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Banking News

Bank's voice recognition system fooled by user's twin

The voice recognition security system used by a major UK bank was compromised in a test by a user's twin. The breach allows recent transactions to be displayed and money to be transferred between accounts. Withdrawals are not permitted.

France's Tapie must repay 404 mn euros over Adidas sale: court

Paris - French tycoon Bernard Tapie must repay the 404 million euros ($449 million) he received to settle his long-running dispute with the state over the sale of sports equipment maker Adidas, an appeals court ruled Thursday.

Zcash, the virtual money making its mark

New York - Zcash, the latest virtual currency, has been a smash success since its launch seven months ago, drawing in new users with promises of unrivaled privacy protection.

JPMorgan chief sees higher risk of EU breakup

New York - The odds of a breakup of the European Union have increased after Brexit, an outcome that could have "devastating" economic and political effects, JPMorgan Chase's chief executive said Tuesday.

Freed from prison, Iceland's ex-bankers want vindication

Reykjav - Once reviled symbols of rogue capitalism, Iceland's ex-bankers now say they were scapegoats: jailed for their roles in the 2008 financial crisis, they're taking their cases to the European Court of Human Rights.

Russia's largest bank pulls out of Ukraine

Moscow - Russia's Sberbank, the largest in the country, on Tuesday announced it had sold its Ukraine division, where operations have been complicated since Moscow's annexation of Crimea.

Iran to appeal seizure of 9/11 compensation money

Tehran - Iran's central bank said Sunday it will appeal Luxembourg's decision to freeze $1.6 billion of its assets, which the US is claiming as compensation for victims of the September 11, 2001 attacks.

Luxembourg court denies Iran demand to unblock assets

Luxembourg - A Luxembourg court on Wednesday denied a demand by Tehran to repatriate $1.6 billion of Iranian assets claimed by the US as compensation for the victims of the September 11, 2001 attacks.

Assets in Panama banks reach record level despite 'Panama Papers'

Panama - Banks based in Panama managed a record level of assets last year -- $121 billion -- despite fallout from the "Panama Papers" scandal, an industry body in the Central American country said Thursday.

Iceland booming but no crash in sight, central banker says

Reykjav - Iceland's economy is booming and may overheat but there will be no repeat of the crash that plunged the country into a major financial crisis in 2008, central bank governor Mar Gudmundsson told AFP in an interview.

Self-proclaimed 'King of Germany' jailed for fraud

Berlin - A German court on Wednesday sentenced Peter Fitzek, the self-declared "King of Germany", to jail for setting up an illegal bank and embezzling up 1.3 million euros of deposits.

Iran rejects US moves to seize 9/11 compensation money

Tehran - Iran said Tuesday it was "completely unfair" for US lawyers to try to seize its overseas assets as compensation for the victims of September 11, 2001.

Ex-IMF chief Rato handed 4.5 years in jail for embezzlement

Madrid - Former IMF chief Rodrigo Rato was handed a jail sentence of four years and six months Thursday for misusing funds when he was the boss of two Spanish banks.

Turk gets 8 years jail in theft of $55 mn in ATM hacks

Washington - A Turkish computer hacker who helped steal $55 million from ATM machines in dozens of countries using data from credit card issuers was sentenced to eight years in prison Friday.

Ex-IMF chief Rato, already in dock, accused of 'tax fraud'

Madrid - Former IMF chief Rodrigo Rato stands accused of tax fraud carried out in his native Spain over more than a decade, according to a report Wednesday detailing charges that come atop another ongoing trial for embezzlement.

HSBC funding Indonesian forest destruction: Greenpeace

Jakarta - Greenpeace on Tuesday accused banking giant HSBC of helping to arrange billions of dollars in financing for companies whose palm oil operations have been blamed for destroying vast swathes of Indonesian rainforest.

