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Friday, July 31, 2020 - SocGen shuts Singapore trade commodity desk after Hin Leong hit
Société Générale
Source - https://www.bnnbloomberg.ca/socgen-shuts-singapore-trade-commodity-desk-after-hin-leong-hit-1.1473598
Societe Generale SA is closing its trade commodity finance unit in Singapore after the collapse of Hin Leong Trading (Pte) Ltd. prompted the bank to halt fresh funding to such firms in the region.

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Friday, July 31, 2020 - TSB books provision for potential legal action by the RBNZ over alleged non-compliance with anti-money laundering and countering the financing of terrorism requirements
TSB Bank (formerly Taranaki Savings Bank)
Source - https://www.interest.co.nz/banking/106297/tsb-aml-woes
The Reserve Bank says it's "finalising enforcement action against TSB" over alleged non-compliance with the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act).

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Thursday, July 30, 2020 - Lazard Banker among suspects in German insider trading probe
Lazard
Source - https://www.bloomberg.com/news/articles/2020-07-30/lazard-banker-among-suspects-in-german-insider-trading-probe
A banker at Lazard Ltd.’s Frankfurt office is a suspect in a German criminal probe into alleged insider trading related to company takeovers, according to people familiar with the matter.

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Thursday, July 30, 2020 - FCA launches probe into Woodford depositary
Northern Trust Bank
Source - https://citywire.co.uk/wealth-manager/news/fca-launches-probe-into-woodford-depositary/a1383832?section=wealth-manager&_ga=2.182903781.236254016.1596102565-275776006.1596102565
The Financial Conduct Authority (FCA) is looking into Neil Woodford’s depositary Northern Trust in relation to the events that led to the gating of the Woodford Equity Income fund last June, Wealth Manager has learned.

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Thursday, July 30, 2020 - Morgan Stanley hit with class lawsuit over alleged data breaches
Morgan Stanley
Source - https://advisorhub.com/morgan-stanley-hit-with-class-action-over-alleged-data-breaches/
Former and current Morgan Stanley customers have filed a putative class-action lawsuit alleging negligence and invasion of privacy over the firm’s failure to properly scrub decommissioned hardware of personal information such as social security numbers, account numbers and other personal data.

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Tuesday, July 28, 2020 - Westpac says money laundering and counter-terrorism breaches may be 450,000 more than suspected
Westpac
Source - https://www.theguardian.com/australia-news/2020/jul/28/westpac-discloses-more-anti-money-laundering-and-counter-terrorism-finance-law-breaches
Westpac says an internal investigation has discovered it may have breached anti-money laundering and counter-terrorism finance laws on up to 450,000 occasions more than it previously thought.

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Tuesday, July 28, 2020 - Garmin risks repeat attack if it paid $10 million ransom
Garmin Ltd
Source - https://www.forbes.com/sites/barrycollins/2020/07/28/garmin-risks-repeat-attack-if-it-paid-10-million-ransom/#fe57ac14a6e7
A security expert has warned that Garmin is now an even bigger target if it paid the alleged $10 million ransom to free its systems of malware.

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Monday, July 27, 2020 - Sparkasse Bank fined €217,000 for anti-money laundering breaches by FIAU
Sparkasse Bank Malta
Source - https://www.maltatoday.com.mt/business/business_news/103812/sparkasse_bank_fined_217000_for_antimoney_laundering_breaches_by_fiau
Sparkasse Bank has been fined €217,000 for anti-money laundering breaches by the Financial Intelligence Analysis Unit.

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Friday, July 24, 2020 - Goldman Sachs and Malaysia reach $3.9 billion settlement in 1MDB scandal
Goldman Sachs
Source - https://www.nytimes.com/2020/07/24/business/goldman-sachs-malaysia-1mdb.html
Goldman Sachs has agreed to a $3.9 billion settlement with Malaysia as it begins to put behind it a kleptocracy scandal that changed the course of politics in the country.

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Thursday, July 23, 2020 - FINRA orders Merrill Lynch to pay $150k fine for bad trade data
Bank of America Merrill Lynch
Source - https://www.financemagnates.com/institutional-forex/regulation/finra-orders-merrill-lynch-to-pay-150k-fine-for-bad-trade-data/
The Financial Industry Regulatory Authority continues to take disciplinary actions against financial services firms for providing inaccurate securities trading information. Today, the industry’s self-regulatory authority ordered a unit of Merrill Lynch to pay a fine of $150,000 for various reporting lapses over a period of at least five years.

