26th July 2016
Singapore regulators will step up checks on financial institutions and take tougher actions when firms breach anti-money laundering rules. Monetary Authority of Singapore (MAS) managing director Ravi Menon gave this stern warning yesterday when he said Singapore’s reputation as a clean financial centre has taken a hit after three banks… Read More
26th July 2016
A Miami-Dade judge ruled Monday that Bitcoin is not actually money, a decision hailed by proponents of the virtual currency that has become popular across the world. In a case closely watched in financial and tech circles, the judge threw out the felony charges against website designer Michell Espinoza, who… Read More
25th July 2016
The global banking giant HSBC is back in the news in another tussle with United States prosecutors. This time it involves a charge of wire fraud conspiracy against two of its foreign exchange executives, who are accused of “front-running” a trade by the bank’s client to… Read More
25th July 2016
For his son’s bar mitzvah in 2008, hedge-fund manager Murray Huberfeld chartered a JetBlue plane and invited hundreds to an oceanfront party in Palm Beach, Fla. An Orthodox pop star known as the “Jewish Elvis” entertained the guests, who Mr. Huberfeld says included investors in his fund. Intimate ties and fundraising inside… Read More
25th July 2016
Wal-Mart Stores Inc. escaped a shareholder derivative suit July 22 alleging that it covered up pervasive bribery by its Mexico subsidiary ( Cottrell v. Duke, 8th Cir., No. 15-01869, 7/22/16 ). The shareholders should have asked Wal-Mart’s board to bring a lawsuit on behalf of the corporation before they filed… Read More
25th July 2016
A retired Chinese general became the highest-ranking military official to be convicted as part of President Xi Jinping’s antigraft drive when a military court sentenced him to life in prison Monday for corruption. State media said 74-year-old Guo Boxiong, who was one of the top two officials in China’s military… Read More
25th July 2016
The Reserve Bank of India (RBI) has penalised the Bank of Baroda (BoB) Rs 5 crore ($754,000) for irregularities in anti-money laundering (AML) provisions that came to light in October 2015 during its audit, the public sector lender said here on Monday. The Reserve Bank of India has imposed a… Read More
25th July 2016
Singapore’s central bank chief vowed yesterday to name and shame other banks engaged in money-laundering after a scandal involving Malaysian state fund 1MDB hurt the city-state’s financial reputation. The money-laundering lapses uncovered during a 15-month ­investigation into fund flows linked to 1MDB are “simply ­unacceptable”, Monetary ­Authority of… Read More
25th July 2016
A sentencing hearing will be held on Monday for three former senior banking executives who were found guilty of conspiring to mislead investors and the public in relation to the financial health of Anglo Irish Bank in 2008. Denis Casey (56), the former group chief executive of Irish… Read More
25th July 2016
£ – The corporate regulator has expanded its legal case against ANZ Banking Group and Westpac Banking Corp, filing an amended statement of claim in the Federal Court on Friday afternoon that points to a broader number of possible victims. Sources close to the case said the revised wording of one… Read More