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News Headlines

Wednesday, November 14, 2018 - Top international banks fined for Mexican bond trades fiddle
Grupo Financiero Banamex, S.A. de C.V.
Source - https://www.businesslive.co.za/bd/companies/financial-services/2018-11-14-top-international-banks-fined-for-mexican-bond-trades-fiddle/
Mexico’s securities regulator has fined top banks, traders and brokers for simulating bond trades to pump up volumes, according to a government document and source, in one of the country’s widest probes into the industry since the financial crisis.

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Tuesday, November 13, 2018 - French cinema chain fires Dutch executives over 'CEO fraud'
Pathé / Pathé Frères
Source - https://www.bankinfosecurity.com/blogs/french-cinema-chain-fires-dutch-executives-over-ceo-fraud-p-2681
Step one for not falling victim to business email compromise schemes: Senior managers must ensure they have a written and tested plan in place to ensure they don't fall victim to the schemes, also known as CEO fraud.

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Tuesday, November 13, 2018 - Cathay Pacific cyberattack far worse than thought
Cathay Pacific Airways
Source - https://www.scmp.com/news/hong-kong/law-and-crime/article/2172796/cathay-pacific-cyberattack-far-worse-previously-thought?utm_medium=email&utm_source=mailchimp&utm_campaign=enlz-scmp_today&utm_content=20181113&MCUID=872b23b06c&MCCampaignID=2a4faeef43&MCAc
A major cyberattack that saw the data of 9.4 million Cathay Pacific Airways customers stolen by hackers was far worse than the airline has previously admitted.

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Sunday, November 11, 2018 - Credit Suisse escapes criminal action over $2bn Mozambique scandal
Credit Suisse
Source - https://www.ft.com/content/96877a04-e38b-11e8-8e70-5e22a430c1ad
Credit Suisse has escaped criminal prosecution by the UK’s financial watchdog over the $2bn “tuna bond” scandal in Mozambique, where loans to set up a state fishing fleet vanished.

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Friday, November 9, 2018 - South African central bank fines HSBC for lax money laundering controls
HSBC
Source - https://www.reuters.com/article/hsbc-fine-safrica/update-1-south-african-central-bank-fines-hsbc-for-lax-money-laundering-controls-idUSL4N1XK4SM?rpc=401&
South Africa’s central bank on Friday fined HSBC’s local business 15 million rand ($1.1 million) for weaknesses in its processes meant to detect money laundering and terrorism financing, and ordered the bank to fix the problems.

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Friday, November 9, 2018 - Commerzbank AG fined $12 million for swap dealing violations
Commerzbank
Source - https://www.financemagnates.com/institutional-forex/regulation/commerzbank-ag-fined-12-million-for-swap-dealing-violations/
The US Commodity Futures Trading Commission (CFTC) has ordered Commerzbank AG to pay a civil penalty of $12 million to settle charges that it made misleading statements and material omissions as well as failed to supervise its swap dealing activities, the agency said on Thursday.

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Friday, November 9, 2018 - Westpac fined $3.3 million in ASIC BBSW case
Westpac
Source - https://www.afr.com/business/banking-and-finance/westpac-fined-33-million-in-asic-bbsw-case-20181109-h17pv7
Westpac has been fined $3.3 million for seeking to manipulate the bank bill swap rate in a penalty which Justice Jonathan Beach said was clearly inadequate but was the maximum he could impose under the law.

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Thursday, November 8, 2018 - CFTC charges former Deutsche Bank trader with fraudulently mismarking swaps
Deutsche Bank
Source - http://m.mondovisione.com/media-and-resources/news/cftc-charges-former-deutsche-bank-trader-with-fraudulently-mismarking-swaps-di/
The Commodity Futures Trading Commission (CFTC) announced today that it filed and settled charges against Jacob Bourne, a former managing director of Deutsche Bank Securities Inc., for fraudulently mismarking swap valuations to conceal significant trading losses. The CFTC Order requires Bourne to pay a $350,000 civil penalty and permanently bans Bourne from trading on exchange and seeking registration with the CFTC, among other prohibitions.

