In a call for input, the FCA has just affirmed that innovative technology has a key role to play in enabling financial services to meet regulatory requirements and invited businesses to have their say in how it should “refine and…
Barclays Hit by £72 Million Fine For Slack Checks on Rich Clients
Barclays was dealt the largest disgorgement penalty ever imposed by the FCA, after a damning report found that it was lax in checking rich politically exposed clients, who were part of an “elephant” £1.9 billion “deal of the century”, because…
Why is HSBC unable to resolve its money-laundering issues?
The wave of fines levied against financial institutions has not stopped since the financial crisis of 2008 precipitating financially and reputationally expensive recapitalisations of British and international banks. Despite this, even by 2015, the waves of fines is ongoing, as…
HKMA investigates latest Hong Kong Money-Laundering Breaches
Recently, Hong Kong declared that there would be thorough investigations of several financial institutions and banks due to supposed breaches of the country’s money laundering laws. This will be the first time in years that these types of investigations will…
Why BNP Paribas is Being Accused of Money Laundering
It has recently been reported that the bank known as BNP Paribas is facing accusations of being involved in a major money laundering scheme. The accused money-laundering scheme has been occurring for over 7 years and involves the transfer of…
How Technology Can Be Used to Stop Drug Cartels From Laundering Money
Money Laundering has become a very important financial issue that authorities are desperately trying to stop. Billions of dollars every single year are smuggled illegally across international borders, and this cash can be incredibly difficult to track down. Fortunately, there…