Latest News
BOV fined for money laundering breaches in two cases
Bank of Valletta has been fined a total of €57,500 in two cases involving breaches of its anti-money laundering obligations.
Investec Namibia MD resigns amid fishing bribery scandal
The Namibia managing director of South African investment firm Investec has resigned after allegations he spearheaded a fishing scheme that generated kickbacks of at least 150 million Namibian dollars ($10 million) in a bribery scandal that has seen two ministers quit.
DNB caught up in Icelandic corruption
Norway’s biggest bank, DNB, is under suspicion of having facilitated the transfer of USD 70 million from Iceland’s largest player in the fishing industry to shell companies set up in tax havens. From there, the money allegedly found its way to government officials in Namibia, who in turn granted the Icelandic company fishing quotas in their territorial waters.
NAB faces hefty penalty after admitting money-laundering breach
National Australia Bank faces the prospect of further remediation and a huge fine after it revealed it might have made multiple breaches of counter-terrorism and anti-money laundering laws.
MAS imposes civil penalty of $11.2 million on UBS for deceptive trades by its client advisors
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $11.2 million on UBS AG (UBS), for acts of its client advisors that contravened section 201(b) of the Securities and Futures Act (SFA). The client advisors had engaged in acts that deceived or were likely to deceive clients about the spreads and/or interbank prices for transactions in over-the-counter (OTC) bonds and structured products. The enforcement action followed UBS’ reporting of the misconduct to MAS, and MAS’ subsequent investigations.
Credit Suisse sued by Libyan Investment Fund over bribery claims
The Libyan Investment Authority sued Credit Suisse Group AG in London after a bribery case as part of a long-running fight with U.S. and European banks over bribery allegations.
Deutsche Bank admits widespread payment failures to BoE
Deutsche Bank told U.K. regulators that it still has ongoing problems processing high-value payments despite more than three years of remediation efforts, the Financial Times (FT) reported on Sunday (Nov. 10).
Ransomware attack hits Mexico’s state oil firm Pemex
A ransomware attack hit computer servers and halted administrative work on Monday at Mexican state oil firm Pemex, according to employees and internal emails, in hackers’ latest bid to wring ransom from a major company.
UBS fined $51 million by Hong Kong regulator for overcharging clients
Swiss bank UBS was fined HK$400 million (40 million pounds) by Hong Kong's securities regulator for overcharging up to 5,000 clients for nearly a decade, the watchdog said on Monday.
Moron’s $14 million gambling habit wipes out one of Philippines’ oldest brokerage firms
The Philippine securities regulator has instigated an investigation into how a settlements clerk with a gambling problem singlehandedly caused the collapse of one of the country’s oldest brokerage firms.
Danske Bank’s Estonian branch laundered funds with gold bullion
Danske Bank has been involved in a money-laundering conspiracy for quite some time as a branch from Estonia has been accused of funneling billions of funds to offshore clients. The bank, headquartered in Copenhagen, is the largest financial institution in Denmark and the company’s retail banks cover 5 million customers. Investigators detail that between 2007 through 2015 the Estonian Danske Bank branch sent $223 billion suspicious payments.
Ex-Deutsche Bank, Nomura bankers get jail terms for Paschi roles
Former executives at Deutsche Bank AG and Nomura Holdings Inc. received jail sentences for their roles in helping Banca Monte dei Paschi di Siena SpA falsify accounts and manipulate markets.
