Britain’s market regulator charged a former UBS Group AG compliance officer with five counts of insider trading.
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.”… Continue Reading
Singapore said Thursday it has seized property and bank accounts linked to money allegedly diverted from Malaysia’s sovereign wealth fund, 1Malaysia Development Berhad.
The seized property and accounts are worth about $177 million, Singapore authorities said.… Continue Reading
HSBC Holdings said in an earnings release Monday that the SEC is investigating the bank’s hiring practices in Asia.
London-based HSBC said it has received various requests for information and is cooperating with the SEC’s investigation.… Continue Reading
Two former Julius Baer bankers pleaded guilty Thursday and the Swiss bank paid $547 million to settle a criminal case for helping clients cheat on their U.S. taxes.
Daniela Casadei, a Swiss citizen, and Fabio Frazzetto, and Italian, each pleaded guilty in Manhattan federal court to conspiracy to defraud the IRS, to evade federal income taxes, and to file false federal income tax returns. … Continue Reading
Brazil’s antitrust agency opened an investigation into fifteen foreign banks and thirty individuals for allegedly forming a cartel to manipulate exchange rates of local Brazilian reals and foreign currency.
Among the banks under investigation are affiliates of Tokyo-Mitsubishi UFJ, Barclays, Citibank, Credit Suisse, Deutsche Bank, HSBC, JPMorgan Chase, Merrill Lynch, Morgan Stanley, Nomura, Royal Bank of Canada, Royal Bank of Scotland, Standard Chartered, UBS, and Standard Bank (South Africa), according to the release from the agency.… Continue Reading
Zurich-based UBS AG agreed to pay just over $1.7 million to resolve civil allegations that it processed 222 transactions for a client that apparently violated U.S. anti-terrorism sanctions.
“Multiple business lines and personnel within UBS, including supervisory and management staff within the bank’s compliance department, had actual knowledge of the conduct that led to the apparent violations,” the U.S.… Continue Reading
The Securities and Exchange Commission Tuesday said BNY Mellon agreed to pay $14.8 million to settle charges that it violated the Foreign Corrupt Practices Act by providing valuable student internships to family members of foreign government officials affiliated with a Middle Eastern sovereign wealth fund.… Continue Reading
Bradley Birkenfeld, the former Swiss banker who became an IRS whistleblower and was awarded $104 million after serving a U.S. prison sentence, wants his probation to end early so he can move back to Europe.… Continue Reading
Compliance professionals facing push back from deal makers ought to take heart from a recent English High Court decision involving UBS (AG) London UBS and Leipzig’s water utility KWL.
Job Title: Compliance Officer – Policies & Procedures
Employer: UBS AG
Location: Stamford, Connecticut USA
UBS AG, a global financial services company, seeks a Compliance Officer to oversee the the policies and procedures framework for the Americas Compliance & Operational Risk Control Function.… Continue Reading