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Thursday, November 8, 2018 - Big investors sue 16 banks in U.S. over currency market rigging
Bank of America
Source - https://www.reuters.com/article/uk-forex-lawsuit/big-investors-sue-16-banks-in-u-s-over-currency-market-rigging-idUSKCN1NC34J
A group of large institutional investors including BlackRock Inc and Allianz SE’s Pacific Investment Management Co has sued 16 major banks, accusing them of rigging prices in the roughly $5.1 trillion-a-day foreign exchange market.

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Thursday, November 8, 2018 - Citibank fined $38m for mishandling ADR trades
Citigroup
Source - http://ww2.cfo.com/regulation/2018/11/citibank-fined-38m-for-mishandling-adr-trades/
Citibank has agreed to pay $38.7 million to settle charges that it was negligent in conducting thousands of transactions involving American Depositary Receipts (ADRs).

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Wednesday, November 7, 2018 - German prosecutors search BlackRock in sham trades inquiry
BlackRock
Source - https://www.investing.com/news/stock-market-news/cologne-prosecutors-confirm-searched-blackrock-offices-1677439
German state prosecutors confirmed they searched the Munich offices of investor BlackRock as part of a probe into an illicit tax trading scheme but exonerated the company's local chairman, who is vying to succeed Chancellor Angela Merkel.

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Wednesday, November 7, 2018 - ITG fined $12 million to settle SEC probe into its dark pool
Investment Technology Group (ITG)
Source - https://www.financemagnates.com/institutional-forex/regulation/itg-fined-12-million-to-settle-sec-probe-into-its-dark-pool/
ITG, an independent execution broker and financial technology provider, was ordered to pay $12 million by U.S. regulators for misleading users of a “dark pool” operated by one of its affiliates, AlterNet Securities Inc.

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Wednesday, November 7, 2018 - Bank of England slaps rare personal fines on Japanese bankers for failing to disclose ban
Mitsubishi UFJ Securities Co. (三菱UFJ証券株式会社)
Source - http://www.cityam.com/268662/bank-england-slaps-rare-personal-fines-japanese-bankers
Akira Kamiya, former chair of Mitsubishi UFJ Securities’ (MUFG) EMEA division, was charged £22,700 by the Prudential Regulation Authority (PRA) for not disclosing he was personally investigated when the bank was fined $315m in New York.

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Tuesday, November 6, 2018 - Former JP Morgan trader pleads guilty to manipulating US metals markets for years
JPMorgan Chase & Co
Source - https://www.cnbc.com/2018/11/06/ex-jp-morgan-trader-pleads-guilty-to-manipulating-metals-markets.html
An ex-J.P. Morgan Chase trader has admitted to manipulating the U.S. markets of an array of precious metals for about seven years -- and he has implicated his supervisors at the bank.

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Tuesday, November 6, 2018 - HSBC suffers data breach on small number of online accounts
HSBC
Source - https://www.americanbanker.com/news/hsbc-suffers-data-breach-on-small-number-of-online-accounts
A small number of HSBC online banking customers — less than 1% of accounts — were breached last month by unauthorized users, the bank acknowledged Tuesday.

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Tuesday, November 6, 2018 - UK data watchdog fines Arron Banks' insurance firm and Leave.EU campaign £135,000
Eldon Insurance Services Limited (aka Go Skippy)
Source - http://www.cityam.com/268448/uk-data-watchdog-fines-arron-banks-insurance-firm-and
An insurance firm owned by Arron Banks, as well as the Leave.EU campaign he founded, face fines totalling £135,000 from the UK's data watchdog.

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Monday, November 5, 2018 - Malta's Pilatus Bank has European licence withdrawn
Pilatus Bank
Source - https://www.theguardian.com/world/2018/nov/05/pilatus-bank-malta-european-banking-licence-withdrawn
A Maltese bank at the heart of a money-laundering investigation has had its licence withdrawn by the European Central Bank.

