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Latest News

MAS imposes penalties on Standard Chartered, Coutts and ex-Goldman exec for 1MDB-linked lapses

The Monetary Authority of Singapore (MAS) has imposed financial penalties of S$5.2m and S$2.4m respectively on Standard Chartered Bank’s Singapore branch and Coutts’ Singapore branch for breaches of anti-money laundering (AML) requirements. These breaches occurred in the context of fund flows from scandal ridden state-run Malaysian fund, 1MDB.

SAC Capital pays US$135m to settle Elan suit

SAC Capital Advisors, the hedge fund formerly owned by billionaire Steven Cohen, will pay US$135m to settle a lawsuit from investors in Elan Corp who claim they lost out financially as a result of insider trading carried out by an SAC portfolio manager.

FINRA fines Merrill Lynch for failures in supervision of leveraged clients

The US Financial Industry Regulatory Authority (FINRA) has fined Merrill Lynch US$6.25m and ordered it to pay approximately US$780,000 in restitution for inadequately supervising its customers’ use of leverage in their Merrill brokerage accounts.

Hacked local US government system taking weeks to restore

The Central County of Indiana’s computer systems are taking weeks to recover after a major hacking incident earlier this month.

Capital One fined US$500k by FINRA

Capital One has been fined by the US Financial Industry Regulatory Authority (FINRA) for alleged violations involving its PortfolioBuilder online brokerage system.

Barclays head office closed after "chemical incident"

Barclays head office in Canary Wharf, London, was evacuated by fire services on Friday after a “chemical incident”.

Springboard fined €4.5m for customer protection breaches

The Central Bank of Ireland has fined Springboard Mortgages €4.5m for breaches of its obligations to tracker mortgage customers.

Week-long systems glitch at Westpac

Australian bank Westpac has suffered a major outage of its online banking systems, preventing customers from viewing up-to-date account balances or processing payments for almost a week.

ANZ and Macquarie admit benchmark rigging by traders

The Australian Competition and Consumer Commission (ACCC) has taken action against Australia and New Zealand Banking Group Limited (ANZ) and Macquarie Bank Limited (Macquarie) for alleged attempts to engage in cartel conduct.

Big banks must hold more capital

The Financial Stability Board (FSB) and Basel Committee on Banking Supervision (BCBS) has published its 2016 list of global systemically important banks (G-SIBs) and outlined plans for more stringent regulations, including the requirement to hold additional capital.

UK's Sarao ordered to pay US$38m for price manipulation and spoofing

The US Commodity Futures Trading Commission (CFTC) has announced the US District Court for the Northern District of Illinois has entered a consent order against Navinder Singh Sarao, requiring him to pay a US$25.7m civil monetary penalty and US$12.8m in disgorgement.

Glencore unit in Congo linked to businessman accused of bribes

Non-profit, anti-corruption organisation, Global Witness has published a report revealing that the state mining company in Democratic Republic of Congo last year signed over royalty rights in its most lucrative mining project, owned and operated by giant London-listed commodities trader Glencore, to an offshore company belonging to a friend of the president. The contract does not explain what, if anything, Congo’s state mining company received in compensation for handing over these rights, and neither Gecamines nor the offshore company involved has provided a full explanation.

 
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