FSA fines BlackRock £9.5m for client money breaches 11 Sep 2012 The Financial Services Authority (FSA) has fined BlackRock Investment Management (UK) Limited (BIM) £9.5m for client money breaches. The enforcement action came after it failed to protect client money adequately by not putting trust letters in place for certain money market deposits. BlackRock also […]

US regulators summon seven banks in relation to LIBOR 11 Sep 2012 Regulators in New York and Connecticut have widened the scope of their respective investigations into the alleged manipulation of the London Interbank Offered Rate (LIBOR). The New York and Connecticut Attorney Generals have requested information from JP Morgan Chase, Barclays, Royal Bank of […]

US Senate Committee publishes report on alleged money laundering failures by HSBC 11 Sep 2012 The Permanent Subcommittee on Investigations of the US Senate’s Committee on Homeland Security and Governmental Affairs has published (http://www.hsgac.senate.gov/subcommittees/investigations/media/hsbc-exposed-us-finacial-system-to-money-laundering-drug-terrorist-financing-risks?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) a report concerning HSBC and its US affiliate (HBUS) for alleged anti-money laundering (AML) control failures. To examine the current money […]

Swiss probe UBS over alleged Malaysia money-laundering 5 Sep 2012 Aug 31 (Reuters) – Swiss prosecutors have opened a criminal money laundering probe into UBS after an environmental campaign group filed a complaint accusing it of links to the proceeds of alleged illegal logging in Malaysia. The investigation could be a new embarrassment for the […]

FSA demands inquiry over RBS IT failures 5 Sep 2012 Financial Services Authority (FSA) chairman Lord Turner has promised an independent inquiry into an IT glitch that affected millions of Royal Bank of Scotland (RBS), NatWest and Ulster Bank customers in June. The bank was forced to set aside £125m in compensation for the error, […]

Serious Fraud Office investigating Barclays payments to Qatar Barclays faces criminal investigation into payments made to Qatar Holding after bank sought emergency funding in 2008The Serious Fraud Office has launched an investigation into payments made after Barclays tapped Middle Eastern investors for emergency funds in 2008.The inquiry – which relates to the disclosure of fees […]

IN 2004 the following was reported about Standard Chartered – was this a warning? Bank ‘is tightening its checks’ – THE bank investigated for possible breaches of international sanctions has satisfied the Island’s regulator that it is improving controls. In March last year [2003] the Jersey branch of multinational finance firm Standard Chartered was ordered […]

Jessica Harper admits £2.4m Lloyds Bank fraud A former Lloyds Bank worker in charge of online security has admitted carrying out a fraud worth more than £2.4m. Jessica Harper, 50, had been accused of submitting false invoices to claim payments between 2007 and 2011. At the time she was working as head of fraud and […]