In Australia at present, there is a culture of attacking banks no matter what. Any handy stick can be used to beat them with. A case involving Westpac and a seriously ill disabled woman demonstrates that the craze has gone too far.
As the US bill to roll-back the Dodd-Frank reforms that were designed, amongst other things, to stabilise banks to protect them from failure is sent to the President, who promoted it, for signature, BankingInsuranceSecurities.com points out one statistic that might indicate how successful Dodd-Frank has been and why the changes increase the USA's risk profile.
If a little shop told its customers that they could have a special offer that cost x, then denied them when they arrived, then told them the price was actually 15% more than x, then when the bill arrived it was for a further 20%, credit card companies would be deluged with complaints and chargebacks. But that is exactly what Microsoft's Skype does, as Nigel Morris-Cotterill demonstrates.
Australia's Royal Commission into financial services has criticised the Australian Securities and Investment Commission (same word, different meaning) in relation to so-called enforceable undertakings. There is a problem but in part it's caused by factors outside ASIC's control.
The Solicitors' Regulatory Authority which regulates solicitors in England and Wales has begun proceedings against a partner of one of the bluest of blue chip firms in London alleging that he failed to undertake adequate due diligence for money laundering risk purposes when taking on two young women as clients. To be clear: this is a prosecution by the Solicitors' Regulatory Authority, not the police. It is a criminal prosecution for failing to comply with the Money Laundering Regulations. This is big stuff.
The Australian Securities and Investments Commission (ASIC) has permanently banned financial adviser Ezzat-Daniel Nesseim from providing financial services.
The Monetary Authority of Singapore (MAS) announced today that it has issued prohibition orders (POs) against six individuals for the mis-selling of investment products. The individuals are:
The case is building against former Prime Minister Najib and so far the focus is on money laundering. But there is another, easier to prove and much faster and much cheaper way to take action against both Najib and his wife, Rosmah and although there's an implied abuse of power, there's no need to prove it, no need to prove money laundering, no need to prove that money was stolen from 1MDB or elsewhere. There is a quick, simple, brutal tool at the government's disposal that might enable the near-immediate recovery of more than three million ringgit.
This is a story about how eight men used Facebook to claim (and be paid) grants from the European Union for their cattle farms. The story fizzled out in 2013 and we want to know what happened. Does anyone know? (free content)
There's a basic truth about terrorism: terrorists need to keep themselves in the news. From stabbing attacks on "soft" targets to mass-beheading on the side of a road, Da'eas (ISIS / ISIL ) and their loose network are past masters at getting the kind of attention that ramps up shock with periodic changes in strategy. Attacks in Indonesia combined several reasons for anger and some for shock. ChiefOfficers.Net analyses why it was so successful and the fact that they have brought horror and terror, in equal measure, from an "it happens" state of mind to "it could happen to me, anytime, anywhere" and, therefore achieves the primary...
Sanctions have long been a political tool for the USA and they work in many different ways. Chinese telecoms giant ZTE has found itself almost a proxy in the USA's battle with Iran but there are other complexities, too. The result is that President Trump is finding that politics has far more nuance than he thought. The place where he's chosen to try to remove nuance is sanctions. Anyone who still thinks that Trump can't throw out rule-books that have been used for years is flying in the face of the evidence. It would be unwise to bet against him getting the result he wants this time.
Last Wednesday, Malaysians voted to boot their sixth prime minister, Najib, out of office. As the new government set about being formed, it became clear that many senior appointments would be terminated and some not too kindly. Thursday and Friday were public holidays. Saturday and Sunday were days off. Today the head of the Malaysian Anti-Corruption Commission walked into his office and submitted his letter of resignation. (free content)
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