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Swiss regulator finds HSBC in violation of AML rules; FDIC rates Citi’s data management as ‘deficient’

HSBC and Finma Enforcement Proceedings: Finma initiated enforcement proceedings in 2021 against HSBC concerning transactions totaling over $300 million between Lebanon and Switzerland from 2002 to 2015. These transactions involved dealings with two politically exposed persons. According to a report by the Financial Times, the case is linked to an investigation into Lebanon’s central bank governor, Riad Salameh, and his brother Raja Salameh, accused of embezzling over $330 million from the institution. Finma criticized HSBC for failing to report these transactions until 2020, despite closing the accounts in 2016 due to associated risks. In response, HSBC plans to appeal Finma’s decision, stating its commitment to anti-money laundering obligations.

FDIC’s Assessment of Citigroup’s Living Will: The Federal Deposit Insurance Corporation (FDIC) is expected to downgrade Citigroup’s rating on its living will plan, detailing procedures for winding down operations in bankruptcy. Reuters reports that the FDIC will vote to change Citi’s data management systems rating from a “shortcoming” to a “deficiency” on June 20. This decision follows concerns raised during a 2022 review of Citi’s resolution plans, echoing issues noted in consent orders issued by the Federal Reserve and the Office of the Comptroller of the Currency in 2020. Citi expressed confidence in its ability to wind down without taxpayer funds, citing ongoing investments in infrastructure and regulatory compliance.

Barclays’ Cost-Cutting and Strategic Plans: Barclays announced a strategic plan to reduce annual costs by £100 million from its UK corporate banking arm by 2026. CEO Matt Hammerstein aims to revitalize lending within the division, noting that only 35% of UK corporate clients currently borrow from Barclays, trailing industry peers. Cost savings will be achieved through consolidating online portals for corporate client access, while revenue growth targets include cross-selling products. Barclays recently focused on enhancing investor returns by redirecting efforts to the UK market and overhauling its operations.

TD Bank’s Launch of TD Innovation Partners: TD Bank has launched TD Innovation Partners, a new business unit aimed at providing banking services to Canada’s technology sector. This initiative also integrates with TD Bank’s wealth management arm to offer private banking and wealth management services. Shez Samji, recruited from the Canadian branch of Silicon Valley Bank, leads the unit. TD Bank faces scrutiny from US regulators amidst anti-money laundering probes, having set aside $450 million in April to cover potential fines and being fined $10 million by Canada’s financial intelligence unit earlier this year for administrative violations.

di Il Quotidiano Online

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