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A startling report published by Malaysia's state media company and widely disseminated raises questions over the granting of loans and the checks made on borrowers. It also raises the question of what problems might follow.

Editorial Staff
BIScom Subsection: 

In the iconic TV series, The Magic Roundabout, an old man with a beard rides a tricycle around the garden, making "wheeeee" noises that attract a lot of attention but seem to have little substance. He's the gardener, but his lack of clear purpose means that the garden is, well, let's say, a little unkempt. Fast forward almost 45 years and another Mr McHenry is making noises with, seemingly, worryingly little understanding of what he's talking about. And he's part of the Trump infotainment system that is encouraging the President to make bad policy based on misinformation or, as it's called today, fake news or, even "alternative facts."

Editorial Staff
BIScom Subsection: 

In a majorly embarrassing incident, has imposed additional licence conditions on the Australian financial services licence of NAB's superannuation trustee, NULIS Nominees (Australia) Limited (NULIS), following breakdowns in internal procedures.

Editorial Staff

BankWest, a division of Commonwealth Bank of Australia, failed to apply interest credits to offset accounts. It's having to make a big refund to thousands of customers.

Editorial Staff
BIScom Subsection: 

Late last year, there were rumours of fundamental financial instability at German bank Deutsche Bank (Deutsche). In September, the German government said it would not provide support for the bank. Speculation was rife as to why but perhaps the strongest was that Angela Merkel, the German Chancellor, was already on a sinking raft in heavy political seas. Then Deutsche started doing deals to settle regulatory cases and the sums are adding up to so much that the future of the bank must now be in doubt.

Editorial Staff
BIScom Subsection: 

Hong Kong Monetary Authority has issued a warning relating to a suspicious internet banking mobile application (App) related to Wing Lung Bank Limited.

Editorial Staff
BIScom Subsection: 

The UK's Financial Conduct Authority has published a table setting out "the total amount of fines so far." It's a head-shaking moment.

Editorial Staff
BIScom Subsection: 

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 turn up something in even the best run companies. And yes, of course we know you aren't American")

The trouble is: there were extensive compliance failures and, as in so many cases, a failure by a non-US bank to recognise the long arm of US law and regulation where US dollars are used.

Editorial Staff
BIScom Subsection: 

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.

Editorial Staff
BIScom Subsection: 

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.

Editorial Staff
BIScom Subsection: 

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