit in U.S.
HSBC Holdings Plc has agreed to pay $30 million to settle litigation by investors who accused 11 big banks of rigging the roughly $9 trillion government agency bond market from 2009 to 2015. The settlement with the British bank was made public late Wednesday night in the federal court in… Read More
Huawei fires employee arrested in Poland on spy charges
14th January 2019
Huawei fires employee arrested in Poland on spy charges
AP — Chinese tech giant Huawei said Saturday it has fired an employee who was arrested in Poland on spying charges. The allegations against Wang Weijing “have no relation to the company,” Huawei Technologies Ltd. said in a statement. It said Wang was fired because… Read More
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