Global banks seek to contain damage over $2t of suspicious transfers

first_imgWhile some banks said many of the transactions happened a long time ago, and they had since put robust checks in place, the reports revealed broader problems with the monitoring system at the heart of global policing of money laundering and other criminal activity.The reports drew calls from some industry groups and activists for reforms. Investors worried about the potential fallout for global banks, many of which have faced hefty fines in the past for lapses in controls and spent billions of dollars to bolster compliance.“It confirms what we already knew: that there are huge amounts of SARs being filed with relatively low numbers of cases brought through to prosecution,” said Etelka Bogardi, a Hong Kong-based financial services partner at Norton Rose Fulbright.“It also brings out the point that managing financial crime risk goes beyond making SARs,” Bogardi said. Global banks faced a fresh scandal about dirty money on Monday as they sought to limit the fallout from a cache of leaked documents showing they transferred more than US$2 trillion in suspect funds over nearly two decades.Britain-based HSBC Holdings Plc, Standard Chartered Plc and Barclays Plc, Germany’s Deutsche Bank AG and Commerzbank AG, and United States-headquartered JPMorgan Chase & Co and Bank of New York Mellon Corp were among the lenders named in the report by the International Consortium of Investigative Journalists and based on leaked documents obtained by BuzzFeed News.The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Banks are required to file an SAR whenever handling funds that cause grounds for suspicion of criminal activity. The Institute of International Finance, an industry group, called for reforms. “There is a balance to be struck between managing financial crime risk and ensuring access to the financial system for legitimate customers,” the IIF said.Policymakers, regulators and banks have long acknowledged fundamental flaws in the anti-money laundering system. The rules around what is deemed “suspicious” can be vague, which leads some banks to send too many reports and others to send too few. And the enforcement group is understaffed to handle the millions of SARs that need to be analyzed to determine whether a crime has been committed.HSBC and StanChart shares touched their lowest level in as much as 25 years, although they fared little worse than their peers amid a wider sell-off in global stocks.JPMorgan and Bank of New York Mellon, which were also in the top five banks mentioned most frequently in the SARs, fell more than 3 percent each during trading in New York.Shares of Deutsche Bank, which was involved in the largest number of SARs in BuzzFeed’s dossier, were down more than 8 percent at one point on Monday morning following the reports.Several analysts, however, played down the scale of problems.“Unless there are more substantive allegations of fact, we expect that this article will not have lasting impacts on the industry or stock prices,” Chris Kotowski, analyst at Oppenheimer, wrote in a note.Bank shares were also pressured on Monday by other news, including worries about the resurgence of the coronavirus in Europe.Important workDeutsche Bank said the issues raised in the media reports were “historic,” while the German Finance Ministry said on Monday that the cases linked to Germany in the reports had already been dealt with.HSBC also said the information in the reports was historic, while Standard Chartered pointed to recent investments to improve its control procedures.BNY Mellon said it fully complied with all “all applicable laws and regulations.” JPMorgan said it has “thousands of people and hundreds of millions of dollars dedicated to this important work.”Many of the suspicious transactions were linked to companies incorporated in Britain or offshore British territories, prompting calls from action groups for tougher rules.“If the government cares at all about the UK’s reputation globally, it must stop rolling out the red carpet to the criminal and corrupt, and refuse to legitimize their money through our companies and banks,” Global Witness said.The UK government said it was working on reforms to its corporate registry system that will require more checks on company directors.Major wealth hubsGlobal banks in recent years have boosted investments in technology and staff to deal with tighter anti-money laundering and sanctions regulatory requirements across the world.Thousands of clients were booted out of bank accounts in major wealth hubs including Hong Kong and Singapore after a money laundering scandal in Malaysia, the “Panama Papers” expose, and a global push for tax transparency.Compliance experts said that part of the problem now was banks were struggling to distinguish between transactions that were and were not suspicious, so were simply filing millions of SARs that enforcement agencies lack the capacity to deal with.“Lots of banks are struggling with high false positive rates and the backlog (of existing cases). That’s why you see that sometimes SARs were raised over 100 days after the transaction,” said Cliff Lam, a director at AlixPartners in Hong Kong.Topics :last_img read more

New York Jets trade star disgruntled safety Jamal Adams to Seattle Seahawks

first_img Associated Press July 25, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditNEW YORK (AP) — New York Jets trade star disgruntled safety Jamal Adams to Seattle Seahawks.center_img New York Jets trade star disgruntled safety Jamal Adams to Seattle Seahawkslast_img

