As HSBC suffers under the scorching spotlight of public scrutiny once more, it is fair to ask why the banking group so often finds itself at the heart of the action.
The UK is no slouch when it comes to protecting against financial crime. It follows the relevant European directives, which require that banks have sufficient anti-money-laundering controls in place to…
Millions of people around the world rely on money transfer operators to send funds to their families.
Gregory Wake/Flickr
Next week, Australian bank Westpac will become the last of the big four banks to stop serving money transfer operators, amid concerns about breaching laws on money laundering and terrorist financing. There…
Marijuana is legal in some states, but that doesn’t mean that banks can deal with the proceeds.
Rick Wilking/Reuters
In nearly half of US states, marijuana business is booming. Although marijuana is illegal under federal law, 23 states have legalized some marijuana use. Colorado and Washington even allow recreational…
The third season of Breaking Bad, the American TV drama series about a crystal meth dealer in Albuquerque, contains a key scene about the business side of an emerging crime empire. Here, the unscrupulous…
The dark side of sunny Cyprus: money laundering and lax enforcement of tax law has made the country a hotspot for wealthy Russians.
In a surprise move that shocked investors and commentators alike, the Republic of Cyprus announced plans last weekend to impose a levy on bank deposits. However, Cyprus’ prime minister, Nicos Anastasiades…
UK-listed bank Standard Chartered stands accused of violating US sanctions against Iran by hiding $237 billion in transactions with Iranian banks.
AAP
The suit lodged against Standard Chartered in Manhattan by the New York State Department of Financial Services has served its first purpose: capturing the headlines and putting the banking industry once…
Banks behaving badly: ensuring banks’ sustainability reports are accurate and credible will go some way in restoring public confidence.
AAP
“Events over the past couple of years have raised profound questions about the ways in which banks and businesses contribute to society. For both to play their full part, they must restore trust and become…
HSBC chief executive officer Irene Dorner testifies before the US Senate about allegations of money laundering within HSBC.
AAP
Recent news that HSBC executives admitted to allowing Iran, terrorists and drug dealers to launder nearly USD$16 billion over a six-year period would make earth underneath you shake. How is that the bank’s…