200 law firms suspended in UAE for failing to comply with anti-money laundering procedures
Abu Dhabi: A total of 200 law firms in the UAE that had failed to comply with anti-money laundering procedures have been suspended from practicing for one month. The Ministry of Justice has also called upon law firms to take necessary measures against money laundering and terrorist financing, Wam reported. The necessary legal measures are outlined in Federal Decree 20 of 2018 with regard to money laundering, executive regulations, and relevant ministerial decisions. The decre
Goldman Pays Billions—And Takes Millions From Top Execs—To End 1MDB Scandal
The bank will pay nearly $3 billion and recoup $174 from executives Goldman Sachs Group Inc. on Thursday admitted it broke U.S. corruption laws, agreed to pay billions of dollars to global regulators and financially punished its top executives, resolving one of the biggest scandals in Wall Street History. Goldman took $174 million in compensation from executives and agreed to pay nearly $3 billion to officials in four countries to end a yearslong investigation into its dealin
Goldman Sachs to pay $3bn over 1MDB corruption scandal
Photo: Richard Drew/AP Photo, File Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) to end a probe of its role in the 1MDB corruption scandal. The bank's Malaysian subsidiary also admitted in US court that it had paid more than $1bn in bribes to win work raising money for the Malaysian state-owned wealth fund. US officials said the record settlement reflected Goldman's "central" role in a "massive corruption scheme". Goldman admitted it had fallen "short", calling it an "
MAS, IBF Take Steps to Prevent Financial Sector Job Losses
IBF will run surveys every six months to obtain data about job losses at FIs to offer their staff reskilling support and possible redeployments in the industry. Singapore’s National Jobs Council has selected IBF (Institute of Banking and Finance) as the jobs development partner for the financial services sector. IBF will boost opportunities for Singaporeans to access jobs, traineeships, and training in the financial services sector. In collaboration with MAS (Monetary Authori
Why is the legal industry so resistant to tech. Or is it?
Legal Technology or LegalTech, (sometimes also referred to as LawTech) is a broad term encompassing any software or technologies that help professionals in the legal industry to streamline core processes and functions, by increasing efficiency and effectiveness, in providing legal services and support. By definition, LegalTech has been around for a while - electronic records systems were amongst the first examples of legal technology in helping to improve the efficiency of t
Regulators Fine Citigroup $400 Million Over ‘Serious Ongoing Deficiencies’
Fed, OCC order the nation’s third-largest bank to fix its risk-management systems Federal banking regulators on Wednesday fined Citigroup Inc. $400 million and ordered the nation’s third-largest bank to fix its risk-management systems, citing “significant ongoing deficiencies.” In a consent order agreed to by the New York bank’s board, the Federal Reserve faulted Citigroup for falling short in “various areas of risk management and internal controls” including data management,
MAS orders Wirecard to cease credit card and other payment services in Singapore
The Monetary Authority of Singapore (MAS) has directed Wirecard entities here to cease their payment services in Singapore, it announced on Wednesday (Sept 30). It added that these entities have to return all customers' funds by Oct 14. "MAS has been monitoring the impact of Wirecard AG's insolvency on the ability of Wirecard SG to continue providing payment services in Singapore," it said. "MAS has also closely engaged Wirecard SG in recent months to safeguard the interest o
The FinCEN leaks reveal a failing system, not failing banks.
Banks and bankers’ reputations are currently at an all time low with outcry over the FinCEN file leak. However, to what extent are banks actually responsible for facilitating money laundering? Or is the media, attracted by big figures, merely capitalising off the already tarnished image of banks to sell stories? When you read what’s in the media, it doesn’t look good for banks. The BBC, with its main article on the matter, leads with ‘how some of the world’s biggest banks hav
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