Commerzbank to pay $1.45 billion fine for breaking US sanctions
Germany’s Commerzbank has admitted illegal conduct and agreed to settle criminal charges in the United States by paying $1.45 billion.
Regulation & Compliance
Cost-cutting opens doors to cybercrime
Pressure to close bank branches and digitise all functions means that major financial institutions are putting customer data at risk in order to save money.
Financial crime regulation is hitting the wrong people hardest, says David Craig
Robust compliance rules are a must to curb money laundering, but overzealous regulation is making it hard for above-board companies to open or switch accounts.
US Treasury pushed to scrutinise real estate market
Nonprofit organisations are urging the US Treasury Department to force the real estate industry to subject buyers to tougher identity verification and money-laundering screening.
Give us back our billions, Argentina tells HSBC
Argentinian tax authorities are demanding that HSBC return $3.5 billion that they say the bank helped to spirit out of the country.
EU weighs up benefits of capital markets union
Consultations are currently underway in the EU to determine whether a single market for capital could be rolled out across all 28 member states.
Drop in Barclays profit follows misconduct fine prep
Barclays reported a fall in profits as it set aside more funds to cover potential fines for currency market manipulation and PPI compensation.
Indian Finance Minister announces ‘game changing’ reforms
Finance Minister Arun Jaitley announced two drastic reforms in his latest budget, including a new regulatory structure and construction of a ‘smart city’.
FX traders are about to start charging you for not fixing fees
Minute-by-minute currency fluctuations mean that treasurers find it hard to predict the best time to buy, but the benchmarking system favoured by banks has got them into hot water for manipulating figures.
Nigeria introduces new ID-and-payment card to combat fraud
Those friendly emails asking for your help in securing access to a long-lost diamond mine may finally be at end, as Nigeria takes a bold new step in the fight against identity theft.
