Citi was money launderers' favourite bank, US law enforcement officials say – Financial Times
Get your free copy of Editor’s Digest FT editor Roula Khalaf picks her favourite stories in this weekly newsletter. Senior U.S. law enforcement officials say drug traffickers chose to launder their money through Citigroup because they considered the bank’s less strict anti-fraud measures “preferable.” In an indictment unsealed last week, U.S. prosecutors detailed how two […]
JPMorgan Chase, Bank of America and Wells Fargo Accounts Used in Alleged $92,000,000 Money Laundering Scheme: Report – The Daily Hodl
A new report claims a $92 million money laundering scheme “completely” passed through three major U.S. banks. A group of suspected drug traffickers and money launderers are accused of depositing hundreds of thousands of dollars in illicit funds into accounts at JPMorgan Chase, Bank of America and Wells Fargo. Reports CNN reported, citing court documents. […]
Hungary central bank tells lenders to reimburse clients after Apple glitch By Reuters – Investing.com
BUDAPEST (Reuters) – Hungary’s central bank on Saturday instructed the country’s financial institutions to immediately start refunding customers after Apple Inc’s (NASDAQ:) electronic payment service mistakenly charged hundreds of thousands of accounts in the country earlier this week. The central bank said some 780,000 erroneous charges totalling more than 2 billion forints ($5.43 million) had […]
Fed Faces Tough Choice on Inflation Following Bank Collapses
Estimated Reading Time: 3 minutes The U.S. Federal Reserve may be less likely to use its key tool to combat inflation because of recent bank failures. The Fed has been aggressively hiking interest rates for months to help combat inflation. While inflation has slowed, it remains elevated. Given the recent bank collapses, hiking rates again […]
Stealing someone’s life savings from a bank isn’t hard – The Dallas Morning News
I had a hunch about the big banks: They would be much less likely to compensate customers who lost thousands of dollars to scammers posing as bankers. Two stories shared with Watchdog Nation in the same week about Chase Bank customers further strengthened my suspicions: one about a woman who lost $25,000, and another about […]
JPMorgan Chase Bank India CEO Prabdev Singh Steps Down – PYMNTS.com
JP Morgan Chase Bank India CEO Prabhudev Singh He will reportedly step down from his position and leave the bank about a year and a half into his three-year term. Singh received regulatory approval for a three-year term starting in January 2023, Bloomberg reported. report Monday (June 24th). He joined JP Morgan in 2010. Madhav […]
Ashraf Shaaban Listed as Global Legal Head of National Bank of Egypt – Emptywheel
As stated here, Newly Unsealed Passage In a September 19, 2018 opinion by Beryl Howell rejecting an Egyptian bank’s motion to quash a subpoena issued in an investigation into an alleged $10 million payment to Donald Trump, Ashraf Shaaban is group general counsel for the Egyptian-owned bank in question. according to Egyptian American Chamber of […]
Bank of America likes this new AI play from the auto sector – CNBC
Bank of America says investors should keep an eye on leading automotive software stocks before a multiyear adoption cycle of artificial intelligence (AI)-enabled dash cam technology. “Samsara (IOT) is revolutionizing road safety,” analyst Matt Block wrote in a note Thursday. “While dash cam hardware is relatively commoditized, the secret is the company’s software, which provides […]
Bank of England Revives Speculation of UK Rate Cut This Summer – Yahoo Finance
(Bloomberg) — The Bank of England rekindled speculation about an interest rate cut in the near future, as more officials signaled they might support moving away from borrowing costs that are at a 16-year high. Most read articles on Bloomberg Investors are pricing in a more than 50% chance of a rate move in August, […]
Bank of England holds rates at 5.25% – Financial Times
Stay up to date with free updates Just sign up UK interest rates myFT Digest – delivered straight to your inbox. The Bank of England’s “delicately balanced” decision to keep interest rates unchanged at 5.25% just two weeks before the UK’s July 4 general election, dealt a blow to Conservative hopes of improving personal finances. […]