US Fed
Slams $186M Fine on Deutsche Bank over AML Failure
The US Federal
Reserve Board has issued
a censure order and a $186 million fine against Germany-based Deutsche Bank,
its local unit in New York and two other US affiliates. The governing body of the US central banking
system disclosed the enforcement actions yesterday (Thursday), noting that it decided on the measures as a result of the investment bank’s ‘unsafe and unsound practices’.
Deutsche Bank’s headquarters in Frankfurt, Germany
In
addition, the Board said the actions penalize
Deutsche Bank’s violations of consent orders on sanctions compliance and
anti-money laundering (AML) controls issued in 2015 and 2017.
“The Board
found that Deutsche Bank made insufficient remedial progress under the 2015 and
2017 consent orders and had deficient anti-money laundering internal controls
and governance processes relating to its prior relationship with the Estonian
branch of Danske Bank,” the governing body explained in a statement. “This consent order requires
Deutsche Bank to prioritize completion of several critical requirements of the
Board’s prior orders.”
Reacting,
Deutsche Bank in a separate
statement said the authority’s actions “reinforce the need to
ensure we stand by our commitments and close our remediation obligations in the
near future.” “We
appreciate that the Federal Reserve recognizes the progress we have made in
recent years in remediating and resolving control weaknesses,” the financial services company added.
Keep Reading
Almost 50% of the UK Traders Feel Inflation Blues and Seek Cheaper Solutions2023 Digital Banking Trends and the Future of Banking
XS.com Welcomes New Senior
BD Manager
XS.com has
announced the appointment of a new Senior BD Manager. Gloria Cheong, who previously held a similar role in HFTX Limited, Zenfinx and Vantage, joined the
company in June.
“Welcome to
our team Gloria Cheong! You bring a unique perspective to our team that can
help us reach new heights,” XS.com wrote in a LinkedIn post.
HSBC Employs Senior
Executives
HSBC has
appointed JPMorgan and Bank of America industry veterans to fortify its payment
business. Martijn Stoker, formerly the EMEA the Head of Liquidity and Account
Solutions at JP Morgan, will be the Global Head of HSBC’s Global Payment
Solutions and Liquidity and Investment Solutions.
Stoker is
scheduled to join HSBC’s London office in October 2023, a strategic move
designed to strengthen the bank’s payment business, which reported revenue of
$4 billion in Q1 2023.
FCA Intensifies Efforts to
Regulate Problem Firms
FM, Financial Conduct Authority
The
Financial Conduct Authority (FCA) has tightened its grip on rogue firms,
terminating operations of 627 companies that failed to meet the minimum
standards, which is an increase of 30% compared to the previous year. This aggressive
approach underscores the regulator’s determination to enforce higher standards
in the financial services sector.
The FCA
also acted promptly to direct lenders on how to offer tailored support to
borrowers grappling with financial difficulties. Additionally, it warned insurers against
unnecessary add-ons or unfair penalties. Furthermore, it secured up to ?47 million in
compensation for mistreated borrowers.
Feedzai Launches ‘Railgun’
Feedzai, a
US-based RiskOps platform, has unveiled ‘Railgun’, an AI engine specifically
designed to counteract financial fraud even before it takes place. The advent
of Railgun is particularly significant in the backdrop of soaring levels of
financial crime and the adoption of sophisticated techniques by criminals using
generative AI.
As a
result, state-of-the-art fraud detection technologies like Railgun have become
crucial to protect consumers and financial institutions. Railgun’s advanced
features stem from years of R&D and Feedzai’s patented streaming analytics,
enabling it to overcome limitations in conventional fraud detection systems.
Terraform Labs Appoints
New CEO
According
to reports, Chris Amani, a veteran team member at Terraform Labs, has been
appointed as the company’s new CEO amidst Co-Founder Do Kwon’s legal issues.
Amani has been with the company since 2021 and has held various key positions,
including COO and CFO.
Prior to
joining Terra, Amani served as the CEO of the scheduling solution provider, Humanity. Despite his appointment as the CEO in April 2023, Amani’s new role has
been publicly confirmed only now, while Kwon remains the principal shareholder of
Terra.
Interactive Brokers Adds Taiwan Stock Exchange
Interactive Brokers (Nasdaq: IBKR) has expanded its offerings with the latest addition of the Taiwan Stock Exchange, allowing customers to invest in the Taiwan stock market. According to the broker, it will offer Taiwanese stocks, ETFs, and TDRs, alongside its existing offerings.
David Friedland, Head of APAC at Interactive Brokers
“Access to the Taiwan Stock Exchange strengthens Interactive Brokers’ presence in Asian markets and enhances the company’s global footprint,” said David Friedland, the Head of APAC at Interactive Brokers. “Extending our global reach underscores our dedication to providing experienced traders and institutional investors unparalleled market access worldwide.”
Flywire Gains Singapore License
Flywire, a payments company, is eying Asian markets after obtaining in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS).
“This is a further validation of Flywire’s ability to meet the highest standards of regulation and compliance all over the world,” said Frans Wiwanto, Flywire’s Managing Director of APAC.
