Category: banks

JERUSALEM – The Bank of Israel said on Monday it will sell up to US$30 billion (S$41 billion) of foreign currency in the open market, in the central bank’s first ever sale of foreign exchange, to maintain stability during Israel’s war with Palestinian militants in Gaza. The move appeared to quickly calm the market as the shekel recovered from steep…

The information supplied by banks, building societies and payment companies suggests that no firm closed an account between July 2022 and June 2023 primarily because of a customer’s political views. The Payment Accounts Regulations ban banks or building societies discriminating on this basis. The FCA will be doing further work with firms to verify the data and to better understand…

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…

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…

  WASHINGTON (AP) — Ukrainian President Volodymyr Zelenskyy returned to Washington on Thursday for a whirlwind one-day visit, this time to face the Republicans now questioning the flow of American dollars that for 19 months has kept his troops in the fight against Russian forces. Zelenskyy arrived at the Capitol to talk privately with Republican and Democratic leaders of the…

West Point was accused in a federal lawsuit Tuesday of improperly using race and ethnicity as factors in admissions by the same group behind the legal challenge that resulted in the U.S. Supreme Court striking down affirmative action in college admissions. Students for Fair Admissions claims the U.S. Military Academy sets benchmarks for how many Black, Hispanic and Asian cadets there should…

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…

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…

  JPMorgan Chase is in a protracted legal battle in a federal district court in Manhattan over highly credible allegations that it “actively participated” in Jeffrey Epstein’s sex-trafficking of minors. The lawsuit has been brought against JPMorgan Chase by the Attorney General of the U.S. Virgin Islands where Epstein owned a private island compound that was a frequent venue of…

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.

  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…

The DOJ charged JPMorgan Chase with engaging in “tens of thousands of instances of unlawful trading in gold, silver, platinum, and palladium…as well as thousands of instances of unlawful trading in U.S. Treasury futures contracts and in U.S. Treasury notes and bonds…”

The U.S. Treasury market is essential to the United States being able to pay its bills; raise money efficiently; and maintain the trust of our allies in our sovereign debt instruments. Rigging the Treasury market is about as close to financial treason as a Wall Street firm can get; especially when JPMorgan Chase’s securities unit is one of the Fed’s primary dealers and is contractually bound to bid in Treasury auctions.

But instead of prosecuting the bank, the DOJ handed JPMorgan a deferred-prosecution agreement (its third in six years) and put it on probation.

  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…

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,…

(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….

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…