Latest news with #financialwatchdog
Bloomberg
5 days ago
- Business
- Bloomberg
South Africa Moves Closer to Exiting Dirty-Money List in October
South Africa is edging closer to leaving a global financial watchdog's so-called gray list in October, with a team of assessors scheduled to visit the nation this month. The Financial Action Task Force has already determined that South African authorities had met 'all or almost all of the actions' required to leave the list and the visiting team will evaluate that 'implementation is there, but also that it's sustainable,' FATF President Elisa de Anda Madrazo said Thursday.
Bloomberg
09-07-2025
- Business
- Bloomberg
Watchdog FSB Waters Down Proposals on Shadow Bank Leverage
The world's most powerful financial watchdog has watered down proposals for greater transparency around shadow banks' borrowings and increased cross-border data sharing over emerging risks from leverage in hedge funds, asset managers, insurers and other non-banks. In a report delivered to the Group of 20 nations on Wednesday, the Financial Stability Board said that any minimum standards for disclosures on non-banks' financial situations would be developed 'in partnership with industry' and would 'be designed to protect the confidentiality of sensitive information of leveraged nonbanks.'
Reuters
08-07-2025
- Business
- Reuters
Russian firms use netting, gold and crypto in transborder payments, watchdog chief tells Putin
MOSCOW, July 8 (Reuters) - Russian companies are successfully using netting, gold, and cryptocurrency to facilitate international payments, the head of Russia's financial watchdog told President Vladimir Putin on Tuesday. Netting involves banks managing export and import payments through verified agents, with transactions centrally balanced to ensure counterparties receive their funds. International payments for Russian trade nearly stalled in the spring of 2024 as banks in Russia's key trading partners, including China, India, Turkey and the United Arab Emirates, came under the threat of secondary U.S. sanctions. The problem has eased substantially since then, with officials saying businesses in Russia and their partners have adapted to the sanctions and found ways to make cross-border payments. "As for cross-border financial flows... our focus has shifted somewhat, it is now the Middle East, Southeast Asia, and the broader Asian region," Russia's financial watchdog chief Yuri Chikhanchin told Putin. "Alternative forms of settlement are actively being used. These include gold and cryptocurrency. And now netting has appeared, clearing operations, which we are currently looking into," he added. Chikhanchin is the first high-ranking Russian official to publicly describe in detail the methods used by Russian firms for international payments. Such methods are rarely discussed in public. Reuters reported in April, citing banking sources who declined to be identified due to the sensitivity of the subject, that major Russian banks had set up a netting payments system for transactions with China. According to a transcript published on the Kremlin's website, Putin was curious to know how netting worked and whether the watchdog was tracking such payments. "Netting is when the exporter allows the importer to use the export proceeds. Instead of the exporter repatriating the funds, the importer brings in goods in advance using that money and settles the payment within the country," Chikhanchin told Putin. Chikhanchin said that gold was also being used in cross-border transactions, but called for more regulation in the gold trade, saying that the current lax regime results in arbitrage between domestic and international gold prices. Gold has recently replaced dollar and euro cash in many illegal transactions, according to the finance ministry, which has called for a $10,000 cap on the amount of gold an individual can take out of the country. Chikhanchin also highlighted a system known as "Transparent Blockchain" being developed by the watchdog with the central bank and Russia's second largest lender VTB, which will enable regulators and banks to monitor cryptocurrency transactions. The new system is due to become operational by the end of this year.
CTV News
03-07-2025
- Business
- CTV News
Fintrac imposes $544,500 penalty on investment firm Canaccord Genuity
The logo for Canaccord Genuity is shown in Toronto on Wednesday, March 8, 2023. THE CANADIAN PRESS/Staff OTTAWA — Canada's financial watchdog says Canaccord Genuity Corp. has paid a $544,500 fine after a compliance examination in 2023. The Financial Transactions and Reports Analysis Centre of Canada says the penalty was for violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. Fintrac says Canaccord Genuity failed to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions or attempted transactions were related to a money laundering or terrorist financing. It also says the firm failed to develop and apply written compliance policies and procedures that are kept up to date and approved by a senior officer. Fintrac added that Canaccord Genuity failed to assess and document the risk of a money laundering or terrorist financing and failed to take special measures for high risk situations. Canaccord Genuity did not immediately respond to a request for comment. --- This report by The Canadian Press was first published July 3, 2025.
SBS Australia
03-07-2025
- Business
- SBS Australia
Australians urged to be on 'red alert' amid concerns over risky super-switching schemes
Australians have been warned to watch out for pushy salespeople pressuring them to make quick changes to their superannuation provider. The Australian Securities and Investments Commission (ASIC) has warned Australians to be "on red alert for high-pressure sales tactics, clickbait advertising and promises of unrealistic returns". The corporate watchdog has warned of "industrial-scale" schemes encouraging people to move their retirement savings into complex and risky schemes. 'Industrial scale' schemes ASIC deputy chair Sarah Court said the watchdog is "increasingly concerned" about individuals being tricked into putting retirement savings into "high-risk schemes", adding that these are often property investments. "The outcomes are certainly not what those consumers have been expecting," she told ABC radio on Thursday. "We are just increasingly seeing examples on an industrial scale." Some people were being told their superannuation balance may be insufficient for retirement before being encouraged to switch to high-risk investments, she said. There are potential benefits to switching and consolidating your super, but that should only happen after careful consideration of the potential risk, ASIC has cautioned. As of March 2025, financial comparison site Finder reports Australia had 24.7 million superannuation accounts from 112 fund providers, excluding those with fewer than seven members, holding a total of $4.2 trillion in assets. It says 77 per cent of Australians have a super fund, and 5 per cent plan to open one in future. 'Big red flags' With the start of the new financial year, ASIC recommends that Australians be especially careful when reviewing their super funds. "When it comes to sales calls about super switching, there are some big red flags people should be alert to — being asked to make a quick decision is one of the most obvious," Court said. "The initial salespeople can be very persuasive, often the underlying schemes are complex or not made clear to the consumer." According to ASIC, some of these red flags include high-pressure sales tactics, cold calls, offers to find and consolidate lost super for free, poor product disclosure, and unrealistic promises. "It may be very difficult for even experienced investors to spot problems. Once you start on the path it can be hard to get off," Court said. "These calls don't have the hallmarks of a typical scam. The caller will seemingly have your best interests at heart. "Consumers should always ask questions about salespeople's connections to funds, particularly in circumstances where a particular fund appears in the pitch, as there may be a commission arrangement. "If you are unsure or are feeling pressured, just hang up."