“In Singapore, major payment institutions need to be licensed and regulated under the Payment Services Act (‘PS Act’) to provide payment services. Flywire has demonstrated that we are meeting these requirements, thus highlighting our commitment to data security, privacy, and compliance for our clients and payers.”
Match-Trader Adds Multi-Chart Mode
Match Trader, developed by Match-Trade, enhances its features by adding a multi-chart mode to an online version of its platform. Currently, the platform supports the simultaneous display of up to four charts.
Released with the platform’s July update, the new feature “enhances workspace personalization, enabling traders to simultaneously open and manipulate multiple charts on a single browser screen.” Further, it enhances analytical capabilities by allowing the displayed chart to be adjusted and provides drawing tools.
Multi-chart mode on Match-Trader
Webull Japan Adds US Options
Webull Japan, which is the Japanese arm of the New York-headquartered broker, announced the launch of US Single Stock Options (SSOs) and a suite of US Index Options. It will now allow Japanese retail traders to access US SSOs and cash-settled Index Options trading.
According to the official announcement, Webull Japan has become the first broker-dealer in the country to offer US Index Options to retail investors.
Wataru Kojima, Webull Japan’s CEO
“Webull Japan is committed to providing its users with the best investment opportunities and experience, and the launch of US SSOs and US Index Options is a testament to that commitment. We look forward to continuing to increase our product offerings locally and are excited about the opportunities it will bring to Japanese retail investors,” said Webull Japan’s CEO, Wataru Kojima.
Bank of Japan Mulls Digital Yen Pilot
The Bank of Japan has ramped up its efforts around the digital yen by starting discussions with 60 companies to launch a central bank digital currency (CBDC) pilot program. The discussions include the business and technological features of retail settlements with a digital yen.
However, the official statement highlighted that the pilot would not ensure that the country will ultimately launch a digital yen.
UK to Launch a Digital Sandbox
The Financial Conduct Authority (FCA) has confirmed the launch of its Digital Sandbox on 1 August after two successful pilots. The upcoming launch will open the platform to a broader range of innovative businesses, start-ups, and data providers.
“The Digital Sandbox is a testing environment that enables us to support firms at the early stage of product development by enabling experimentation through proof of concepts,” the regulator explained. “Alongside innovators, the permanent Sandbox also welcomes data providers to apply to list their data on the platform and gain traffic and insights on its usage.”
Following the permanent launch, it will accept applications from themes, including banking, investment, lending, payments, insurance, pension, wholesale buy-side, wholesale sell-side, and cross-sectors. The applications will be assessed under a scope, genuine innovation, consumer benefit, readiness, and need for support.
US Fed
Slams $186M Fine on Deutsche Bank over AML Failure
The US Federal
Reserve Board has issued
a censure order and a $186 million fine against Germany-based Deutsche Bank,
its local unit in New York and two other US affiliates. The governing body of the US central banking
system disclosed the enforcement actions yesterday (Thursday), noting that it decided on the measures as a result of the investment bank’s ‘unsafe and unsound practices’.
Deutsche Bank’s headquarters in Frankfurt, Germany
In
addition, the Board said the actions penalize
Deutsche Bank’s violations of consent orders on sanctions compliance and
anti-money laundering (AML) controls issued in 2015 and 2017.
“The Board
found that Deutsche Bank made insufficient remedial progress under the 2015 and
2017 consent orders and had deficient anti-money laundering internal controls
and governance processes relating to its prior relationship with the Estonian
branch of Danske Bank,” the governing body explained in a statement. “This consent order requires
Deutsche Bank to prioritize completion of several critical requirements of the
Board’s prior orders.”
Reacting,
Deutsche Bank in a separate
statement said the authority’s actions “reinforce the need to
ensure we stand by our commitments and close our remediation obligations in the
near future.” “We
appreciate that the Federal Reserve recognizes the progress we have made in
recent years in remediating and resolving control weaknesses,” the financial services company added.
Keep Reading
Almost 50% of the UK Traders Feel Inflation Blues and Seek Cheaper Solutions2023 Digital Banking Trends and the Future of Banking
XS.com Welcomes New Senior
BD Manager
XS.com has
announced the appointment of a new Senior BD Manager. Gloria Cheong, who previously held a similar role in HFTX Limited, Zenfinx and Vantage, joined the
company in June.
“Welcome to
our team Gloria Cheong! You bring a unique perspective to our team that can
help us reach new heights,” XS.com wrote in a LinkedIn post.
HSBC Employs Senior
Executives
HSBC has
appointed JPMorgan and Bank of America industry veterans to fortify its payment
business. Martijn Stoker, formerly the EMEA the Head of Liquidity and Account
Solutions at JP Morgan, will be the Global Head of HSBC’s Global Payment
Solutions and Liquidity and Investment Solutions.
Stoker is
scheduled to join HSBC’s London office in October 2023, a strategic move
designed to strengthen the bank’s payment business, which reported revenue of
$4 billion in Q1 2023.
FCA Intensifies Efforts to
Regulate Problem Firms
FM, Financial Conduct Authority
The
Financial Conduct Authority (FCA) has tightened its grip on rogue firms,
terminating operations of 627 companies that failed to meet the minimum
standards, which is an increase of 30% compared to the previous year. This aggressive
approach underscores the regulator’s determination to enforce higher standards
in the financial services sector.
