Canada’s financial intelligence arm FINTRAC has imposed a fine on the world’s largest bank, the state-owned Industrial and Commercial Bank of China (ICBC), for non-compliance on regulations related to money laundering, terrorist activity financing, and threats to the security of Canada. ICBC (Canada) was found to be non-compliant with provisions of the Proceeds of Crime…
Canada’s FINTRAC Fines Chinese Bank for Non-Compliance on Rules Related to Money Laundering, Terrorist Activity Financing
Citigroup Expects up to $1.5 Billion Charge From South Korea Retail Banking Exit
Citigroup Inc. said on Monday it expects to take a cash charge of nearly $1.2 billion to $1.5 billion related to the closure of its consumer banking business in South Korea. The bank had announced its plan to exit consumer businesses in 13 markets in Asia and EMEA (Europe, Middle East, and Africa), where it…
UBS Plans Digital Banking Model for the Mass Affluent in America
ZURICH—UBS wants to build a digitally scalable advice model for affluent clients in the Americas, it said on Tuesday as it reported third-quarter earnings. As part of its new 2025 strategic vision, which Chief Executive Ralph Hamers said would be presented in February, the bank intends to provide wealthy clients in the Americas with a…
Japan’s Mizuho Hit With Another Glitch, Some Transactions Delayed
TOKYO—Mizuho Financial Group’s main banking arm said on Thursday a system glitch has been delaying some foreign exchange transactions, just a week after it was slapped with a regulatory punishment over system troubles earlier in the year. Japan’s third-largest lender has experienced a series of technical problems despite a $3.6 billion overhaul of its systems…
Senate Banking Chief Plans Bill to Address Fed Officials’ Stock Trades
September 28, 2021
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The head of the U.S. Senate Banking Committee on Tuesday said he plans to introduce legislation that would ban ownership of individual stocks by Federal Reserve officials in the aftermath of revelations that two reserve bank presidents had been active investors. Democratic Senator Sherrod Brown of Ohio told Fed Chair Jerome Powell of his intent…
Japan’s MUFG to Exit US Retail Banking in $8 Billion Deal With US Bancorp
September 21, 2021
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TOKYO—Mitsubishi UFJ Financial Group (MUFG) is pulling back from U.S. retail banking with the $8 billion sales of MUFG Union Bank (MUB) to U.S. Bancorp as digital technology and industry consolidation squeeze out smaller lenders. The deal includes $5.5 billion in cash and $2.5 billion worth of shares that will give Japan’s biggest lender a…
US Banking Lobby Groups Oppose Proposed Tax Reporting Law
The largest U.S. banking lobby groups banded together on Friday to make another push to kill a proposed bank account reporting law being drawn up as part of the congressional reconciliation package. In a letter to U.S. House of Representatives Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy, the lobby groups said the proposal…
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