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Thursday, July 23, 2020 - Court upholding $6 million award against Credit Suisse could bolster clawbacks
Credit Suisse
Source - https://www.investmentnews.com/court-upholding-award-former-credit-suisse-brokers-could-bolster-similar-clawbacks-195417?NLID=IN-Daily-Pulse&NL_issueDate=20200723&utm_source=IN-Daily-Pulse-20200723&utm_medium=email&utm_campaign=investmentnews&utm_visit=79
A recent court decision affirming a more than $6 million arbitration award for former Credit Suisse Securities brokers in a deferred compensation case could embolden other financial advisers who leave money on the table when switching firms, an arbitration lawyer said.

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Wednesday, July 22, 2020 - New York regulator charges First American unit over 2019 data breach
First American Title Insurance Company
Source - https://www.wsj.com/articles/new-york-regulator-charges-first-american-over-2019-data-breach-11595423988
New York’s top financial regulator filed charges Wednesday against a subsidiary of insurance company First American Financial Corp. in the first enforcement action by the regulator under a set of rules requiring banks and other financial services companies to maintain cybersecurity protections.

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Tuesday, July 21, 2020 - FINRA slams ex-Morgan Stanley rep for unsuitable, costly investments
Morgan Stanley
Source - https://www.thinkadvisor.com/2020/07/21/finra-slams-ex-morgan-stanley-rep-for-unsuitable-costly-investments/
After an investigation, the Financial Industry Regulatory Authority’s Department of Enforcement filed a complaint Monday against a former Morgan Stanley broker and current WestPark Capital rep, claiming he repeatedly recommended costly and unsuitable investments for his clients while representing both firms.

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Tuesday, July 21, 2020 - Kuwaiti banker faces arrest in Switzerland over $850m probe
Public Institution for Social Security of Kuwait
Source - https://www.thenational.ae/world/europe/kuwaiti-banker-faces-arrest-in-switzerland-over-850m-probe-1.1052477
A wealthy Kuwaiti businessman staying in London faces arrest if he travels to Switzerland for allegedly stealing nearly $850 million from Kuwait’s main pension fund, which he headed for three decades.

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Monday, July 20, 2020 - Diebold Nixdorf warns banks of compromised ATMs
Diebold Nixdorf
Source - https://www.finextra.com/newsarticle/36242/diebold-nixdorf-warns-banks-of-compromised-atms?utm_medium=dailynewsletter&utm_source=2020-7-21&member=22821
Diebold Nixdorf has alerted banks in Europe to a novel type of black box jackpotting attacks on its ProCash 2050x ATM terminals.

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Monday, July 20, 2020 - UBS to pay $10 million for violating rules which give priority to retail investors in municipal offerings
UBS
Source - https://www.sec.gov/news/press-release/2020-159
The Securities and Exchange Commission today announced that UBS Financial Services Inc. has agreed to pay more than $10 million to resolve charges that it circumvented the priority given to retail investors in certain municipal bond offerings.

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Monday, July 20, 2020 - Ransomware gang demands $7.5 million from Argentinian ISP
Telecom Argentina
Source - https://www.zdnet.com/article/ransomware-gang-demands-7-5-million-from-argentinian-isp/
A ransomware gang has infected the internal network of Telecom Argentina, one of the country's largest internet service providers, and is now asking for a $7.5 million ransom demand to unlock encrypted files.

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Monday, July 20, 2020 - Missing Wirecard exec Marsalek under protection of GRU in Moscow
Wirecard AG
Source - https://www.finextra.com/newsarticle/36238/missing-wirecard-exec-marsalek-under-protection-of-gru-in-moscow?utm_medium=dailynewsletter&utm_source=2020-7-21&member=22821
German newspapers are reporting that missing Wirecard executive Jan Marsalek is being sheltered by Russian secret service agents in the military-controlled GRU.

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Monday, July 20, 2020 - SEC charges financial advisor with fraud for stealing millions from investors
Carter, Michael Barry
Source - https://www.sec.gov/news/press-release/2020-158
The Securities and Exchange Commission today charged former registered representative and investment adviser Michael Barry Carter with fraud for stealing from brokerage customers and an elderly advisory client.

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Monday, July 20, 2020 - Citadel Securities fined $700k for alleged breach of FINRA rules
Citadel LLC (formerly Citadel Investment Group)
Source - https://www.financemagnates.com/institutional-forex/regulation/citadel-securities-fined-700k-for-breaching-finra-rules/
The Financial Industry Regulatory Authority (FINRA) recently announced that it has fined Citadel Securities $700,000 for allegedly breaching FINRA Rule 5320 (Prohibition Against Trading Ahead of Customer Orders) and FINRA Rule 6460 (Display of Customer Limit Orders).

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