News

A former supervisor of Deutsche Bank’s Pool Trading Desk and a former derivatives trader were convicted today in New York for their participation in a scheme to manipulate the London Interbank Offered Rate (LIBOR), a critical global benchmark tied to trillions of dollars in derivatives, loans, mortgages, and other financial products. Assistant Attorney General Brian […]

Behind Danske Bank’s money-laundering scandal was a pervasive culture of silence that flourished despite the fact that many people knew or suspected for years that the bank’s Estonian branch was laundering billions of dollars. It took a whistleblower who is a former Danske official to spark serious investigations into the tiny Estonian unit, which handled […]

Natalie Mayflower Sours Edwards Illegally Photographed SARs and Other Sensitive Government Information and Transmitted Them To Reporter In Connection With Approximately 12 News Articles Over 1-Year Period Geoffrey S. Berman, the United States Attorney for the Southern District of New York, William F. Sweeney Jr., Assistant Director-in-Charge of the New York Division of the Federal […]

As the extension of the Senior Managers and Certification Regime (SM&CR) draws nearer, the FCA has published guidance for firms preparing statements of responsibilities and responsibilities maps. https://www.fca.org.uk/publications/guidance-consultations/gc18-4-senior-managers-and-certification-regime-proposed-guidance-statements-responsibilities-firms https://www.fca.org.uk/publication/guidance-consultation/gc18-04.pdf The guidelines should be applied in a risk-based and proportionate manner, taking in to account the size, nature and complexity of the firm. The guidelines should […]

Background On 1 October 2018, the FCA fined Tesco Personal Finance plc (Tesco Bank) £16.4 million for failures relating to a cyber-attack. Over a 48-hour period in November 2016, cyber criminals stole £2.26 million from more than 8,000 of Tesco Bank’s 131,000 personal current account customers. The incident received significant press attention at the time. […]

Concerning a Fit and Proper Person test Guernsey the GFSC state the following…… All individuals in prescribed positions (as defined in Commission guidance elsewhere) are required under the Regulatory Laws in Guernsey to meet the “Fit and Proper” standard, set out in the relevant Minimum Criteria for Licensing (“MCL”), from the outset, and on an […]

Houston Attorney Charged in Offshore Tax Evasion Scheme – Allegedly Conspired to Repatriate More Than $18 Million in Untaxed Money Held in Isle of Man Bank Accounts A federal grand jury sitting in Houston, Texas returned an indictment today charging a Houston attorney with one count of conspiracy to defraud the United States and three […]

The story begins in October 2012. The government of Angola, home to some of the largest oil reserves in Africa, founded a sovereign wealth fund to invest oil export revenues long-term. Angola was to follow the example of Norway, which has cultivated such a fund for decades. The Scandinavian country uses this reserve to prepare […]