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Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Bill Steinman
Contributing Editor

Singapore closes Falcon Bank, arrests local manager for 1MDB-linked offenses

Singapore’s bank regulator Tuesday shut down a second bank for “serious failures in anti-money laundering controls and improper conduct” linked to Malaysia’s 1MDB fund.

The Monetary Authority of Singapore (MAS) said Falcon Bank “demonstrated a persistent and severe lack of understanding of MAS’ AML requirements and expectations.”

MAS tied the AML failures to senior management at Falcon Bank’s head office in Switzerland and at the Singapore branch.… Continue Reading

WSJ: Money laundering probe could hold up Commerzbank sanctions settlement

Image courtesy of CommerzbankThe U.S. Attorney in Manhattan is investigating Germany’s  Commerzbank AG for alleged violations of money-laundering laws, the Wall Street Journal reported Friday.

The story by Chris Matthews said the new investigation could block efforts by Commerzbank, Germany’s second biggest lender, to settle separate allegations that it violated U.S.… Continue Reading

Qingdao commodity scandal worries banks

Foreign and local banks in China are inspecting loans linked to metals supposedly warehoused in Qingdao, where traders use commodities from iron ore to rubber to secure loans.
 
A police investigation is focused on Decheng Mining to determine if it used the same batches of copper and aluminium stockpiled at Qingdao Port as collateral to secure multiple separate loans.… Continue Reading