Congressional watchdog calls on FinCEN to expand access to Bank Secrecy Act data

September 22, 2020.
Many local U.S. authorities lack access to a database of suspicious bank activities that could aid financial crime investigations, a government watchdog found, as lawmakers call for greater scrutiny of money laundering at big banks.

Citi, Deutsche Bank, Deutsche Börse invest in UK software firm CloudMargin

September 22, 2020.
Several major global banks and financial firms invested in U.K. startup CloudMargin, leading a funding round for its cloud-based collateral and margin management product.

Deutsche Bank CFO says restructuring remains on track despite COVID-19

September 22, 2020.
Deutsche Bank’s chief financial officer continued to express confidence Tuesday that the investment bank will reach restructuring targets by 2022, despite the challenges presented by the COVID-19 pandemic.

US senators call for money laundering crackdown after suspicious activity reports leak

Last modified September 22, 2020. Published September 22, 2020.
U.S. Sens. Elizabeth Warren and Bernie Sanders called for heightened federal oversight of banks in the wake of a recent report that flagged the potential laundering of trillions of dollars through the world’s largest financial institutions.

Leaked suspicious activity reports show ‘massive failure’ of banks, regulators

Last modified September 22, 2020. Published September 21, 2020.
Experts say a recent report about the potential laundering of trillions of dollars through the world’s biggest banks showcases a toothless regulatory system that’s regularly abused by banks, with little set to change unless direct action is taken by the government to modernize the reporting of illicit behavior.

Next Insurance seeks $250M raise on $2.25B valuation: Bloomberg

September 18, 2020.
Next Insurance could double its valuation to about $2.25 billion in its next financing round, when it will seek to raise around $250 million from investors, according to Bloomberg.

Mastercard encourages staff to come back to New York offices

September 18, 2020.
Mastercard, the second-largest U.S. credit card issuer, is encouraging employees to return to its New York-area offices, joining banks and other financial firms as they seek to bring staff back from remote work.

Euronext, CDP Equity in exclusive talks with LSEG to acquire Borsa Italiana

September 18, 2020.
Euronext and CDP Equity revealed Friday that they are now in exclusive talks with the London Stock Exchange Group to acquire Borsa Italiana, Italy’s only major stock exchange, which was sought after by two other bidders.

Goldman is latest bank to send traders home after COVID-19 exposure: Bloomberg

Last modified September 18, 2020. Published September 18, 2020.
Goldman Sachs became the second bank to send workers home from its Manhattan headquarters after at least one employee tested positive for COVID-19, according to a Bloomberg report.

AI fraud detection ‘arms race’ poses ethical dilemma for insurers

September 18, 2020.
An Israel-based company promises insurers state-of-the-art weaponry in the fight against fraud: artificial intelligence that reveals the “genuine emotional state of a person” when they file a claim.

European insurance group calls for light touch on AI regulation

September 18, 2020.
European insurers called for an industry-driven approach to regulating the use of artificial intelligence, asking that government intervention be used only in the highest-risk situations involving the new technology.

US businesses put pressure on insurers to drop fossil fuels

Last modified September 18, 2020. Published September 18, 2020.
A coalition of 60 U.S.-based companies is calling on the country’s insurance industry to stop insuring and investing in fossil fuels, the first time that business policyholders have publicly made this kind of push.

Judge OKs big banks’ settlement with eurodollar investors over LIBOR rigging

September 18, 2020.
A U.S. federal judge approved an aggregate $187 million settlement agreement resolving an antitrust class action against seven of the world’s largest banks that claimed the banks colluded to misreport and manipulate LIBOR rates, harming eurodollar investors.

Natixis-backed H2O writes down troubled bonds by 60% as sale is stymied

September 17, 2020.
H2O Asset Management is struggling to unload bond holdings tied to a controversial financier, the London-based firm told investors on Wednesday, saying it has written them down by about 60% from their face value.

Deutsche Börse buys stake in fintech Quantitative Brokers to support growth plan

September 17, 2020.
Deutsche Börse is acquiring a majority stake in Quantitative Brokers, a data analytics firm that helps automate securities trading, as part of a larger strategy to attract passive investors by expanding its technology-based tools.

Apollo SPAC with growth focus seeks $750M from IPO

September 17, 2020.
A special-purpose acquisition company backed by private equity firm Apollo Global Management disclosed in a filing Wednesday that it is seeking to raise $750 million through its initial public offering, a move amid a significant jump this year in activity for such investment vehicles.

Australia’s central bank not pursuing a digital currency

September 17, 2020.
The Reserve Bank of Australia is not currently considering the issuance of a central bank digital currency, its payments policy department said Thursday, bucking the trend of most other central banks around the world.

Systemically important banks stand best chance of weathering pandemic: Moody’s

Last modified September 17, 2020. Published September 17, 2020.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.

CFPB, 47 states settle with ITT Tech, Deutsche Bank trusts over private student loans

September 16, 2020.
Former students at ITT Technical Institute, a for-profit college that went bankrupt in 2016, will be forgiven of $330 million in private student loans that trusts set up by Deutsche Bank made, under a settlement with U.S. authorities.

U.S. Deutsche Bank employees not required to return to office until July 2021

September 16, 2020.
Deutsche Bank will not require its U.S.-based employees to return to its New York office until next July, definitively signaling that the German bank is joining others in preparing for a long stretch of remote work.