Category: banks

Canada’s Sikhs Grateful, and Afraid, After Trudeau’s India Allegations

OTTAWA — Canadian Sikhs are grateful to Prime Minister Justin Trudeau for giving voice to their fears and standing up to India at the risk of a severe backlash from New Delhi, which he said could be linked to the killing of a Sikh separatist leader. The Indian government considered Hardeep Singh Nijjar, a Canadian citizen who was shot to…

UBS, Credit Suisse face growing probe over alleged Russian sanctions evasion

The US Department of Justice has stepped up its probe into Credit Suisse Group and UBS Group over suspected compliance failures that allowed Russian clients to evade sanctions, according to people familiar with the situation. What began as a series of subpoenas sent to a range of banks early this year has developed into a full-scale investigation focusing on Credit…

Is US Heading for New Crisis 15 Years After the 2008 Credit Crunch?

The US could be heading for economic turmoil again 15 years after the 2008 financial crisis rocked the country, three experts have said. Global finance giant Lehman Brothers filed for bankruptcy on September 15, 2008, more than 150 years after its founding. It was the first major US victim of the sub-prime mortgage collapse. The first warning of the Credit…

Are banks cashing in at the expense of competition?

The trend of banks increasing their net interest margins and channeling their efforts into loan refinancing has raised concerns that it will reduce competition in the lending market. This shift could have significant implications for borrowers and the broader economy, according to Peter James (pictured above), director of non-bank lender Mortgage Ezy. “Banks are notorious for fattening their net interest…

FCA investigates: Banks closing bank accounts based on customer political views and ideologies

Following concerns raised by the government of the United Kingdom (“UK”) about freedom of expression and the provision of banking services, the UK’s financial watch dog, the Financial Conduct Authority (“FCA”), recently commenced an investigation into bank account closures.  This action follows in the wake of recent reports of banks allegedly closing customer accounts based…… Continue Reading
The post FCA Investigates Bank Account Closures, Including for PEP Customers appeared first on Global Investigations & Compliance Review.

ASIC brings suit against Paypal Australia for alleged unfair contract term

  The Australian Securities and Investments Commission (ASIC) has taken legal action against Paypal Australia Pty Limited, alleging that the company’s standard form of contracts with small business owners contains an unfair term. According to ASIC, business account holders are given 60 days to notify Paypal of any errors or discrepancies in fees that Paypal has charged them, or else…

Push To Strip Fox’s Broadcast License Over Election Lies Gains New Momentum

  Last July, we noted how media reform activists had petitioned the FCC to revoke Fox News’ local broadcast license in Philadelphia. More specifically, the group argued that Fox News’ rampant election fraud propaganda technically violated the “character clause” embedded in the Communications Act the FCC is supposed to use to determine whether an organization should hold a broadcast license. To be…

Two founders behind Russian crypto mixer Tornado Cash charged by U.S. federal courts

The two founders behind Tornado Cash, a Russian cryptocurrency mixing service, have been charged by the U.S. Attorney’s Office for the Southern District of New York, according to a statement on Wednesday. Roman Storm and Roman Semenov were officially charged with conspiracy to commit money laundering, conspiracy to commit sanctions violations and conspiracy to operate an unlicensed money transmitting business,…

Russian officials say Wagner boss Prigozhin was on passenger list of jet that crashed

(AP) — A private jet crashed in Russia on Wednesday, killing all 10 people aboard, emergency officials said. Mercenary chief Yevgeny Prigozhin was on the passenger list, but it wasn’t immediately clear if he was on board. Prigozhin’s fate has been the subject of intense speculation ever since he mounted a short-lived mutiny against Russia’s military leadership in late June….

BAE to Develop Secure Battlefield Communication Network for UK

The UK Ministry of Defence (MoD) has awarded BAE Systems an 89-million pound ($113 million) five-year contract to design and manufacture a secure battlefield communication network for the British armed forces. The tactical Wide Area Network, known as Trinity, will provide secure connectivity to front-line soldiers in contested environments, sustaining battlefield awareness and intelligence sharing. Trinity will replace the existing…

Canadian Media Orgs Said That Meta Linking To News Was Anticompetitive; Now They Say NOT Linking To News Is Anticompetitive

from the pick-a-lane,-guys dept This is just so painfully obnoxious. The legacy news media, spurred on by a welfare system that pretend free market supporter Rupert Murdoch dreamed up and convinced governments to implement, whereby the government would force internet companies, which had innovated and created new business models that worked, to suddenly be required to pay for sending traffic…

FCA request data from banks on account closures

This follows our announcement of a data exercise to investigate account closures.  Firms have until 25 August 2023 to provide information on: the number of customers that have been terminated the number of customers suspended the number of customers denied services the reasons for all of the above  the number of complaints banks have received on this issue This will…

Italy shocks banks with 40 percent tax on profits they reap from higher interest rates

Italy has dealt a surprise blow to its banks and sent shock waves across the sector in Europe by setting a one-off 40 percent tax on profits reaped from higher interest rates, after reprimanding lenders for failing to reward deposits. Sharply higher official interest rates have yielded record profits for banks, as the cost of loans has soared while lenders…

Tennessee teen sues school for suspending him after he posted memes mocking principal

Students rights are limited on school grounds. But they don’t cease to exist. And what they do off-campus is subject to even fewer limitations. These are long-held facts backed by years of court precedent, the most famous of which is the Supreme Court’s 1969 Tinker decision. This is the baseline for school-student interactions when it comes to constitutional rights, as…

SoftBank posts loss, with a cumulative loss of $6.3B in its Vision Fund business

As SoftBank prepares to dive deeper into AI investments, the group posted an unexpected consecutive quarterly overall loss, as well as a continued loss in its existing investment business. SoftBank’s Vision Fund 1 and 2 and its Latin American fund together posted a quarterly investment loss of 13 billion yen ($91 million). That is significantly less than the 2,919 billion…

Moody’s cuts credit rating of some US banks on mounting funding costs, office exposure

SAN FRANCISCO – Moody’s Investors Service lowered the credit rating of 10 small and mid-sized US banks and said it may downgrade major lenders including US Bancorp, Bank of New York Mellon, State Street, and Truist Financial as part of a sweeping look at mounting pressures on the industry. Higher funding costs, potential regulatory capital weaknesses and rising risks tied…