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News Headlines

16 December 2017 - Banned over terror clients, FBME has added woe in new U.S. probe
FBME Bank
Source - https://www.bloomberg.com/news/articles/2017-12-16/banned-over-terror-clients-fbme-bank-has-added-woe-u-s-probe
U.S. prosecutors in Brooklyn are examining whether FBME Bank Ltd., a small international bank already barred from the U.S. financial system over suspected terror financing, also aided fraudulent activities by online pornography and gambling companies, according to people familiar with the matter.

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15 December 2017 - Nation-state believed responsible for ‘watershed’ cyber attack on industrial plant
Schneider Electric SE
Source - https://www.insurancejournal.com/news/national/2017/12/15/474364.htm
Hackers likely working for a nation-state recently invaded the safety system of a critical infrastructure facility in a watershed attack that halted plant operations, according to cyber investigators and the firm whose software was targeted.

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15 December 2017 - Natixis bank broadens metals fraud lawsuit, targets Glencore unit
Natixis
Source - https://www.reuters.com/article/us-natixis-lawsuit-glencore/natixis-bank-broadens-metals-fraud-lawsuit-targets-glencore-unit-idUSKBN1E91IX
French bank Natixis has broadened its $32 million lawsuit over fraudulent receipts for nickel stored at warehouses in Asia by adding a unit of commodities giant Glencore as a defendant, a court filing showed.

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14 December 2017 - 'Very serious': Fresh allegations in explosive CBA case
Commonwealth Bank of Australia (CBA)
Source - http://www.smh.com.au/business/banking-and-finance/austrac-expands-cba-case-alleges-100-new-breaches-20171213-p4yxp0
The financial watchdog, Austrac, is alleging a further 100 breaches of anti-money laundering and terrorism finance laws by the Commonwealth Bank as part of its explosive case against the lender.

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12 December 2017 - Taiwan's Far Eastern International fined T$8 million over SWIFT hacking incident
Far Eastern International Bank / 遠東國際商業銀行
Source - https://www.reuters.com/article/us-far-eastern-fine/taiwans-far-eastern-international-fined-t8-million-over-swift-hacking-incident-idUSKBN1E60Y3
Taiwan’s financial regulator said on Tuesday it had fined Far Eastern International Bank T$8 million ($266,524) due to deficiencies related to its SWIFT system hacking incident.

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12 December 2017 - Bitcoin exchanges suffer outages
Bitfinex
Source - https://www.ft.com/content/062e5d62-7f31-392e-a571-221e5e6f09fd
Two of the leading exchanges for bitcoin trading suffered partial service outages on Tuesday, injecting further turmoil into the market for the cryptocurrencies, where prices have already seen wild swings in recent days.

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11 December 2017 - Stealthy Russian hacking group steals $10 million over two year-period
MoneyTaker (hacker group)
Source - https://www.finextra.com/newsarticle/31442/stealthy-russian-hacking-group-steals-10-million-over-two-year-period?utm_medium=dailynewsletter&utm_source=2017-12-12&member=22821
A previously unreported Russian-speaking crime ring has looted $10 million from 20 successful attacks on financial institutions and legal firms in the USA, UK and Russia over the past two years. The MoneyTaker group, uncovered by Moscow-based forensics lab Group-IB , has primarily been targeting card processing systems, including the AWS CBR (Russian Interbank System) and First Data's Star portal.

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09 December 2017 - China’s regulator slaps nation’s biggest fine on Guangfa Bank for fraud, and for covering it up
China Guangfa Bank / 广发银行
Source - http://www.scmp.com/business/companies/article/2123565/chinas-regulator-slaps-nations-biggest-fine-guangfa-bank-covering
China’s bank regulator has slapped the home-grown lender in the country’s southern powerhouse province of Guangdong with the industry’s largest penalty, in a sign that monetary authorities are not letting up on their campaign to crack down on financial malpractice and malfeasance.

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06 December 2017 - California Department of Insurance seeks to suspend Wells Fargo's licenses
Wells Fargo & Co.
Source - https://www.reuters.com/article/us-wells-fargo-insurance/california-department-of-insurance-seeks-to-suspend-wells-fargos-licenses-idUSKBN1E01EX
The California Department of Insurance is seeking to suspend or revoke Wells Fargo & Co’s licenses for alleged improper insurance sales practices related to the company’s online insurance referral program.

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05 December 2017 - Belgian authorities raid bank linked to offshore companies found in Panama Papers
Belfius Bank and Insurance
Source - https://www.icij.org/blog/2017/12/belgian-authorities-raid-bank-linked-offshore-companies-found-panama-papers/
Belgian police raided the offices of state bank Belfius on Tuesday as part of a probe into possible tax avoidance by companies exposed in the Panama Papers, the 2016 global investigation into the offshore industry led by the International Consortium of Investigative Journalists.