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Friday, November 2, 2018 - NAB working with AUSTRAC on money laundering and counter terrorism funding issues
National Australia Bank (NAB)
Source - https://www.abc.net.au/news/2018-11-02/nab-working-with-austrac-on-money-laundering-counter-terrorism/10457136
NAB has confirmed it is working with financial crimes intelligence agencies to deal with "a number issues" related to anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

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Thursday, November 1, 2018 - Yet another potential wave of residential mortgage lawsuits
Bank of America
Source - https://www.natlawreview.com/article/yet-another-potential-wave-residential-mortgage-lawsuits
Last week, Bank of America (BoA) settled investors’ claims relating to Residential Mortgage-Backed Securities (RMBS) for $665 million. As the trustee of RMBS, BoA was sued for breach of contract by nine investors (a.k.a. certificate-holders). At issue were loans in 53 trusts, sponsored by ten different entities, including CitiMortgage, Merrill Lynch, Morgan Stanley, UBS, and Washington Mutual (now part of Chase).

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Thursday, November 1, 2018 - CEO in Woodbridge Ponzi scheme fined $120 million by SEC
Woodbridge Group of Companies LLC
Source - https://www.investmentnews.com/article/20181101/FREE/181109990/ceo-in-woodbridge-ponzi-scheme-fined-120-million-by-sec?utm_source=BreakingNews-20181101&utm_medium=email&utm_campaign=investmentnews&utm_visit=707484&itx[email]=39633ebdc646192f8fbe674ea45c2d
Robert Shapiro, the former chief executive officer of Woodbridge Group of Companies, agreed to pay $120 million to the Securities and Exchange Commission to settle allegations he defrauded investors in a $1.2 billion real estate Ponzi scheme that drove his company into bankruptcy, according to court papers. Mr. Shapiro didn't admit or deny the allegations.

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Events

Location: Browns Butlers Wharf, 26 Shad Thames, Butlers Wharf, London SE1 2YG, United Kingdom
Host: RiskBusiness
• RiskBusiness hosting subscribers of the RiskIntelliSet at a working group on current industry issues and the approach through which the RiskIntelliSet will facilitate managing governance, risk, audit and compliance activities in a proactive and intelligent manner into the future.
This event is open to representatives from all RiskIntelliSet subscribers.


Location: etc.venues, Fenchurch Place, London
Host: airmic
• RiskBusiness exhibiting the RiskIntelliSet's advanced governance, risk, audit and compliance functionality.

Location: New York, NY
Host: marcusevans North America
• Media partner
Join top experts from Wells Fargo, Citi, Bank of America, PNC and others to discuss and share best practices in qualitative and quantitative capital planning, implementing CECL and IFRS 9 guidelines, defining accounting elements in SMA proposal changes, vendor models and non-model tools, feedback from the regulators post-2017 CCAR and DFAST assessments, deposit modeling, economic capital calculations, and more!


Location: Etc Venues, London, EC3M 1AE
Host: Center for Financial Professionals
• Media partners
3rd Annual New Generation Operational Risk 2017 will bring together industry professionals to provide a platform for discussion, insights and reviewing of the top priorities across the industry. Operational risk is an area that is expanding in focus with many institutions deploying large resources and focusing attention on better management, understanding and most importantly adding value to the enterprise to overcome the direct and indirect risks associated. The Center for Financial Professionals looks to provide high-level insight on critical operational risk areas through interactive panel discussions, thought provoking presentations, interactive Q&A’s, luncheon roundtables and extensive networking opportunities to further progress the discussions.


Location: 8 Fenchurch Place, London, EC3M 4PB
Host: Center for Financial Professionals
• Media partners
The International Fund Management 2017 Summit brings together 300 asset and fund management professionals over two days to discuss and debate the latest in regulatory change, liquidity risk measurement and management, product innovation and much more, across multiple streams.


