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Hong Kong SFC fines JPMorgan Asia HK$5.6mThe Hong Kong Securities and Futures Commission (SFC) has reprimanded JPMorgan Securities Asia and JPMorgan Chase and fined them HK$3m and HK$2.6m respectively for regulatory breaches, including disclosure failures in research reports and offering offshore listed index options without the required licences.
Banco del Austro to sue Wells Fargo for SWIFT heistAn Ecuadorian bank has received the go-ahead to pursue claims against Wells Fargo for permitting US$12m worth of fraudulent transactions through the SWIFT financial messaging system.
Deutsche Bank to pay US$38m to settle silver price-fixing caseDeutsche Bank will pay US$38m to settle silver price fixing allegations in the US, Reuters reports.
RBS banned from managing 401KsThe US government has banned Royal Bank of Scotland (RBS) from handling 401K funds due to recent regulatory rulings against the bank.
Deutsche Bank failed to safeguard research information, fined US$9.5mThe US Securities and Exchange Commission (SEC) has announced Deutsche Bank Securities will pay a US$9.5m penalty for failing to properly safeguard material non-public information generated by its research analysts. Deutsche Bank also published an improper research report and failed to properly preserve and provide certain electronic records sought by the SEC during its investigation.
Wells Fargo CEO John Stumpf steps down with immediate effectAfter scandal-ridden Wells Fargo bank incurred a record US$185m fine from the Consumer Financial Protection Bureau (CFPB) and US authorities last month for fraud, John Stumpf has finally submitted to pressure and stepped down from his post as CEO with zero severance pay.
Three outages in one week at NABNational Australia Bank (NAB) has suffered another systems outage – the third such incident in the space of one week.
Singapore shuts Falcon bank unit, fines DBS and UBS over 1MDBThe Monetary Authority of Singapore (MAS) announced it is withdrawing the merchant bank status of the Singapore branch of Falcon Bank, for serious failures in anti-money laundering (AML) controls and improper conduct by senior management at the head office in Switzerland.
RBS legal bill could hit US$27bnRoyal Bank of Scotland (RBS) could be looking at US$27bn in fines and litigation costs during the next few years, according to industry analysts.
Goldman Sachs said to receive warning for UFC buyoutUS Federal Reserve Bank supervisors have cautioned Goldman Sachs for a debt deal it negotiated to fund the buyout of American mixed martial arts promotion company, Ultimate Fighting Championship (UFC), says a report by Bloomberg.
Deutsche Bank mismarked 37 deals like Monte dei PaschiIt has emerged that Deutsche Bank mismarked 37 deals like it did for struggling Italian bank, Monte dei Paschi.
FCA fines Aviva £8.2m for client money and assets failingsThe Financial Conduct Authority (FCA) has fined Aviva Pension Trustees UK Limited and Aviva Wrap UK Limited (together Aviva) £8,246,800 for failings in the oversight of its outsourced providers in relation to the protection of client assets.