08/26/2020
Bank employees association asks CS to freeze layoffs
In a statement, ASEB said the bank should pause layoffs at least until the end of the year.
Legal, Regulation & Compliance
08/26/2020
PRA statement on Covid-19: IFRS 9 and capital requirements – Guidance as Covid-19 specific payment deferrals come to an end
This statement clarifies the PRA’s approach to IFRS 9 and capital requirements in response to updated FCA guidance on retail mortgage payment deferrals.
08/26/2020
Banks told Covid-19 no excuse to delay beefing up EU Brexit hubs
Many institutions in the EU are too small to be viable and are not doing a lot of business yet as clients want to remain connected to deep liquidity in London
08/26/2020
Chyknell Hall: Sleepy hamlet wakes to royal scandal
Chyknell Hall near Bridgnorth has taken centre stage in the drama thanks to its prominent yet elusive resident
08/26/2020
Is It Time to End the Ban on Bank Dividends?
The dividend ban also helps ensure that lenders have enough capital to weather loan losses, and it improves their creditworthiness.
08/26/2020
Global Fund Delegation May Be Restricted
The regulator’s letter said the use of third country entities not directly supervised by Esma or an EU national regulator create “increased operational and supervisory risks” and raise “regulatory arbitrage and investor protection
08/26/2020
Billionaire’s Malta assets under worldwide freezing order after Turkey coup arrest
Shipping mogul Mübariz Mansimov, arrested over Turkey coup and alleged Gulen links, has shipping empire based in tax-friendly Malta
08/26/2020
Sant tells Brussels to safeguard consumer banking as COVID-19 shutters more branches
As banks move to digital, Alfred Sant questions the EU’s commitment in protecting essential banking services
08/26/2020
FNZ bites back at CMA over GBST merger block
FNZ has challenged the decision by the Competition and Markets Authority to block its proposed merger with rival GBST, saying that the watchdog has an artificially narrow view of the platform market.
08/25/2020
Ex-Chelsea manager fights to recoup €30m lost to ‘scam’
Italian financier claimed his investment scheme was backed by HSBC
08/25/2020
Former IFA among trio charged with fraud
Richard Emmett, a former solicitor, has also been charged with one count of fraudulent trading and one count of being concerned in an arrangement which facilitates the acquisition, retention, use or control of criminal property.
08/25/2020
UK plans law to force big companies to clean up their supply chains
Many big companies already have sustainable sourcing policies in place for co
08/25/2020
Germany to issue up to €12bn in green 'twin bonds' in 2020
Government wants to foster renewables, clean transport and research with securities that mirror rock-solid profile of 'Bunds'
08/25/2020
FCA consultation on extension of annual financial crime reporting obligation
Approximately 2,500 of the 23,000 firms we supervise under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) submit annual REP-CRIM information.
08/25/2020
U.S. judge dismisses lawsuit against Danske Bank over money laundering scandal
The plaintiffs had sought damages for investors who lost money in Danske’s American depositary shares from Jan. 9, 2014 to April 29, 2019.
08/25/2020
The Quiet Man in Stockholm Who Laundered China’s Oil Money for Iran
Unlike Zarrab, Nema has faced no charges for helping Iran evade sanctions.
08/25/2020
Carey Olsen a finalist for two STEP Private Client Awards
Carey Olsen has one of the largest trusts and private wealth teams in the offshore world
08/25/2020
Cyprus Papers: secret migration of China’s rich, led by Asia’s richest woman, revealed in leaked documents
Chinese citizens may apply for permanent residency or citizenship in foreign countries, but obtaining citizenship abroad generally means losing Chinese citizenship
08/25/2020
FCA in hot water as mini-bond probe delayed again
Interviews with senior staff at the FCA had also apparently only been made possible from mid-June and had taken "much longer than anticipated" whilst requiring "substantial additional work".
08/25/2020
Hitachi UK Pension Scheme agrees £275m buy-in with L&G
L&G stated that the scheme trustee was able to obtain a high degree of transaction certainty and take advantage of favourable pricing conditions and market capacity by locking the transaction price to the assets of the scheme.