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Banking News

UK expats count Brexit impact as banks shut accounts

London - For Roger Morton and his wife living in France -- and many other UK expats across the European Union -- Brexit is causing the closure of their British banking services.

Commerzbank names Deutsche Bank's Manfred Knof as new CEO

Berlin - Commerzbank, Germany's second largest bank which has been hit by the coronavirus pandemic and the Wirecard scandal, on Saturday named Manfred Knof from rival lender Deutsche Bank as its new chairman.

Regulators must impose more stiff sanctions in dirty money fightback: analysts

London - Financial regulators must impose more heavy penalties to combat money laundering, experts argue, after an international journalism investigation alleged that astronomical amounts of dirty cash has been flowing for years through some top global banks.

Australia's Westpac bank agrees record fine for money-laundering

Sydney - Australia's Westpac bank has agreed to pay a record AU$1.3 billion (US$923 million) fine for more than 23 million breaches of money-laundering laws, the bank and regulators announced Thursday.

HSBC shares hit 25-year low on report of China 'unreliable list'

Fpo - Shares in banking giant HSBC plunged to a 25-year low Monday on fears it could be added to a Chinese list of firms deemed a threat to national security and following news it had been accused of allowing fraudulent activity to go unpunished.

Major banks moved vast sums of illicit money: ICIJ

Washington - Massive sums of allegedly dirty money have flowed for years through some of the world's largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.

S.Africa's Ramaphosa rebukes minister for attacking Zambian leader

Johanesburg - South African President Cyril Ramaphosa has "strongly reprimanded" his finance minister for challenging the Zambian leader to explain his decision to sack that country's central bank governor, the presidency said Monday.

In the cyber-vulnerable world how much do we trust the banks?

Digital banking is increasingly becoming the standard way for businesses and consumers to complete transactions and to manage money. As the check withers, does digital finance have our full support and trust?

Banks snared by Hong Kong sanctions laws as US-China spat spirals

Fpo - International banks in Hong Kong are caught in the crossfire of competing laws enacted by the United States and China as the superpowers clash over the city's future, with analysts warning businesses are being forced to pick a side.

Big six banks are using Confirmation of Payee to reduce APP scams Special

The Payment Systems Regulator has said all members of the UK’s six largest banking groups are now using the new fraud prevention tool, Confirmation of Payee, helping to reduce Authorised Push Payment (APP) scams. What does this mean for consumers?

UK court sides with Guaido in Venezuela gold dispute

London - Venezuela's opposition cried victory on Thursday after a London judge ruled that the British government had "unequivocally recognised" opposition leader Juan Guaido as the troubled Latin American country's president.

South African bank must replace 12M customer cards Special

The banking division of South Africa's Post Office called Postbank lost over $3.2 million will have to replace more than 12 million customer cards. This followed a cybersecurity incident.

Challenger insurers are doing better than banks during COVID-19 Special

In recent weeks, the coronavirus pandemic has become a catalyst for digital solutions. One area where growth has been strongest is with challenger insurance startups, who are disrupting the traditional insurance market.

ECB eases bank funding rules in 'unprecedented' step

Frankfurt Am Main - The European Central Bank on Tuesday announced an "unprecedented" easing of collateral requirements in a bid to boost bank lending during the coronavirus crisis.

Coronavirus gives US banks a shot at redemption

New York - The economic wallop from the coronavirus offers an opening for large US banks to win back points from the public after the industry was pilloried over the 2008 financial crisis.

Football Leaks hacker Rui Pinto files complaint against Portgual

Lisbon - Portuguese hacker Rui Pinto, the originator of Football Leaks and Luanda Leaks, has filed a complaint with the EU against Portugal, accusing it of non-compliance with European rules on extradition, his lawyers told AFP on Monday.

Computer Facilities network addresses data vulnerability Special

One of the largest banks in South Africa, Nedbank, recently disclosed a breach that affected the personal details of 1.7 million users due to an issue with Computer Facilities network. Anurag Kahol, Bitglass looks into the vulnerability.