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05 December 2017 - SEC said to probe if banks helped hedge funds inflate returns
Citigroup
Source - http://www.gulf-times.com/story/573725/SEC-said-to-probe-if-banks-helped-hedge-funds-infl
Wall Street banks are known to fiercely compete for hedge-fund clients because of the lucrative trading profits they provide.

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04 December 2017 - PayPal acquisition TIO Networks leaked 1.6 million customer details in breach
PayPal
Source - https://www.finextra.com/newsarticle/31410/paypal-acquisition-tio-networks-leaked-16-million-customer-details-in-breach?utm_medium=dailynewsletter&utm_source=2017-12-5&member=22821
PayPal says it has identified a potential compromise of personally identifiable information for approximately 1.6 million customers of TIO Networks, the bill payment platform it acquired for $233 million in July. PayPal suspended the operations of TIO in November, after discovering a number of unidentified security vulnerabilities and initiating an internal investigation to review the platform.

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04 December 2017 - SEC files ICO fraud charges
PlexCoin / PlexCorps
Source - https://www.finextra.com/newsarticle/31411/sec-files-ico-fraud-charges?utm_medium=newsflash&utm_source=2017-12-4&member=22821
The Securities Exchange Commission's new cyber unit has filed its first charges, winning an emergency asset freeze to stop an initial coin offering (ICO) that raised $15 million from investors. The regulator has charged "recidivist Quebec securities law violator" Dominic Lacroix and his company, PlexCorps, which marketed and sold securities called PlexCoin on the internet to investors.

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01 December 2017 - Minsheng Bank fined record $4 mln for wealth management fraud
China Minsheng Bank / 中国民生银行
Source - https://www.caixinglobal.com/2017-12-01/minsheng-bank-fined-record-4-mln-for-wealth-management-fraud-101178564.html
China’s banking regulator fined China Minsheng Bank, the country’s largest privately owned bank, for selling 1.65 billion yuan ($249 million) of fake wealth management products.

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30 November 2017 - Citibank forced to pay 6.5 million in fines for illegal student loan practices
Citigroup
Source - https://usaherald.com/citibank-forced-pay-6-5-million-fines-illegal-student-loan-practices/
An investigation by the Consumer Financial Protection Bureau (CFPB) has uncovered the company wide use of illegal practises in dealing with student loans at Citibank. This is another damaging blow to the reputation of the banking industry, which took a major hit to its reputation during the housing crash in 2007. It’s disappointing that one of America’s largest financial institutions would be involved in a scheme targeting a group of people already struggling with their finances.

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29 November 2017 - Turkish competition board imposes ‘cartel fine’ on two global banks
ING Groep NV
Source - http://www.hurriyetdailynews.com/turkish-competition-board-imposes-cartel-fine-on-two-global-banks-123279
Turkey’s Competition Board has imposed fines to two out of 13 global banks probed in the country for violating competition on grounds that their actions amounted to cartel acts in providing corporate loans to some of the country’s largest companies.

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28 November 2017 - Wells Fargo's foreign exchange bankers overcharged tons of customers
Wells Fargo & Co.
Source - http://fortune.com/2017/11/28/wells-fargo-foreign-exchange-bankers-overcharged-customers/
Bankers at Wells Fargo foreign exchange group have been intentionally overcharging customers to inflate their bonuses, the Wall Street Journal reported.

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28 November 2017 - Philippine bank penalised for $35 million fraud; shares rise
Metropolitan Bank and Trust Company (Metrobank)
Source - https://www.bloomberg.com/news/articles/2017-11-28/philippines-second-biggest-bank-penalized-for-35-million-fraud
The Philippine central bank penalised Metropolitan Bank & Trust Co. by suspending some officials and ordering it to set aside funds following an internal fraud that cost the lender 1.75 billion pesos ($35 million).

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28 November 2017 - Central Bank of Ireland hits life assurance arm of Italy’s largest bank with €1m fine
Intesa SanPaolo
Source - https://www.independent.ie/business/irish/central-bank-of-ireland-hits-life-assurance-arm-of-italys-largest-bank-with-1m-fine-36356731.html
The Central Bank of Ireland has hit the life assurance arm of Italy’s largest bank, Intesa Sanpaolo, with a €1m fine after discovering "significant failures" in its anti-money laundering and counter-terrorist financing controls.

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22 November 2017 - FCA fines bond trader £60,000 for market abuse
Bank of America Merrill Lynch
Source - https://www.fca.org.uk/publication/final-notices/paul-axel-walter-2017.pdf
The Financial Conduct Authority (FCA) has imposed on Paul Walter, a former Bank of America Merrill Lynch International Limited (BAML) bond trader, a financial penalty of £60,090 for engaging in market abuse.

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Events

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.