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Banks Brought to Question Over Credit Default Swaps

Banks Brought to Question Over Credit Default Swaps

Posted by on Oct 4, 2013 in BANKING | 0 comments

Fines from the European commission could be on the horizon for a number of big banks, including Barclays, Royal Bank of Scotland and HSBC. The Commission watchdog has alleged that the banks have been plotting together to stop new entrants from becoming involved in lucrative financial contracts.

Accused of infringing EU antitrust rules, 13 banks including RBS and HSBC have been sent statements of objections due to their anti-competitive agreements. The banks have been accused of attempting to prevent the entrance of exchanges into credit derivatives business between the years of 2006 and 2009.

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Anti-Money Laundering Rules Crack Down on Banks

Anti-Money Laundering Rules Crack Down on Banks

Posted by on Sep 10, 2013 in BANKING | 0 comments

According to Tracey McDermott, head of enforcement at the Financial Conduit Authority, of the 17 banks which were recently chosen for a review, half were not adequately protected against becoming a channel for money laundered by criminals and terrorists.

Worryingly, four banks which were guilty of the poor controls were major lenders in the UK. That’s four out of the five big banks of the country.

So why are UK banks so bad at stopping the abuse of the financial system by criminals?

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