HONG KONG (Reuters) – HSBC and Standard Chartered Hong Kong shares dropped on Monday after media reports that they and other banks moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money.
BuzzFeed and other media articles were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCen).
The revelations underscore challenges for regulatory and financial institutions trying to stop the flow of dirty money despite billions of dollars of investments and penalties imposed on banks in the past decade.
HSBC shares in Hong Kong fell as much as 4.4% to HK$29.60 on Monday, their lowest level since May 1995. The stock has now nearly halved since the start of the year.
StanChart dropped as much as 3.8% to HK$35.80, the lowest since May 25 this year. The Hang Seng Index was down nearly 1%.
London-headquartered HSBC and StanChart, among other global banks, have paid billions of dollars in fines in recent years for violating U.S. sanctions on Iran and anti-money laundering rules.
The media reports come at a tough time for the two U.K. lenders, both of which make the bulk of their profits in Asia, and are reeling from the impact of the COVID-19 pandemic, U.S.-China tensions, and political uncertainty in Hong Kong.
Bharath Vellore, APAC managing director at Accuity, a financial crime and sanctions lists screening software provider, said the leaked files, if true, demonstrated the need for banks to enhance their due diligence on their customers.
« It also strengthens the recent regulatory focus on the banks to identify sources of funds and beneficial owners of their customers, » he added.
More than 2,100 SARs, which are in themselves not necessarily proof of wrongdoing, were obtained by BuzzFeed News and shared with the International Consortium of Investigative Journalists (ICIJ) and other media organisations.
The files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious.
The ICIJ reported the leaked documents were a tiny fraction of the reports filed with FinCEN. HSBC and StanChart were among the five banks that appeared most often in the documents, the ICIJ reported.
The SARs showed that banks often moved funds for companies that were registered in offshore havens, such as the British Virgin Islands, and did not know the ultimate owner of the account, the report said.
Staff at major banks often used Google searches to learn who was behind large transactions, it said.
In some cases the banks kept moving illicit funds even after U.S. officials warned them they could face criminal prosecutions if they continued to do business with criminals or corrupt regimes, it said.
Global banks in the recent years have boosted investments on 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.
In a statement to Reuters on Sunday, HSBC said « all of the information provided by the ICIJ is historical. » The bank said that as of 2012 it had embarked on a « multi-year journey to overhaul its ability to combat financial crime. »
StanChart said in a statement it took its « responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programmes ».
FinCen said in a statement on its website on Sept. 1 that it was aware that various media outlets intended to publish a series of articles based on unlawfully disclosed SARs, as well as other documents.
Operators have been moved to ‘transitional contracts’ ahead of the creation of a ‘more effective structure’, the Department for Transport said.
Verkkokauppa.com Oyj STOCK EXCHANGE RELEASE September 21, 2020 at 9:45 EETVerkkokauppa.com financial reporting and annual general meeting in 2021Verkkokauppa.com will publish its financial reports in 2021 as follows: * Financial statements bulleting for the year 2020 on Friday 12 February 2021 * Interim report January – March on Friday 23 April 2021 * Half-year January – June on Friday 16 July 2021 * Interim report January – September on Friday 22 October 2021The financial statements (Annual Report) for the year 2020 will be published online during week 9.Annual General Meeting is tentatively scheduled for Thursday 25 March 2021 at 2 p.m. in Helsinki. The Board of Directors will summon the meeting separately at a later date. Shareholders who wish to include a matter on the agenda of the Annual General Meeting should submit a written request, together with its grounds or draft resolution to the Board by 4 February 2021: Verkkokauppa.com Oyj, Board, c/o Board Secretary, Tyynenmerenkatu 11, 6 krs., 00220 HelsinkiVerkkokauppa.com applies a silent period of 30 days before the publication of year-end financial statements releases, half-yearly reports and interim reports. All financial information will be available also on the company website, www.verkkokauppa.com immediately after release.For more information, please contact: Panu Porkka CEO [email protected] Tel. +358 10 309 5555Mikko Forsell CFO [email protected] Tel. +358 10 309 5555Distribution:Nasdaq Helsinki Principal media www.verkkokauppa.comVerkkokauppa.com in shortVerkkokauppa.com is Finland’s most popular and most visited Finnish online retailer, with the aim to sell to products to its customer at probably always cheaper prices. Depending on the season, the Company markets, sells, and distributes some 60,000–70,000 products in 26 different main product categories through its webstore, retail stores, and network of pick-up points. The Company has four megastores: in Oulu, Pirkkala, Raisio, and Helsinki, in addition to which products can be collected at more than 3,000 pick-up points. Verkkokauppa.com was founded in 1992 and it is headquartered in Jätkäsaari, Helsinki. The Company’s shares are listed on the official list of Nasdaq Helsinki under the ticker symbol VERK.
