10th October 2018
The US Department of Justice has fined HSBC $765 million over its sale of mortgage-based securities, which resulted in buyers being mislead and investors suffering heavy losses. Residential mortgage-backed securities were a major cause of the 2008 financial crisis, which saw the crash of the US housing market. The DoJ… Read More
3rd October 2018
In a u-turn, Danske Bank has announced the immediate departure of CEO Thomas F. Borgen, just days after it said he would remain with the bank until a new CEO was appointed. Indications are Borgen would have preferred to stay on longer but was forced to quit immediately. He… Read More
20th September 2018
Big Four auditor KPMG has admitted to misconduct over its compliance reports for the Bank of New York Mellon, the UK accounting regulator said. According to the Financial Reporting Council (FRC), KPMG and one of its senior partners failed to give adequate consideration as to whether the records of… Read More
18th September 2018
Swiss financial watchdog Finma said it decided to take enforcement action against Credit Suisse after an investigation found it had breached anti-money laundering regulations, such as beneficial ownership care, regarding a number of corporate scandals including the FIFA affair. The FIFA scandal exposed incidences of widespread bribery and corruption after… Read More
18th September 2018
Denmark will tighten its anti-money laundering laws, politicians said on Monday, amid investigations into the country’s largest lender Danske Bank (DANSKE.CO) over past failings in its money laundering controls in Estonia. The move comes as a series of scandals in Europe have undermined trust in authorities’ ability to tackle money… Read More
18th September 2018
Nigeria has accused HSBC (HSBA.L) of laundering money for one of the country’s former rulers, hitting back at a research note by the global bank that suggested a second term for President Muhammadu Buhari risked prolonging economic stagnation. HSBC declined to comment on the allegation late on Saturday by the… Read More
18th September 2018
AP — Salaries on Wall Street rose last year to their highest level since the 2008 financial crisis, according to a report issued Monday by New York state Comptroller Thomas DiNapoli. The report puts the average salary in New York City’s securities industry in 2017 at $422,500, a 13… Read More
17th September 2018
London’s vast financial sector must never again be the “masters of the economy”, the finance spokesman of the Labour Party said, accusing bankers of profiting from speculation at the expense of ordinary people. John McDonnell, a veteran socialist who is now seeking to reassure business, promised higher taxes and tougher… Read More
11th September 2018
New York’s Department of Financial Services (DFS) has authorised two firms to offer a price-stable cryptocurrency or “stablecoin,” which is pegged to the U.S. dollar, and stressed the need for them to implement effective controls to prevent money laundering, terrorism funding and other illegal activities. The regulator said it… Read More
7th September 2018
The U.S. Justice Department is probing whether employees committed fraud in Wells Fargo & Co’s (WFC.N) wholesale banking unit, following revelations that employees improperly altered customer information, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The department has sought more information from the bank to… Read More
Must Read

Germany: Santander bank caught up in major tax evasion investigation

Prosecutors in Germany have launched a probe into the role Spanish bank Santander may have played in a widespread tax fraud scheme. The probe, which has seen the authorities examine the role of other banks, looks at allegations that Santander executed trades that facilitated ‘severe tax evasion’ between 2007 and… Read More

Denmark investigates Nordea Bank over money laundering allegation

Denmark’s state prosecutor has launched a probe into a complaint that Nordea Bank facilitated money laundering. The Danish State Prosecutor for Serious Economic and International Crime declined to name the firm that made the allegations, but said in a tweet: “We can confirm that we have received a report… Read More