The FCA
also acted promptly to direct lenders on how to offer tailored support to
borrowers grappling with financial difficulties. Additionally, it warned insurers against
unnecessary add-ons or unfair penalties. Furthermore, it secured up to ?47 million in
compensation for mistreated borrowers.
Feedzai Launches ‘Railgun’
Feedzai, a
US-based RiskOps platform, has unveiled ‘Railgun’, an AI engine specifically
designed to counteract financial fraud even before it takes place. The advent
of Railgun is particularly significant in the backdrop of soaring levels of
financial crime and the adoption of sophisticated techniques by criminals using
generative AI.
As a
result, state-of-the-art fraud detection technologies like Railgun have become
crucial to protect consumers and financial institutions. Railgun’s advanced
features stem from years of R&D and Feedzai’s patented streaming analytics,
enabling it to overcome limitations in conventional fraud detection systems.
Terraform Labs Appoints
New CEO
According
to reports, Chris Amani, a veteran team member at Terraform Labs, has been
appointed as the company’s new CEO amidst Co-Founder Do Kwon’s legal issues.
Amani has been with the company since 2021 and has held various key positions,
including COO and CFO.
Prior to
joining Terra, Amani served as the CEO of the scheduling solution provider, Humanity. Despite his appointment as the CEO in April 2023, Amani’s new role has
been publicly confirmed only now, while Kwon remains the principal shareholder of
Terra.
Interactive Brokers Adds Taiwan Stock Exchange
Interactive Brokers (Nasdaq: IBKR) has expanded its offerings with the latest addition of the Taiwan Stock Exchange, allowing customers to invest in the Taiwan stock market. According to the broker, it will offer Taiwanese stocks, ETFs, and TDRs, alongside its existing offerings.
David Friedland, Head of APAC at Interactive Brokers
“Access to the Taiwan Stock Exchange strengthens Interactive Brokers’ presence in Asian markets and enhances the company’s global footprint,” said David Friedland, the Head of APAC at Interactive Brokers. “Extending our global reach underscores our dedication to providing experienced traders and institutional investors unparalleled market access worldwide.”
Flywire Gains Singapore License
Flywire, a payments company, is eying Asian markets after obtaining in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS).
“This is a further validation of Flywire’s ability to meet the highest standards of regulation and compliance all over the world,” said Frans Wiwanto, Flywire’s Managing Director of APAC.
“In Singapore, major payment institutions need to be licensed and regulated under the Payment Services Act (‘PS Act’) to provide payment services. Flywire has demonstrated that we are meeting these requirements, thus highlighting our commitment to data security, privacy, and compliance for our clients and payers.”
Match-Trader Adds Multi-Chart Mode
Match Trader, developed by Match-Trade, enhances its features by adding a multi-chart mode to an online version of its platform. Currently, the platform supports the simultaneous display of up to four charts.
Released with the platform’s July update, the new feature “enhances workspace personalization, enabling traders to simultaneously open and manipulate multiple charts on a single browser screen.” Further, it enhances analytical capabilities by allowing the displayed chart to be adjusted and provides drawing tools.
Multi-chart mode on Match-Trader
Webull Japan Adds US Options
Webull Japan, which is the Japanese arm of the New York-headquartered broker, announced the launch of US Single Stock Options (SSOs) and a suite of US Index Options. It will now allow Japanese retail traders to access US SSOs and cash-settled Index Options trading.
According to the official announcement, Webull Japan has become the first broker-dealer in the country to offer US Index Options to retail investors.
Wataru Kojima, Webull Japan’s CEO
“Webull Japan is committed to providing its users with the best investment opportunities and experience, and the launch of US SSOs and US Index Options is a testament to that commitment. We look forward to continuing to increase our product offerings locally and are excited about the opportunities it will bring to Japanese retail investors,” said Webull Japan’s CEO, Wataru Kojima.
Bank of Japan Mulls Digital Yen Pilot
The Bank of Japan has ramped up its efforts around the digital yen by starting discussions with 60 companies to launch a central bank digital currency (CBDC) pilot program. The discussions include the business and technological features of retail settlements with a digital yen.
However, the official statement highlighted that the pilot would not ensure that the country will ultimately launch a digital yen.
UK to Launch a Digital Sandbox
The Financial Conduct Authority (FCA) has confirmed the launch of its Digital Sandbox on 1 August after two successful pilots. The upcoming launch will open the platform to a broader range of innovative businesses, start-ups, and data providers.
“The Digital Sandbox is a testing environment that enables us to support firms at the early stage of product development by enabling experimentation through proof of concepts,” the regulator explained. “Alongside innovators, the permanent Sandbox also welcomes data providers to apply to list their data on the platform and gain traffic and insights on its usage.”
Following the permanent launch, it will accept applications from themes, including banking, investment, lending, payments, insurance, pension, wholesale buy-side, wholesale sell-side, and cross-sectors. The applications will be assessed under a scope, genuine innovation, consumer benefit, readiness, and need for support.