Sponda Ltd Press release 21 September 2020, at 9:45 a.m.Sponda announces newly refurbished Arkadia n:o 6 in Helsinki is fully leased Sponda’s newly renovated, 23,000 sqm premium office building at Arkadiankatu 6 in the heart of Helsinki is fully leased. The asset offers a comprehensive range of services as well as appealing and versatile space solutions that have attracted a diverse range of companies. The demand from tenants has been strong since the start of the renovation project in spring 2018, and the final large leases were signed in the last month, demonstrating the continued attractiveness of the property.“Successfully leasing 100% of Arkadia n:o 6 in these challenging times is testament to the high quality of the asset and the refurbishment program carried out by the Sponda team. We have created a modern, dynamic office and commercial space in the heart of the city with full-service amenities to meet tenants’ expectations, whilst maintaining the property’s unique cultural heritage”, says Sponda’s CEO, Christian Hohenthal.A modern full-service office and retail building Behind an exterior protected by the Finnish Heritage Agency is a completely modernised building with a wide range of services catering to tenants’ everyday needs. These include reception services, cafes and restaurants, sports and fitness services, staff facilities with showers and changing rooms, bicycle parking and maintenance facilities. Relaxation areas and quiet spaces are planned for Arkadia’s expansive lobby to serve the wellbeing and routines of those working in the building.Arkadia n:o 6 has installed high-quality indoor air ventilation systems to ensure fresh and safe air is circulated throughout the building. The quality level exceeds normal indoor air requirements and tenants can individually influence room temperatures, helping to promote the wellbeing of those working in the building.The property is also designed to be energy efficient, and BREEAM environmental certification with a rating of “Very Good” is being sought. Arkadia n:o 6 uses 100% green electricity, and there is a total of 13 charging stations for electric cars in the parking garage.The most recent tenant is ELIXIA, a sports and fitness centre.“We considered opening a fitness centre in the same asset ten years ago, and now the plan is finally materialising. This is important to us, because we know that the location plays a key role in making exercising easy and lowering the threshold for leading a more active life,” says Jussi Raita, Country Manager at ELIXIA Finland.In addition to ELIXIA, Arkadia n:o 6 is occupied by Aktia, CBRE, Seriously Digital Entertainment, Vincit, and Wolt. The building’s cafes and restaurants, which also serve as meeting places for tenants and locals alike, consist of Antell Pikkuarkadia, Itsudemo Sushi, and Farang, a premium South-East Asian restaurant on two floors. Those enjoying the cafe can also take in the view of the Helsinki Natural History Museum.Sponda Ltd Further information: Harri Autio, Regional Manager, Office, tel. +358 40 846 6560, [email protected] Sponda is Finland’s leading real estate asset management company, specialising in owning, managing, developing, and letting commercial properties in the largest cities across the country. With a focus on customer-oriented solutions and high-quality properties, Sponda is actively developing the sector’s best practices, sustainably enhancing the cityscape and the environment, and supporting its customers. www.sponda.fi
Fire crews responded to a small brush fire above Chantry Flat, near the Bobcat Fire in California, on September 20. The fire was extinguished and crews worked to clear other hot spots in the area. Footage shows a section of the spot fire.Several evacuation orders were in place for areas around the Bobcat blaze. The fire had burned through at least 103,135 acres and was 15 percent contained by the night of September 20. Credit: Angeles National Forest via Storyful
Robodebt: fresh claims against federal minister Alan Tudge delay court trial. Commonwealth needs to prepare for new argument former human services minister knew scheme was unlawful, court says
Chinese social media leader Tencent Holdings Ltd has said its WeChat may not be able to win new users in the United States while the White House challenges a court ruling preventing a ban on the messaging app. Tencent, in a statement filed at Hong Kong’s stock exchange late on Sunday, said it has been evaluating the potential impact of a ban since the U.S. Department of Commerce on Friday issued an order to block WeChat downloads on national security grounds. It also said routine updates of the app for existing U.S. users may be negatively affected should Apple Inc and Alphabet Inc’s Google remove WeChat from their stores.
A Reds legend talked up the impact the Senegalese winger has had at Anfield after watching him inspire an impressive win over Chelsea
China’s ride-hailing giant Didi Chuxing and electric vehicle maker BYD plan to launch this year a test batch of a vehicle they have designed for ride-hailing services, a person familiar with the matter said. BYD received approval from China’s Ministry of Industry and Information Technology to sell an electric sedan model called D1 last month, according to government documents. A person close to Didi and BYD’s joint venture told Reuters D1 is the purpose-built vehicle for ride hailing services developed by the two firms.
