• Lax regulatory frameworks see banks falling into same old traps, Standard Chartered executive says
    09 April 2019
    Banks need more consistent regulations to ensure data theft and sanction breaches are reduced, a Standard Chartered executive said today.

    Vivek Padmanabhan, head of compliance for the bank’s Africa and Middle East arm, said onboarding controls at UK banks need to be “treated in the same way” for clients and vendors to avoid data breaches.

    Banks operating in the UK are required to undertake stringent requirements imposed by the UK’s Financial Conduct Authority for assessing the risk of onboarding businesses, while the threshold for individuals remains much lower.

    By Annie Robertson.

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  • StanChart's financial-crime failings exposed by UK regulator
    09 April 2019
    Standard Chartered’s nine-figure fine for UK money laundering breaches had been expected, but the scale of the failings, including suitcases of cash being deposited at the bank, has been laid bare today.

    The investment bank said in February that it expected to pay $900 million to cover money-laundering and sanctions breaches. It today paid $1.1 billion in a joint settlement with US and UK authorities that brings an end to a five-year investigation into its financial-crime controls.

    The size of the penalty, while high, won’t raise too many eyebrows in light of other big-ticket penalties imposed on banks, such as HSBC’s $1.9 billion fine in 2012. But the failings revealed by the UK’s Financial Conduct Authority certainly will.

    By Martin Coyle.

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  • Trafigura agrees to preserve email data of former executives charged in Brazil bribery case
    04 February 2019
    Multinational trading company Trafigura told Brazilian federal prosecutors it will preserve the e-mails of two former company executives implicated in a bribery scheme with state-controlled oil giant Petrobras, according to a court filing.

    The filing was submitted today by Trafigura’s legal team to federal judge Gabriela Hardt. Hardt oversees the bribery lawsuit against Mariano Marcondes Ferraz and Marcio Pinto de Magalhães, the two former executives of the multinational company.

    Documents attached to the filing show an exchange of letters between Trafigura do Brasil Consultoria and Trafigura Limited, based in London. On Jan. 30, Trafigura Limited replied to the Brazilian unit that “the e-mails currently on the Relevant Accounts are being preserved” — as federal prosecutors had requested after the data-protection matter was brought to their attention.

    By Rodrigo Russo.

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  • Trump's AG pick has pushed for, against big telecom deals for corporate employers
    10 January 2019
    President Donald Trump’s choice for his next attorney general, William Barr, has a track record of high-profile advocacy both for and against major telecommunications deals based on the interests of his corporate employers.

    Barr, who could take the helm at the Justice Department while T-Mobile and Sprint’s proposed merger is pending, was involved in several transactions as general counsel at GTE and its successor Verizon between 1994 and 2008. The work followed Barr’s previous stint as President George H.W. Bush’s attorney general.

    Barr’s appointment is not seen as likely to mark a major shift in antitrust enforcement under President Trump given that attorneys general are typically fairly removed from the department’s caseload. Still, they may involve themselves more in areas where they have past experience.

    By Jenna Ebersole.

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  • Ex-JPMorgan trader to face foreign exchange rate-rigging trial in October
    11 December 2018
    Former JPMorgan trader Akshay Aiyer will go on trial in October on charges that he conspired to rig foreign exchange rates on several Middle Eastern and African currencies, a judge said, allowing both sides extensive preparation for what Aiyer's lawyers said will be a complicated three-week trial.

    The trial of Aiyer, who was indicted in May, is scheduled to begin Oct. 21, US District Judge John Koeltl said today at a hearing in New York federal court.

    Prosecutors alleged that Aiyer, who worked as an analyst on JPMorgan's Eastern European, Middle Eastern and Africa desk, rigged exchange rates from 2010 to 2013.

    By Richard Vanderford.

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