For Safer Internet Day, businesses can do more for consumers Special

Safer Internet Day happens on February 11 each year. For the 2020 event there is a focus on what businesses can do to help keep customers safe. Cindy Provin of nCipher Security provides some advice for enterprises.

Fraudster Madoff is dying, wants out of prison: lawyer

Washington - Bernie Madoff, jailed in the United States for perpetrating the world's largest fraud, is terminally ill and wants to leave prison to die, his attorney said Wednesday.

Swiss minister says Facebook's Libra has 'failed' in current form

San Francisco - The Swiss president and finance minister has delivered the latest blow to Facebook's planned Libra cryptocurrency, saying it has "failed in its current form," Swiss network SRF reported Friday.

Smooth-talking Lagarde faces first ECB grilling

Frankfurt Am Main - New European Central Bank president Christine Lagarde makes her first monetary policy announcements Thursday, with observers hunting for clues to her leadership style and the bank's response to stuttering eurozone growth.

Financial markets embrace brave new world of AI

London - Artificial Intelligence has spread rapidly across markets in recent years as traders constantly strive to gain the upper hand, while regulators have given a guarded welcome to the cutting-edge technology.

2020 Fintech predictions from Marqeta Special

Oakland, CA-based fintech startup Marqeta, has made some fintech predictions for 2020, made available to Digital Journal readers. Fintech extends to the new applications, processes, products, or business models in the financial services industry.

Australia's Westpac faces huge fine for money-laundering breaches

Sydney - Australian banking giant Westpac faces a massive fine after being accused by regulators Wednesday of "serious and systemic" breaches of money-laundering laws involving more than US$7 billion.

Merkel, Macron praise Draghi's 'European dream' as ECB chief bows out

Frankfurt Am Main - French President Emmanuel Macron and German Chancellor Angela Merkel on Monday lauded Mario Draghi for defending "the European dream" in the face of opposition as he handed over a divided ECB to Christine Lagarde.

Departing Draghi looks to bind wounds at ECB

Frankfurt Am Main - At his final press conference Thursday, departing European Central Bank president Mario Draghi will downplay differences among policymakers over September's big-bang stimulus package, hoping to limit their impact on the institution's effectiveness, ana...

Key moments in Draghi's eventful ECB tenure

Frankfurt Am Main - Mario Draghi hands over the keys of the European Central Bank to Christine Lagarde on October 31, leaving the former IMF chief a eurozone economy struggling to stay in gear.

Matthieu Pigasse to quit as CEO of Lazard France

Paris - French investment banker Matthieu Pigasse, a major shareholder in France's Le Monde newspaper, is to resign his executive positions at Lazard, the US investment bank announced Sunday.

Malaysia held talks with Goldman over 1MDB charges: report

Kuala Lumpur - Malaysia held talks with Goldman Sachs about dropping charges against three units of the Wall Street bank that prosecutors brought over the multi-billion-dollar 1MDB scandal, a report said Thursday.

Ex-Ukraine central bank chief's home burnt down in attack

Kiev - Ukrainian police on Tuesday investigated a fire that destroyed the house of a reformist former central bank chief, who along with the bank called it an act of "terror".
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UBS logo
Fabrice Coffrini
London s financial district  taken from a helicopter trip.
London's financial district, taken from a helicopter trip.
Five models and three different generations of security token devices for online banking. The newer ...
Five models and three different generations of security token devices for online banking. The newer models are in the foreground.
M0tty
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.
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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
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich  Switzerland.
GIANT: Credit Suisse headquarters at Paradeplatz in Zurich, Switzerland.
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Bank of America
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The Credit Lyonnais (now LCL) bank headquarters in Paris France
The Credit Lyonnais (now LCL) bank headquarters in Paris France
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An automated teller machine (ATM).
An automated teller machine (ATM).
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A Barclays bank in Birmingham, UK
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