Search Results for: compliance
FINMA sanctions foreign exchange manipulation at UBS
November 12th, 2014
The Swiss Financial Market Supervisory Authority (FINMA) has concluded enforcement proceedings against UBS AG (UBS) regarding foreign exchange trading conducted in Switzerland. FINMA found that over an extended period of time the bank’s employees in Zurich at least attempted ...
FCA fines five banks £1.1 billion for FX failings
November 12th, 2014
The Financial Conduct Authority (FCA) has imposed fines totalling £1,114,918,000 ($1.7 billion) on five banks for failing to control business practices in their G10 spot foreign exchange (FX) trading operations: Citibank N.A. £225,575,000 ($358 million), HSBC Bank Plc £216,363,000 ...
Regulators fine global banks $3.4 billion in forex probe
November 12th, 2014
Global regulators imposed penalties totaling $3.4 billion on five major banks, including UBS (UBSN.VX), HSBC (HSBA.L) and Citigroup (C.N) on Wednesday for failing to stop their traders from trying to manipulate foreign exchange markets. Royal Bank of Scotland (RBS.L) and JP ...
CFTC Further Implements Trade Execution Requirement
November 11th, 2014
The Commodity Futures Trading Commission’s (CFTC or Commission) Division of Market Oversight (Division) announced further implementation of the trade execution requirement for certain interest rate and credit default swaps. The Division previously provided no-action relief for certain swaps required ...
HMRC recovers record £3.65bn in unpaid taxes
November 10th, 2014
A record amount of unpaid tax has been recovered from avoidance schemes, evasion and fraud by HMRC’s top team of specialist investigators – up by almost a quarter in the past year, says Pinsent Masons, the international law firm. ...
Brothers slammed for forex ‘gamble’
November 10th, 2014
Two financial advisers and a company of which they are both directors have been ordered to repay a couple who lost more than R700 000, because they invested most of their savings – including the proceeds from the sale ...
The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare
November 10th, 2014
She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn’t take it anymore. “It was like watching an old lady get mugged on the street,” she ...
Philippines Responds To Businesses’ VAT Refund Concerns
November 7th, 2014
The Philippines tax authority has said that it will process value-added tax refund and credit claims within 120 days of an application, in response to an outcry from businesses about recent Revenue Memorandum Circular (RMC) No. 54-2014, which clarified ...
HMRC ‘steps up’ scrutiny of largest businesses
November 6th, 2014
The tax returns of two thirds of the 800 largest businesses operating in the UK are under “enquiry”, HMRC announced after yesterday’s stakeholder conference. Jennie Grainger, director general of enforcement and compliance, told the conference that this did not ...
MFSA: Notice to Financial Services Licence Holders
November 6th, 2014
The MFSA has issued a notice to draw the attention of licence holders to the recent publication of two public documents by the Financial Action Task Force (FATF) which have identified countries considered to have strategic deficiencies regarding anti-money ...
