10/02/2020
Former Swiss bankers plead guilty in U.S. tax evasion case
The trio had been indicted in 2012 alongside the bank itself on allegations of shielding $1.2 billion from U.S. taxes, but prosecutors agreed to the lesser charge in March.
Legal, Regulation & Compliance
10/01/2020
Dirty money has ‘metastasized’ within global banking system, top regulator says
New York’s financial regulator acknowledged that the financial system is “awash with trillions of dollars in dirty money,” and has called on banks to help fix it.
10/01/2020
UBS and Banco do Brasil Launch UBS BB Investment Bank and Unveil the Firm’s Leadership Team
UBS BB will provide investment banking services in Brazil, Argentina, Chile, Peru, Paraguay and Uruguay and institutional securities brokerage in Brazil.
09/30/2020
JP Morgan Chase admits to US market manipulation and agrees to pay $920m
‘Spoofing’ practice illegally affected futures and metals market
09/29/2020
SEC Issues $1.8 Million Whistleblower Award to a Company Outsider
Marks 100th Individual Awarded Under Whistleblower Program
09/28/2020
Managing the evolving compliance landscape facing multinationals
We take a closer look at the findings of the Global Business Complexity Index 2020
09/27/2020
As bank giant's shares sink to new low, HSBC to face class action over money laundering claims
Class action lawsuits allow multiple claims against a single defendant.
09/25/2020
The window for "easy" partnership amended returns for CARES Act benefits is closing
Real estate partnerships are probably most impacted, though others as well.
09/25/2020
How the FinCen Papers provide an opportunity to improve the Suspicious Activity Report (SARs) regime
Buzzfeed has had these SARs for over a year.
09/25/2020
EU-US Privacy Shield declared invalid – what's next?
To ensure transatlantic data flows between the EU and the US following this annulment, the EU Commission and the US government reached a new political agreement on the subject, following which the Privacy Shield decision was adopted in July 2016.
09/24/2020
Saudi-based Islamic investment firm acquires West Michigan properties in joint venture
The portfolio includes a mix of tenants in the automotive, manufacturing and the telecommunications industries.
09/23/2020
Secret documents reveal potential dark side of prepaid debit cards
In 2014, for example, Bank of America characterized Choice Bank as “an issuer of prepaid cards for program managers with inherently high risk.”
09/23/2020
Anonymous SEC Whistleblower Earns $2.4 Million Award For Prompting Commission to Open Investigation
The SEC Whistleblower Program protects the identity of whistleblowers who submit reward claims with the Commission.
09/23/2020
American Bank shares slip on report of over $2 trillion in money laundering
Aside from that, Monday’s money markets across the globe had witnessed a merciless tottering of the financial stocks following reveal of the leaked Government documents by the International Consortium of Investigate Journalists.
09/23/2020
3 more ex-Wells Fargo execs face OCC bans or fines
The penalties follow settlements the OCC announced in January with three former Wells Fargo executives and charges issued against five former managers at the bank in connection with the 2016 scandal
09/23/2020
Venezuela goes to court over £800m of gold held by Bank of England
The case challenges Britain's "unequivocal" recognition of opposition leader Juan Guaido as the nation's president.
09/23/2020
BlackRock, JPMorgan climate votes at odds as new rules loom
The studies found BlackRock supported such resolutions around 10% of the time this year, about the same as in 2019.
09/22/2020
U.S. Taxpayer In Panama Papers Investigation Sentenced To Prison
In addition to the prison term, Judge Berman ordered von der Goltz to serve three years of supervised release, to pay forfeiture in the amount of $5,373,609 and restitution in the amount of $3,448,848, and to pay a fine in the amount of $30,000.
09/21/2020
Global bank crackdown in past decade may have failed to curb suspect dealings
The documents revealed on Sunday (Sept 20) shed light on a faulty system where banks complain about reports that get no follow-up from authorities, while critics say lenders are checking off boxes without taking meaningful steps to stop financial crime.
09/21/2020
HSBC HK shares plummet after reported illicit activity
The revelations underscore challenges for regulatory and financial institutions trying to stop the flow of dirty money despite billions of dollars of investments and penalties imposed on banks in the past decade.