The cult of paying various US government departments, or "agencies" to say nothing of state prosecutors, to to avoid prosecution using the dubious formula of "without admitting or denying the allegations" has reached a new height as a Canadian banking group has "agreed to remit USD516,105 to settle its potential civil liability."
Note "potential." Are such deals evidence of bribery ("we'll give you money if you leave us alone") or of blackmail ("give us money or we'll cost you a fortune in dealing with a long and complex, and heavily disruptive investigation that we all know will...
No one can accuse the South Koreans of rushing into things: the Financial Services Commission has just approved the country's first internet-only bank to commence operations. It's the first bank (of any kind) to launch for 24 years.
Hong Kong's Securities and Futures Commission has fined MIS Services Limited, formerly Standard Chartered Investment Services HKD3million for an astonishing breach of regulations: it failed to have in post staff who met the qualifying requirements. The breach is not trivial: it lasted for nine years. It raises questions over the performance of the company, its parent(s) and the regulator.
Clearly there was oversight when there should have been supervision.
You know all that fuss in India about withdrawing bank-notes in a so-called but misnamed "demonetisation" scheme? Well, they were high value notes. What would happen if a country decided to withdraw a low-value coin and replace it? We will all find out in the UK in just a few weeks.
I hate buzzwords. I hate management-speak. And I really, really hate trends that appear to be one thing when really they are another. And more than all of those combined, I hate marketing-hype bubbles where everyone talks in breathless terms about the means instead of the ends or, even, the process.
So it follows, even though I've been fascinated by technology for decades, I'm irritated by the growth of so-called "fintech."
In her special brand of contorted English, California's District Attorney Kamala Harris, says that a website is "an online brothel" and she's determined to jail its operators. Amongst the allegations is money laundering, at least in part based on the fact that the website's owners set up other companies to front their sales so that banks, etc. would allow them to take credit card payments. But Harris is off-target. She should be looking at cloud services providers. Cloudflare is in her back-yard. That would be a good place to start.
The USA's Financial Industry Regulatory Authority (FINRA) has agreed with Deutsche Bank Securities Inc. that the bank will pay USD3.25 million. FINRA found that the company failed to make the same information available to all of the clients of its "Alternative Trading System," and other breaches of regulations.
The DFSA Rulebook and Code of Market Conduct were subject to consultation and, following that, the DFSA Board has concluded the production of revisions to both documents.
The DFSA Board has passed a series of instruments (listed below) to give effect to the new versions. DSFA reminds users that, as a result of the consultation, there may be differences between the final version as published and the original drafts.
More than 15,000 customers of BMW Financial Services, Mini Financial Services and Alphera Financial Services are to be compensated for serious failures in the group's business practices, which caused genuine hardship in some cases, says the Australian regulator, ASIC. The scale of the Order is jaw dropping.
I've just caught up with the third episode of the genuinely excellent "Mars" on the National Geographic TV Channel.
The programme contains significant input from genuine rocket scientists and people who have studied as much as is currently possible about Mars, how to get there and how to deal with what they find.. But, seemingly, they forgot to ask someone with common sense to join the team.