Archive
International News Services archives articles supplied to clients one year or more after initial publication. These articles are protected by a password and not made available to readers without permission from clients. They are used as a background resource by agency journalists. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.
AML DATA AGGREGATION WILL BECOME MORE ATTRACTIVE, AS TRUST BUILDS IN AI SOLUTIONS
Aggregated data on shared utility platforms operating across global financial services would “remove banks’ fiefdoms, internal silos that stop them from making the KYC process more informed” and “reduce the risk of bad actors entering the financial system through a weak link,” a report from financial services technology providers Celent, in Boston, USA, has claimed.…
WILL 6AMLD STOP EU CRIMINALS SHOPPING AROUND FOR BEST REGIME?
The new so-called European Union (EU) sixth anti-money laundering directive that harmonises penalties for money laundering across the bloc is a key back up to the EU’s existing AML legislation. While dubbed the sixth anti-money laundering directive (6AMLD), Directive (EU) 2018/1673 on combating money laundering by criminal law (https://eur-lex.europa.eu/eli/dir/2018/1673/oj…
INDIAN APPAREL EXPORTS RISE – BUT EXPECTED TO FALL BACK IN AUGUST SAYS MANUFACTURERS ASSOCIAITON
SALES of Indian apparel exports continue to be sluggish even after registering a 11% growth in July compared to June this year, after three months of continuous decline. According to a monthly newsletter issued by the Clothing Manufacturers Association of India on October 5, India exported USD1.36 billion’s worth of apparel in July, which was also 7% more than July 2018.…
NICARAGUA BOOSTS T-SHIRT SALES TO THE EU, BUCKING A DECLINE IN OVERALL APPAREL EXPORTS
Nicaragua, a leading apparel producer in Central America, has been suffering a decline in revenue on exports to the European Union (EU) this year, expect for one category that is bucking the trend: T-shirts.
According to the EU statistical office Eurostat, total revenue from the country’s apparel and footwear exports to the region dropped 6.8% to EUR178.2 million in the first half of 2019 from EUR191.2 million in the same period in 2018.…
EU COMMISSIONERS DESIGNATE RELEASE DETAILS ON FUTURE PLANS TO TARGET MAJOR CARBON EMITTERS
Members of the incoming European Commission, expected to take office in November, have released more details of a planned ‘carbon border tax’, which could levy charges on metal imports into the European Union (EU). Products affected would be those deemed by the EU as manufactured with excessive carbon emissions.…
BNP PARIBAS FINED USD15 MILLION OVER FAILING TO SCREEN 31 BILLION PENNY STOCKS FOR ML
BNP Paribas Securities Corp’s failure to apply proper AML controls on its penny stocks business has landed it and its brokerage arm with a USD15 million fine from the USA’s Financial Industry Regulatory Authority (FINRA).
The regulator found BNP had not even developed, let alone implement AML controls on its penny stocks deposits and resales and wire transfers.…
CHINA DAIRY TAKE OVER FOLLOWS CHINESE GOVERNMENT POLICY FAVOURING INFANT FORMULA CONSOLIDATION
The USA-owned Shengyuan International Group (trading as Synutra – http://www.synutraingredients.com and https://www.shengyuan.com.cn/), a China-focused milk powder specialist, has successfully acquired a Chinese dairy sector competitor Alfbeta (Chinese name Harbin Aibeite). The deal has been confirmed by a note from the new subsidiary – posted in Mandarin on http://www.aibeite.com.…
ITALY ISSUES FIRST FINE FOR WHISTLEBLOWER RETALIATION
The Italian National Anti-Corruption Authority (ANAC – Autorità Nazionale Anticorruzione) has finally issued a fine for retaliatory measures against a whistleblower, nearly 10 months after Italy’s whistleblower protection legislation took effect on December 29, 2018. The 2017 law (179/2017) protects public employees reporting illegal conduct in a public or government administrative body by outlawing retaliation including sanctions, dismissal, demotion, transfers to other offices, or any other measures having a negative effect on their working conditions. …
COURT HEARS BARCLAYS BOSSES KNEW QATARI DEAL WAS ETHICALLY CHALLENGED
Top Barclays banking executives knew that they acting illegally in paying the Prime Minister of Qatar, Sheikh Hamad al-Thani, GBP322 million (USD409 million) for ‘advisory services’ that were really ‘quid-pro-quo’ payments for bailing out the bank during the 2008 financial crisis, a UK court was told.…
GERMAN STATE GOVERNMENT REGULATORS UNDER FIRE IN MEAT HEALTH SCANDAL
Germany’s Federal Ministry for Food and Agriculture (BMEL – Bundesministerium für Ernährung und Landwirtschaft) has summoned its state-level (länder) counterparts for crisis talks following revelations that listeria-infested meat products have killed three people and made another 37 sick. These were made by from Twistetal, Hesse-based Wilke Waldecker Fleisch- und Wurstwaren.…