PUBL – The News Desk

Bitcoin Group: taking steps against money-laundering, terrorist financing

29Nov

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Money

Bitcoin Group: taking steps against money-laundering, terrorist financing

Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. REUTERS/Marco Bello/File Photo Acquire Licensing RightsBERLIN, Nov 29 (Reuters) - Germany's Bitcoin Group (ADE.DE) said on Wednesday it was taking measures to improve its internal control system, after the financial regulator Bafin ordered its subsidiary futurum bank to remedy shortcomings on money-laundering."The Bitcoin Group expressly points out that there are currently no indications of violations of money laundering and terrorist financing laws within the Group," the company said in a statement.The company said it had already taken measures in the current financial year to meet regulatory requirements and that it was working with Bafin with the aim "to remedy the identi...

Britain’s Virgin Money full-year profit misses market view

23Nov

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Money

Britain’s Virgin Money full-year profit misses market view

People walk past a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls/File Photo Acquire Licensing RightsNov 23 (Reuters) - Virgin Money UK (VMUK.L) on Thursday reported full-year profit below market estimates, pulled down by pressure on lending margins and stubborn inflation that squeezed British banks' returns.The British banking industry faces a tough economic outlook, higher risks of loan defaults amid a cost-of-living crisis, and margin pressure from fierce competition for savings and mortgage products.Virgin Money said its underlying profit before tax slumped 24% to 593 million pounds ($738.94 million) for the 12-month period, compared with a forecast of 625 million pounds by analysts in a company-compiled consensus.For the financial year 2024, Vir...

Column: J&J wants Congress to halt litigation-funded mass torts ‘money play.’ Are lawmakers listening?

13Sep

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Money

Column: J&J wants Congress to halt litigation-funded mass torts ‘money play.’ Are lawmakers listening?

Sept 13 (Reuters) - A Johnson & Johnson attorney told the U.S. House Oversight and Accountability Committee on Wednesday that outside funding of mass torts personal injury claims has turned the civil justice system into “a money play: driven, funded and distorted by legal and financial entrepreneurs.”In written testimony, J&J assistant general counsel Aviva Wein urged Congress to enact laws (or endorse proposed changes to the federal rules for civil litigation) to require disclosure when outside financiers are backing plaintiffs. She also asked lawmakers to take on the job of regulating the litigation finance industry and to curb allegedly misleading advertisements designed to generate mass tort claims.A bevy of business groups, including the U.S. Chamber of Commerce, the National...

Plus500 returns money to shareholders, eyes expansion despite profit drop

14Aug

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Money

Plus500 returns money to shareholders, eyes expansion despite profit drop

Shareholder returns of $120 mlnHY core profit down 43% Y-O-YShares up as much as 6%Aug 14 (Reuters) - Online trading platform Plus500 (PLUSP.L) announced on Monday it would return $120 million to shareholders through dividends and share buybacks and said it was looking at further international expansion through acquisitions.The London-listed company posted a 43% slump in core profit in the first half as market volatility declined. However, earnings were up 17% sequentially from the second half of last year.Shares in the company rose by as much as 6%.Trading platforms are dealing with a slowdown in client activity, as market volatility eased from highs witnessed during Russia's invasion of Ukraine last year and the pandemic."We are very much positive about the future for the second half .....

Dutch lender De Volksbank faces fine over money laundering safeguards

11Aug

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Money

Dutch lender De Volksbank faces fine over money laundering safeguards

AMSTERDAM, Aug 11 (Reuters) - De Volksbank's systems to prevent money laundering have been deemed insufficient by the Dutch central bank (DNB) and it will likely face a fine, the Dutch state-owned bank said on Friday.The bank, which incorporates several smaller Dutch banks such as SNS and ASN, disclosed the findings along with its first-half results."We regret that we were not able to fulfil our gate watcher role with respect to client integrity and that we are at this moment in violation of certain legal obligations with respect to money laundering" laws, Chairman Martijn Gribnau said in a statement.The bank said it was working to make changes required by the DNB before April 1.In its earnings report, the bank said first-half net profit nearly tripled to 248 million euros ($273 million) ...

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

10Aug

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Money

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

Life Insurance Corporation of India (LIC) logo is seen displayed behind figurines in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoBENGALURU, Aug 10 (Reuters) - Life Insurance Corporation of India (LIFI.NS) reported a surge in first-quarter profit on Thursday as the company moved money to a shareholders' fund and income from its investments jumped.The life insurer posted a profit after tax of 95.44 billion Indian rupees ($1.16 billion) for the quarter ended June 30, compared with 6.83 billion rupees a year earlier.State-owned Life Insurance Corporation (LIC) has been transferring money from its non-participating fund to a shareholders' fund to boost its profitability.Reuters reported last year that the life insurer was planning to transfer 1.8 trilli...

Colombian President Petro’s son arrested in money laundering probe

30Jul

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Money

Colombian President Petro’s son arrested in money laundering probe

[1/3]Police officers walk outside the attorney general's office on the day Nicolas Petro, son of Colombia's President Gustavo Petro, was arrested as part of an investigation into money laundering and illicit enrichment, in Bogota, Colombia, July 29, 2023. REUTERS/Vannessa JimenezBOGOTA, July 29 (Reuters) - Nicolas Petro, son of Colombian President Gustavo Petro, has been arrested as part of an investigation into money laundering and illicit enrichment, the attorney general's office said early on Saturday.The younger Petro, a politician in Atlantico province, had welcomed the investigation when it began in March and has previously called accusations that he took money from drug traffickers in exchange for including them in his father's peace efforts to end civil strife unfounded and harmfu...

Fed fines Deutsche $186 mln for slow progress in money laundering curbs

19Jul

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Money

Fed fines Deutsche $186 mln for slow progress in money laundering curbs

WASHINGTON, July 19 (Reuters) - The Federal Reserve said on Wednesday it fined Deutsche Bank and its U.S. affiliates $186 million for failing to sufficiently address money laundering and other shortcomings flagged by the U.S. central bank.Deutsche must prioritize addressing several of those issues or face "additional and escalated" penalties, said the Fed, which imposed additional restrictions and ordered the bank to improve its risk and data management.The Fed identified the previous issues in 2015 and 2017 consent orders, which stemmed from deficient controls in Deutsche's relationship with the Estonian branch of Danske Bank which ended in 2015.In December, Danske Bank pleaded guilty to a bank fraud conspiracy and agreed to forfeit $2 billion to settle a long-running Department of Justi...

Australia court approves $300m money laundering fine for Blackstone’s Crown Resorts

11Jul

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Money

Australia court approves $300m money laundering fine for Blackstone’s Crown Resorts

SYDNEY, July 11 (Reuters) - An Australian court signed off on a A$450 million ($300 million) fine for Blackstone-owned (BX.N) casino operator Crown Resorts for breaking anti-money laundering laws, ending the darkest chapter in the company's history.The company, dominated by billionaire founder James Packer before he agreed to sell last year, agreed to the payment in May after allegations over wide-ranging governance problems sparked inquiries in all the states in which it operated, plus an investigation by the financial crime watchdog. read more But the fine needed the sign-off of the federal court, which approved the penalty, Australia's third-largest corporate fine, on Tuesday."The penal orders reflect the serious and unacceptable nature of the contraventions", judge Michael Lee said i...