To NASDAQ Copenhagen Executive Board Lersø Parkallé 100 DK-2100 København Ø www.rd.dk Telephone +45 7012 5300 Telefax +45 4514 9622 21 September 2020 Company Announcement No 72/2020 Prepayments, Realkredit Danmark A/S Pursuant to §24 of the Capital Markets Act, Realkredit Danmark A/S hereby publishes prepayments as at Friday 18 September 2020. Please find the data in the attached file.The information will also be available on www.rd.dk. Yours sincerelyThe Executive Board Any additional questions should be addressed to Hella Gebhardt Rønnebæk, Chief Analyst, phone +45 4513 2068.Attachments * Nr. 72_Ekstraordinaere indfrielser pr 18.09.2020_uk * Bilag til selskabsmeddelelse nr. 72-2020
Hong Kong shares of HSBC fell to their worst level since 1995 on Monday (September 21) after reports that it and other financial institutions had allegedly moved large sums of illicit money over two decades. They revolve around documents leaked to Buzzfeed and shared with a global network of invetigative journalists. Buzzfeed and other news outlets say it involves moving money for the likes of terrorists, drug kingpins and corrupt leaders. The leak is reportedly made up of over 2,100 suspicious activity reports filed by banks and other financial firms with the U.S Treasury’s Financial Crimes Enforcement Network, or Fincen. The so-called Fincen Files allegedly show more than $2 trillion dollars worth of transactions from 1999 to 2017, all of it flagged as suspicious by the banks’ own compliance departments. The activity reports aren’t necessarily proof of wrongdoing, but the leak paints a picture of a banking system that allows for vast amounts of money laundering. Among the alleged activity are funds handled by JPMorgan for potentially corrupt individuals and companies in Venezuela, money from an investment scam, or Ponzi scheme, moving through HSBC and money linked to a Ukrainian billionaire processed by Deutsche Bank. Five global banks appeared the most in the documents; HSBC, JPMorgan, Deutsche Bank, Standard Chartered and Bank of New York Mellon. In a statement to Reuters, HSBC said the information was « historical » and that as of 2012, « HSBC embarked on a multi-year journey to overhaul its ability to combat financial crime. » Deutschebank also called the reports « historic issues » and that the bank had « devoted significant resources to strengthening » their controls. Standard Chartered and JP Morgan both said they took the issue of fighting financial crime seriously, while BNY Mellon said it fully complies with laws and regulations.
The New England Patriots and Seattle Seahawks delivered another classic on Sunday night that ended on a goal line stand one the one-yard line as time expired because of course it did. It was Seahawks-Patriots, how else could it end?
Villa host Blades in their first game of the season with Chris Wilder’s side aiming to bounce back after a heavy defeat to Wolves
Just days after their 6-1 humiliation aby JDT, Selangor have sacked their head coach B. Satiananthan.
Dublin, Sept. 21, 2020 (GLOBE NEWSWIRE) — The « India Air Conditioner (AC) Volume Analysis, by Types Room AC (Window, Split (Single & Multi) & Commercial AC (PAC & VRF) and Share Analysis » report has been added to ResearchAndMarkets.com’s offering. The market for Air Conditioner in India is growing year on year; this growth is due to rising middle class population, increasing number of houses, buildings and other structures comprising demand of Room Air Conditioners (RAC), including window type and small-sized split type ACs as well as Commercial Air Conditioners. RAC demand is given from 2016 to 2019 and Commercial Air Conditioners demand is given from 2013 to 2019. India Air Conditioner demand was more than 5 Thousand Units in the year 2019. This report contains Air Conditioner sales volume of houses, buildings, and other structures, and completed units including heat pump types for both cooling and heating. Portable type ACs and fan coil units used for a hydronic system are excluded in the report. In the report Room Air Conditioner sales volume consist window type and small-sized split type ACs as well as residential-use multi systems. Commercial Air Conditioners demand consists of commercial-use medium/large-sized split type ACs, remote condenser type ACs, single packaged ACs, and VRF systems, including unitary type ACs and unitary type heat pumps. India Air Conditioner Industry is growing due to following factors * Increasing Disposable Income * Rising Middle Class PopulationMarket Report Highlights 1. Introduction First Chapter provides the introduction of India Air Conditioner Market. 2. Executive Summary Third Chapter provides executive summary of the report, key points of India Air Conditioner Sales Volume are given in this chapter. 3. India Air Conditioner (AC) Volume This chapter provides consolidated sales number of Air Conditioner in India. The numbers are covered for each year from 2013 to 2019. 4. Volume Share – India Air Conditioner (AC) This report covers sales of Room Air Conditioner and Commercial Air Conditioner, sales volume share from the year 2013 to 2019. 5. India Room Air Conditioners This report covers sales of India Room Air Conditioners from the year 2013 to 2019. 6. Segments of India Room Air Conditioners Segments of India Room Air Conditioners, Window Type, Split AC Type and Split-Type (Multi) are covered in this report with year 2017 to 2019. 7. India Commercial Air Conditioners This report covers India Commercial Air Conditioners sales volume for year 2013 to 2019 8. Segments of Commercial Air PAC Conditioners Segments of Commercial Air PAC Conditioner Sales Volume and Commercial VRF Air Conditioner Sales Volume is provided in this section. For more information about this report visit https://www.researchandmarkets.com/r/sv8sbtResearch and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Britain extended emergency pandemic funding to keep its rail network moving, providing private train companies with less lucrative temporary contracts ahead of a shake-up of the way the system operates. The government did not go as far as a full nationalisation – as had been speculated by some media outlets – but said it wanted to run trains based on a new model once the impact of COVID-19 becomes clear. Britain said it would now pay the companies management fees of a maximum of 1.5% of the cost base of the contract pre-pandemic, lower than the around 2% fee included in the initial emergency contracts issued at the outbreak of the pandemic.
