False transaction reports land Deutsche Bank £4.7m fine
The Financial Conduct Authority (FCA) has issued fines of £4,718,000 to investment banking giant Deutsche Bank for incorrectly reporting transactions between November 2007 and April 2013.
Regulation & Compliance
Last minute migration to SEPA? Make sure you’ve got these basics covered.
With the October deadline looming for non-EU transactions to become compliant with SEPA, treasuries the world over are scrambling to migrate. Take a look at our checklist of essentials to make sure you’re doing it right.
RBS fined £14.5m for “unacceptable” failings
The UK’s Financial Conduct Authority (FCA) has issued fines of £14,474,600 to RBS over “serious failings” in the way that the bank and its Natwest subsidiary sold products to customers.
Four key payment systems identified for ECB regulation
The European Central Bank (ECB) has highlighted four systemically important payment systems (SIPS) that will be subject to its new regulations.
Hackers could be plotting financial markets attack, says watchdog
Cyber attacks could be the next “black swan” event to cause chaos in the financial markets, according to the International Organisation of Securities Commissions (IOSCO).
Getting to grips with “GATCA,” the global FATCA
Last month, FACTA came into effect, forcing overseas banks that accept US payments to disclose account information to the IRS or face a 30% withholding tax. The OECD's newest guidelines help countries standardise these rules for non-US transactions.
Russian payments rejected by banks, says journal
The metal industries are the latest victims of political tensions with Russia, as bank branches in Hong Kong have refused to take payments from Russian accounts, according to Metal Bulletin.
Compliance failures cost Standard Chartered $300m
The UK’s Standard Chartered bank has been fined $300m by US authorities, just two years after the same regulators issued fines of $340 for breaking sanctions with Iran.
Faisal Islamic Bank of Egypt rolls out SunGard’s risk management platform
Egypt’s first Islamic Bank, the Faisal Islamic Bank of Egypt, has selected SunGard’s risk management suite to help it put a system in place for risk exposure and reporting, and to meet its Basel compliance obligations.
Ex-Microsoft financial manager jailed for insider trading
A former Microsoft manager has received a two year prison sentence after pleading guilty to insider trading whilst at the company.
