Topic: Financial crime investigations
BaFin president heads for exit following Wirecard scandal
Germany’s top financial regulatory official has agreed to step down in the aftermath of the Wirecard scandal, as the German government prepares to reorganise the country’s watchdog.
02 February 2021
ESMA slams “unaligned” German regulators over Wirecard scandal
As German financial regulator BaFin awaits a drastic overhaul of its supervisory powers, the European Securities and Markets Authority has criticised it and accounting watchdog FREP for their “unaligned” handling of the Wirecard accounting scandal.
05 November 2020
Goldman Sachs to address risk management after US$2.9 billion 1MDB settlement
Goldman Sachs has been ordered to improve its risk management and oversight procedures after settling with 10 regulators in five jurisdictions over an alleged multibillion-dollar bribery and embezzlement scheme with respect to Malaysian fund 1MDB.
29 October 2020
Baoshang bankruptcy a “compliance wake-up call” in China
China’s central bank has announced that it will allow troubled Baoshang Bank to become the first commercial lender to file for bankruptcy in China since 2001, in a move that could prompt other lenders to “step up” their risk assessments and internal audits amid growing non-performing loan portfolios.
10 August 2020
Malta mulls regulatory shakeup as ECB revokes another banking licence
Malta is considering giving its prudential and conduct regulator new supervisory and investigative anti-money laundering powers, as the ECB terminates a local bank’s licence over AML failings.
10 July 2020
Deutsche fined US$150 million over Epstein ties
New York’s state financial regulator has fined Deutsche Bank over its relationship with the late Jeffrey Epstein – the first regulatory action against a financial institution over its connections to the disgraced financier and sex offender – and to two controversial foreign banks.
08 July 2020
BaFin “rocked asleep” by Wirecard hype
German regulator BaFin is facing questions over its supervision of fintech company Wirecard, which announced on Monday that €1.9 billion had vanished from its balance sheet.
24 June 2020
Lacklustre early cooperation fuelled US tax evasion penalty to Israeli bank
Israeli bank Hapoalim is to pay nearly US$1.1 billion in fines after pleading guilty to helping customers hide funds from US tax authorities.
05 May 2020
FCA investigating cum-ex trades
The UK Financial Conduct Authority is investigating 14 financial institutions in connection with an alleged tax fraud that is estimated to have cost European countries over €50 billion.
01 May 2020
Banks severed from inaugural cum-ex trial could still face penalties
Practitioners say German authorities have several avenues to sanction banks that were spared penalties in the country’s inaugural cum-ex trial.
03 April 2020
Get unlimited access to all Global Banking Regulation Review content