15th March 2019
A high share of foreign deposits could be an indicator of money-laundering risks and should be reduced in states that fail to properly monitor them, European Union officials said, as the block grapples with a series of financial scandals at its banks. So-called non-resident deposits were very high in countries… Read More
15th March 2019
Professional accounting bodies in the United Kingdom are more focused on representing their members than robustly supervising anti-money laundering standards, the government’s AML supervisory unit said. Its findings in a new report have revealed ‘poor standards,’ with an alarmingly high number saying they are worried about taking robust action. “92%… Read More
15th March 2019
Canadian regulators are looking to create new rules for crypto trading platforms, months after the death of the founder of digital platform Quadriga CX that led to about C$180 million ($135 million) in frozen cryptocurrencies. The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization… Read More
15th March 2019
The European Union’s decision to include the United Arab Emirates on its blacklist of tax havens was caused by “lack of communication” between the EU and the UAE government, the head of the UAE Banks Federation said. European Union governments updated a blacklist of tax havens this week, adding the… Read More
15th March 2019
AP — British lawmakers are trying to put the brakes on Brexit — at least for now. The U.K. Parliament voted Thursday 413 to 202 to ask the European Union to delay the U.K.’s exit from the bloc beyond the scheduled date of March 29. The… Read More
15th March 2019
The Financial Conduct Authority (FCA) has hit phone company Carphone Warehouse with a £29 million penalty for failings that resulted in the mis-selling of its insurance service Geek Squad. Carphone Warehouse failed to properly train its sales staff, the FCA found. Staff were trained to recommend Geek Squad to customers… Read More
15th March 2019
Denmark’s financial watchdog said on Wednesday a Danish branch of Swedish bank SEB should obtain additional information on customers associated with high money-laundering risk as part of a check-up on the bank. “The Financial Supervisory Authority (FSA) estimates that the branch’s inherent risk of being misused for money laundering or… Read More
14th March 2019
“Full House” actress Lori Loughlin appeared in federal court in Los Angeles on Wednesday to face charges of taking part in a scheme in which dozens of wealthy parents are accused of paying for their children to cheat their way into prestigious U.S. universities. U.S. Magistrate Judge Steve Kim ordered… Read More
14th March 2019
The top U.S. buyers of Venezuelan oil are in the unusual position of trying to return millions of barrels of crude they need but cannot accept because of U.S. sanctions on the South American nation and its state-run energy firm PDVSA. PDVSA’s U.S. refining subsidiary Citgo Petroleum Corp and Valero… Read More
14th March 2019
AP — In a tentative first step toward ending months of political deadlock, British lawmakers voted Wednesday to block the country from leaving the European Union without a divorce agreement, triggering an attempt to delay that departure, currently due to take place on March 29. Parliament… Read More