Location: London
Host: Center for Financial Professionals
The Insurance Risk Forum 2016 brings together senior insurance risk professionals to review the regulatory agenda, Solvency II, data requirements, impact of BREXIT in an era of technological advances.


Location: London
Host: Center for Financial Professionals
The Center for Financial Professionals invite you to attend Liquidity Risk Management Europe, a forum featuring interactive discussions and presentations from over 20 senior liquidity risk, treasury and ALM professionals. You and your colleagues can gain valuable insight from Credit Suisse, Standard Chartered, Nationwide, Barclays Capital, HSBC and many more leading financial institutions.


Location: New York City
Host: Center for Financial Professionals
Hosted by the Center for Financial Professionals, Cyber Risk Across Financial Institutions will feature interactive discussions and presentations assessing cyber risk best-practices across financial institutions for better understanding, management and compliance. Hear from 20+ senior risk professionals from leading financial institutions including; Lazard, AIG, BNY Mellon, State Street, Deutsche Bank, Bank of the West and more.


Location: New York City
Host: Center for Financial Professionals
Hosted by the Center for Financial Professionals, the New Generation Operational Risk conference is a forum featuring interactive discussions and presentations from more than 20 senior operational risk professionals. Over the two days you and your colleagues can gain valuable insight from the OCC and Federal Reserve Bank of New York.


Location: London
Host: Center for Financial Professionals
The Center for Financial Professionals invite you to attend Stress Testing Europe 2016, the leading European stress testing conference, which features keynote addresses from the European Central Bank, another key regulator to be announced soon, and a review of US stress tests from the Federal Reserve Board. Attending the Conference to also hear from over 20 senior stress testing professionals from FI’s including Nomura, HSBC, Credit Suisse, BNY Mellon, Barclays, Lloyds Banking Group, and more.


Location: London | One America Square
Host: Center for Financial Professionals (CFP Events)
Risk EMEA 2016 Conference will bring together industry professionals from a diverse range of global FIs to discuss FRTB, Risk & Regulation, Liquidity Risk, Capital Management.


Location: Amba Marble Arch | Bryanston Street | London | W1H 7EH
Host: Center for Financial Professionals (CFP Events)
FRTB 2016 conference will provide insight from Senior Market Risk professionals who will assess the costs and benefits of the Fundamental Review of the Trading Book and the challenges of implementation.


Location: London
Host: Institute of Operational Risk
This concise one day workshop in London will focus on the core components of the operational risk framework. It will provide the delegates with refresh of the latest tools and techniques for conducting risk and control self-assessments, selecting and analysing key risk indicators, and perfecting the loss data collection process. The course is very practical, uses group exercises and case studies.


Location: Grange City Hotel | London | EC3N 2BQ
Host: Center for Financial Professionals (CFP Events)
New Generation Operational Risk sets to provide insight from industry professionals implementing forward looking operational strategies to ensure compliance and safeguard against increasing technology threats.


Location: Frankfurt, Germany
Host: Center for Financial Studies
• Mike Finlay, CEO of RiskBusiness, participating in a panel discussion on the future of reputational consequence management.

Location: 71 Queen Victoria Street. London
Host: Funding Circle and Broadgate Search
• Mike Finlay, CEO of RiskBusiness, chairing this industry expert panel.
A Q&A panel discussion on digital disruption, with panellists Jerome Le Luel - Chief Risk Officer - Funding Circle (Previously Head of Risk Analytics at Barclays); Raghu Menon - Chief Risk Officer, Regions - Standard Chartered; Paul Rippon – Chief Risk Officer/ Deputy CEO – Mondo Bank (Digital bank) and Paul Harrald – Visiting Professor in Computing Science – UCL Engineering School.


Location: Panama City
Host: Marcus Evans Conferences
The changing financial environment and new national and international regulations necessitate a strategic, forward-looking view on enterprise risk management. The instability of Latin American markets and recurrent political volatility of the continent makes comprehensive risk management crucial in order to create a more sustainable financial sector. This conference provides a platform to share experiences and insight and discuss strategies to help strengthen ERM within your organisation.