Portugal's BPI cedes control of Angola's top bank

Lisbon - Portugal's BPI bank on Thursday ceded control of Angola's top lender to a telecoms company run by Isabel dos Santos, daughter of the country's president and dubbed Africa's richest woman.

US acting as global policeman for financial crimes

Washington - Handing out multibillion-dollar fines right and left to domestic and foreign financial giants, the United States has taken on the role of the unforgiving global cop of the business world.

Ukraine pours $500 mn into nationalised bank

Kiev - Ukraine's central bank on Tuesday poured more than half a billion dollars into the country's largest bank after nationalising it in a bid to avert its collapse and a financial meltdown.

Italy's banking problems can be solved, EU will help: Juncker

Brussels - Italy's banking problems can be solved and the EU will do everything to help, European Commission chief Jean-Claude Juncker said Wednesday, dismissing fears of something akin to the euro crisis.

France blocks extradition of Kazakh oligarch to Russia

Paris - France's highest administrative authority on Friday blocked the extradition of Kazakh opposition figure Mukhtar Ablyazov to Russia, where he is accused of embezzling billions of dollars.

Verdict due for French ex-minister 'rooted in fraud'

Paris - Former French budget minister Jerome Cahuzac will on Thursday learn the verdict in his stormy tax fraud trial in which he was accused of hiding millions abroad while leading a crackdown on tax dodgers at home.

State-owned Russian bank VTB says sites hit by cyberattack

Moscow - State-controlled Russian bank VTB said Monday that its websites had been hit by a cyberattack but insisted its systems were still working "as normal".

Russia says foreign spies plotted huge cyberattack

Moscow - Russia on Friday said it had uncovered plans by foreign intelligence services to carry out massive cyberattacks this month targeting the country's financial system.

Singapore fines two British banks for 1MDB-linked lapses

Singapore - Singapore's financial regulator said Friday it has fined two British banks and barred a former Goldman Sachs banker in a widening crackdown on money laundering linked to Malaysian state fund 1MDB.Standard Chartered Bank was slapped with a Sg$5.

Andorra ends banking secrecy

Andorra La Vella - Andorran lawmakers have agreed to end banking secrecy in the Pyrenees mountains principality once considered a tax haven, approving automatic sharing of information on accounts held by non-residents.

Bank regulators seek deal on crisis reforms

Santiago - World banking supervisors said Wednesday they were closing in on finalizing controversial new regulations to prevent a repeat of the 2008 financial crisis.

Online criminals steal money from 20,000 Tesco Bank accounts

U.K. banking provider Tesco Bank has announced it has suspended all online transactions for its current account customers. The bank's chief executive confirmed criminals stole money from over 20,000 accounts over the weekend. It is currently unknown how.

HSBC should stand trial in tax fraud case: French prosecutor

Paris - A French prosecutor has called for British banking giant HSBC to stand trial for enabling French clients to hide at least 1.67 billion euros ($1.84 billion) from the taxman, a source close to the probe said Thursday.

Moldova struggles to reform economy hit by money laundering, theft

Chisinau - Europe's poorest country Moldova -- politically torn between former Soviet master Russia and the West --- has seen its economy ravaged by rampant corruption and a string of money laundering and theft scandals.
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The Euro sign outside the European Central Bank in Frankfurt  Germany
The Euro sign outside the European Central Bank in Frankfurt, Germany
Bank of America ATM
Bank of America
Brian Katt
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich  Switzerland.
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich, Switzerland.
Roland zh / Wikimedia Commons
Members of the organization have called on their supporters to boycott HSBC and see it as a test of ...
Members of the organization have called on their supporters to boycott HSBC and see it as a test of their faith.
YouTube
A Barclays bank in Birmingham  UK
A Barclays bank in Birmingham, UK
ell brown
UBS logo
UBS logo
Fabrice Coffrini
The Credit Lyonnais (now LCL) bank headquarters in Paris France
The Credit Lyonnais (now LCL) bank headquarters in Paris France
Wikicommons