FBI Reportedly Investigates American Express Foreign-Exchange Pricing
The Federal Bureau of Investigation has launched a probe into pricing practices within American Express Co.’s foreign-exchange unit, the Wall Street Journal reported citing people familiar with the matter.
The investigation is in its early stages and is focused on whether the foreign-exchange international payments department misrepresented pricing to clients in order to win their business, the report said.
The company said in July that it was commissioning a third-party review of its foreign-exchange business and that it would fix any problems uncovered. The FX International Payments unit accounts for less than half of one percentage point of overall revenue, the company said at the time.
Source: Markets Insider
Hong Kong Watchdog Issues Record HK$15.2 Million Fine To Chinese Broker Over Failure To Report Money Laundering
The Securities and Futures Commission, Hong Kong’s securities watchdog, has fined mainland Chinese state-owned firm Guosen Securities (HK) Brokerage a record HK$15.2 million (US$1.9 million) for failure to report money-laundering activity, it said on Monday. An...
With Brexit fast approaching, there are growing worries surrounding the U.K.’s financial and economic well-being after leaving the safety blanket of the European Union. Among fears of the U.K. heading towards economic turmoil, we must also consider the real threat...
The RCMP has filed charges against 17 people accused of taking part in a multi-million-dollar money-laundering scheme. Police arrested 14 people on Monday in the Montreal and Toronto area, but three suspects are still at large. According to the RCMP, members of the...