Syracuse squeaks by RIT on Piacentini’s overtime goal

first_imgAfter Rochester Institute of Technology erased a two-goal deficit late in the third period, it seemed the intermission song “Last Friday Night” would ring true for the hosts after the momentum shifted to the Tigers in the waning minutes.Seven nights ago RIT came back to beat Syracuse 4-3 in Rochester. This Friday, the Tigers were on the verge of a repeat performance. But less than one minute into overtime, Syracuse sophomore forward Melissa Piacentini slipped the puck through the five-hole of RIT goalie Jetta Rackleff. The previous Friday night was erased and Syracuse let out a long breath as the 5-foot-2 spark plug came to the rescue in the extra period.In a back-and-forth contest, the Orange (12-9-2, 4-4-2 College Hockey America) was able to prevail over the Tigers (10-12-2, 5-4-1) by a score of 5-4 before a crowd of 315 fans at Tennity Ice Pavilion on Friday night. Piacentini netted the winner on her second goal of the night, a week after losing to RIT on a late goal minutes after relinquishing a comfortable lead.“It was awesome,” Piacentini said. “It almost felt like revenge on them just because they beat us on Friday.”AdvertisementThis is placeholder textPiacentini opened up the scoring less than three minutes in after taking the puck coast to coast for a lengthy wrist shot.The Tigers, however, responded with goals from Kolbee McCrea and Morgan Scoyne, the latter of which came when Syracuse was a player down, which prevented SU from gaining any traction for most of the first period.The disgruntled home fans could see the same sentiment from head coach Paul Flanagan, as he slammed the small rink-side door before heading to the locker room at the first intermission.“That was frustrating for us,” Flanagan said. “It’s very disrupting when you don’t get a chance for your team to be on the power play.”After a dry spell in the second period in which Syracuse pestered the net with many of its 49 shots on the night, freshman forward Jessica Sibley was finally able to find the net with just over a minute remaining.The goal was Sibley’s eighth on the year and came on a Syracuse power play. It also took advantage of a pregame strategy implemented by Flanagan.“We shot to the left sometimes and she robbed us,” Sibley said. “But we knew that her block side wasn’t good, so we started going there and it worked for us.”Heading into the final period, the Orange had double the amount of shots as the Tigers, but the extra attempts weren’t paying dividends on the scoreboard. After the first nine minutes of the final frame were played relatively evenly, Syracuse finally broke through.Junior forward Allie LaCombe pounced on a scuffle in front of the net and slotted home the goal to give the Orange its first lead since the midway point of the first period. Less than four minutes later, Sibley sliced and diced through several RIT defenders, placing the puck neatly in the top left-hand corner. It was a highlight-reel goal that she said was one of the best she’s ever scored.But after goals by Melissa Bromley and Marissa Maugeri, the score was once again deadlocked, this time at four goals apiece.“We made a couple missed coverages on a couple of the goals and that really cost us, particularly that fourth goal,” Flanagan said. “The third goal, I don’t think (goalie) Jenesica (Drinkwater) saw it. It was just that puck had eyes and it got in.”The Orange controlled the overtime, holding possession and rattling off three shots before the fourth found the back of the net to secure the victory, its fifth in the last six games.The grittiness of the contest was nothing new for the Orange, as many games this season have seen close finishes due to missed opportunities.But Friday, SU rode the stick of Piacentini to a relieving win. “It happens quite alot, which is one of our flaws, that our consistency can be off,” Piacentini said. “We all knew that a two-goal lead wasn’t a great lead, so we wanted to keep pushing forward.” Comments Published on January 18, 2014 at 1:02 pm Contact Matt: | @matt_schneidman Facebook Twitter Google+last_img read more

Neymar out for ‘six to eight weeks’

first_imgThat was after PSG coach Unai Emery claimed earlier that “no decision” had been taken on whether Neymar would require surgery and that there remained a “small chance” of getting the world’s most expensive player back in time to face Real next Tuesday, March 6.Tests confirmed that Neymar suffered a hairline fracture of the fifth metatarsal in his right foot as well as a twisted ankle late in PSG’s 3-0 win over Marseille in Ligue 1 on Sunday.He appeared to be in tears as he was stretchered off the field at the Parc des Princes, immediately raising fears that the 26-year-old could miss the Champions League last 16, second leg against Madrid.PSG lost 3-1 in the first leg in Spain two weeks ago and are in danger of being knocked out of the competition in the last 16 for the second season running.Brazilian newspaper Globo Esporte had claimed Neymar would undergo surgery, and that the former Barcelona player would be sidelined until May.If his father’s estimate is correct, Neymar would not return before the semi-final stage of the Champions League in late April.On the possibility of rushing Neymar back for the Real second leg, experts say that PSG would be taking a huge risk, possibly even jeopardising Neymar’s participation at the World Cup in Russia in June and July.“It would be very risky as it’s a fragile bone in the foot which is difficult to protect,” Jean-Marcel Ferret, a former doctor with the French national team, told AFP.“(Playing against Real) could compromise the rest of his season.”In the meantime, PSG are preparing to do without Neymar for Wednesday’s French Cup quarter-final at home to Marseille, the second meeting of the clubs in four days.Argentine star Angel di Maria should replace the Brazilian at the Parc des Princes, with PSG hoping to stay on course to win the French Cup for the fourth season running.Neymar has scored 28 goals in 30 appearances in all competitions for PSG since his 222 million-euro ($264 million) move from Barcelona last August.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000PSG played the last 10 minutes a man down as they had made all their permitted changes before Neymar went offPARIS, France, Feb 28 – Paris Saint-Germain’s hopes of getting Neymar back for their crunch Champions League clash against Real Madrid next week look to be over after the Brazilian’s father claimed the player would be out for “at least six weeks”.Speaking to ESPN in Brazil on Tuesday, Neymar Senior said: “PSG know that they will not be able to count on Neymar for the upcoming matches: his treatment will last six to eight weeks, whether there is an operation or not.”last_img read more