Category: banks

SINGAPORE – Financial institutions are required to alert the police and the financial regulator if they suspect that a transaction could be related to a crime, although there is no threshold set for when they must flag these activities. They are also required to step up their measures to manage the higher risks of money laundering and terrorism financing posed…

ZURICH – Switzerland’s Federal Administrative Court has received 230 claims against the country’s financial regulator Finma after it wrote off the value of Credit Suisse’s AT1 bonds, the court said on Tuesday. The claims related to 2,500 individual parties, a court spokesman told Reuters. The court in the north-eastern Swiss city of St Gallen, declined to say whether the time…

Wells Fargo has agreed to pay $1 billion to settle a pension fund-led lawsuit that accused the bank of defrauding shareholders by misleading them over the progress it was making to rectify a slew of scandals. The Public Employees’ Retirement System of Mississippi, the Louisiana Sheriffs’ Pension & Relief Fund and the state of Rhode Island were among the lead…

First Citizens BancShares Inc, which acquired Silicon Valley Bank following its collapse, sued HSBC Holdings PLC on Monday, accusing it of poaching more than 40 of the failed bank’s employees in order to launch its own U.S. venture banking business. The lawsuit filed in San Francisco federal court says HSBC violated federal law by hiring away the workers so it…

Adam Kovacevich is the CEO and founder of a center-left tech industry coalition called Chamber of Progress and has worked at the intersection of tech and politics for 20 years, leading public policy at Google and Lime and serving as a Democratic Hill aide. When the Biden administration proposed new protections earlier this month to prevent law enforcement from demanding…

KYIV, Ukraine (AP) — The head of the Russian private army Wagner claimed Saturday that his forces have taken control of the city of Bakhmut after the longest and most grinding battle of the Russia-Ukraine war, but Ukrainian defense officials denied it. In a video posted on Telegram, Wagner head Yevgeny Prigozhin said the city came under complete Russian control…

The international community will not fall in line with the pro-Western rules pushed by the G7 and not allow the US-led group to dominate world affairs, the Chinese Foreign Ministry said in a statement on Saturday.  “China will never accept the so-called rules imposed by the few. The international community does not and will not accept the G7-dominated Western rules…

Shenderovich then confirmed on Facebook he was “barred from his own performance in London” but still did not explain the reasons behind the incident. He also mockingly thanked “all the idiots” responsible “for such an incredible promotion.”  The author eventually moved to nearby Regent’s Park together with his would-be audience, where he held an impromptu performance “in the natural setting,”…

French prosecutors have issued an arrest warrant for Lebanon’s Central Bank Governor Riad Salameh, Arab News reported on 16 May. The warrant comes after Salameh failed to attend a court hearing in Paris. Prosecutors intended to press preliminary fraud charges, court documents and two sources said. Salameh has attempted to avoid arrest and has failed to show up for court…

A businessman is due to appear in court in Latvia on Saturday in a murder plot trial that could shed light on the murky past of its banking system. Mihails Ulmans and his associate, co-defendant Aleksandrs Babenko, are alleged to have paid the killer of insolvency lawyer Martins Bunkus. Mr Bunkus is said to have uncovered evidence of money-laundering at…

Leaders of the Group of Seven advanced economies are generally united in voicing concern about China. The question is how to translate that worry into action. Over the past two years, President Joe Biden’s administration has sought to reframe the relationship with Beijing and build support among like-minded nations for a strong response to what officials in Washington and some…

The Russian branch of environmental group Greenpeace on Friday said it would shut down after authorities declared the group an “undesirable organization”, effectively banning it from operating. In a statement, Russia’s Prosecutor General said Greenpeace had tried to “interfere in the internal affairs of the state” and was “engaged in anti-Russian propaganda” by calling for sanctions against Moscow. The label…

The Pentagon has so far refused to name the target of the attack. However, relatives and neighbors of the victim claim he had no affiliation with the Islamist militants.  Two unnamed officials cited by the Post raised doubts about the strike, which occurred in a rural area of Idlib Province on May 3. “We are no longer confident we killed…

BEIJING – China is considering transferring government ownership in the nation’s biggest bad debt managers to a unit of its sovereign wealth fund as part of a financial regulatory regime overhaul, according to people familiar with the matter. Under the current proposal, the Ministry of Finance will move its stakes in China Cinda Asset Management, China Great Wall Asset Management…

LONDON (AP) — Deutsche Bank has agreed to pay $75 million to settle a lawsuit claiming that the German lender should have seen evidence of sex trafficking by Jeffrey Epstein when he was a client, according to lawyers for women who say they were abused by the late financier. A woman only identified as Jane Doe sued the bank in…

BENGALURU – Deutsche Bank has agreed to pay US$75 million (S$100.6 million) to settle a proposed class-action lawsuit alleging the lender facilitated the late Jeffrey Epstein’s sex-trafficking ring, The Wall Street Journal reported late on Wednesday, citing lawyers who sued the bank on behalf of alleged victims.

The suit was filed in 2022 in New York by an anonymous woman on behalf of herself and other accusers, alleging Deutsche Bank did business with Epstein for five years knowing he was engaged in sex-trafficking activity, the report said.

Deutsche Bank did not immediately reply to a Reuters’ request for comment. REUTERS