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NEWS: ‘Incompatible views’ of ‘grifter’ Nigel Farage led to bank closing his accounts, according to risk committee report

Premium July 19, 2023

DE-BANKED: Controversy around how UK financial institutions interact with PEPs erupted last year. This came after it emerged that Alison Rose, the chief executive of Coutts’s owner, NatWest, had discussed the matter of Nigel Farage’s bank account with a BBC journalist. Today the FCA issued its findings on how banks deal with PEPs.

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NEWS: Deutsche Bank US subsidiary hit with $4M fine by SEC after late SARs filings

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NEWS: Canada’s AML watchdog plans scorecard to improve monitoring, sources say

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NEWS: US consumer watchdog sues big banks over ‘widespread’ fraud on Zelle payment app

BRITISH Brexit leader Nigel Farage has produced a report in which royal bankers Coutts apparently closed his bank accounts because his views were not compatible with its values. The report shows the bank closed his account because his views “do not align with our values” – rather than not meeting a financial threshold as previously…

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Premium

NEWS: Deutsche Bank US subsidiary hit with $4M fine by SEC after late SARs filings

 Premium

NEWS: Canada’s AML watchdog plans scorecard to improve monitoring, sources say

 Premium

NEWS: US consumer watchdog sues big banks over ‘widespread’ fraud on Zelle payment app

Regulatory Watch News

  • SFC bans fund manager Ng Ka Shun for life and fines him $1.7 million for serious misconduct

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) has banned Mr Ng Ka Shun, responsible officer (RO) of Agg. Asset Management Limited (Agg), for life and fined him $1.7 million for window-dressing Agg’s financial resources and mismanaging two funds (Notes 1 to 3). Window-dressing financial resources The SFC found that Ng began window-dressing Agg’s financial resources when the firm submitted its licence application. He misled the SFC into believing that Agg had satisfied the financial requirements for a licence by window-dressing the firm’s liquid capital as of 31 March 2017.

  • Japanese national charged over 9kg meth import

    Australia Federal Police

    A Japanese man appeared before Perth Magistrates Court yesterday (22 December, 2024) charged after allegedly importing 9kg of methamphetamine into Australia. ABF officers allegedly detected the drugs on Saturday 21 December, 2024, after selecting the man, 32, for a baggage examination when he arrived at Perth Airport on a flight from New Zealand. ABF officers conducted an x-ray of the man’s suitcases, which revealed anomalies. An ABF detector dog then gave a positive reaction to the baggage.

  • Deutsche Bank Subsidiary to Pay $4 Million for Untimely Filing Certain Suspicious Activity Reports

    SEC

    Washington D.C., Dec. 20, 2024 —
    The Securities and Exchange Commission today charged registered broker-dealer Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, for failing to file certain Suspicious Activity Reports (SARs) in a timely manner. Deutsche Bank Securities has agreed to pay a $4 million civil penalty to settle the SEC’s charges. Broker-dealers are required by the Bank Secrecy Act and regulations promulgated by the U.S Department of the Treasury’s Financial Crimes Enforcement Network to file SARs for transactions they have reason to suspect involve funds derived from illegal activity, lack a business or apparent lawful purpose, or are intended to facilitate criminal activity.

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