Royal Bank of Scotland could shift base to Netherlands after Brexit
The Dollar Business Bureau The Chief Executive of Royal Bank of Scotland (RBS), Ross McEwan, revealed today that they are in discussions with the Dutch Central Bank to use it as a base after Britain exits the European Union. McEwan revealed today that RBS plans to build its Amsterdam unit which was acquired after RBS bought ABN-Amro in 2008. Though presently the staff at Amsterdam are only a handful, the bank plans to increase the staffing size to 150. McEwan told reporters, "Setup costs will be in the low tens of millions, running costs also in the low tens of millions.” RBS in its half-year report said, "NatWest Markets has reviewed ways to minimise disruption to the business and continue to serve its ...
Deutsche Bank agree to $7.2 bn settlement with US over risky mortgages
The Dollar Business Bureau Deutsche Bank agreed to a $7.2 billion settlement with the US Department of Justice over its sale of toxic mortgage-backed securities prior to the 2008 financial crisis. The department said, Deutsche's nod represents the largest such resolution for its conduct in misleading investors in residential mortgage-backed securities. This settlement is also higher than the Citigroup’s $7 billion paid to federal and state authorities in 2014. "Deutsche Bank did not merely mislead investors: it contributed directly to an international financial crisis," Attorney General Loretta Lynch said. Deutsche's chief executive John Cryan termed the bank's conduct between 2005 and 2007 as "unacceptable." “The bank had exited many of the underlying activities and improved standards,” he said. The Frankfurt-based bank had reached the settlement ...
Record high immigrants from India to New Zealand
The Dollar Business Bureau Indian’s have been relocating on a larger scale to the place known to keep you under the spells of beauty. The migration from India to New Zealand has seen a robust high. India and its neighbour China, have largely contributed to the net gains of 12,100 and 7,700 migrants over the year till May. The economic boom in New Zealand has succeeded in coaxing people into the country, thus booming the economy more. The latest statistics of New Zealand shows a record of 57,800 permanent and long term migrants during the year. And, it is also noted that the figures continue to see a raise over the last 10 months. And only in the month of May, ...
Anti-Money Laundering (AML) standards/CFT Standards - Cross Border Inward Remittance
Dated January 28, 2015 | RBI/2014-15/432 | A.P. (DIR Series) Circular No.67 | Please refer to our A.P.(DIR Series) Circular No.35 dated September 04, 2013 on risks arising from the deficiencies in AML/CFT regime of certain jurisdictions. 2. Financial Action Task Force (FATF) has updated its Statement on the subject and document 'Improving Global AML/CFT Compliance: on-going process' on October 24, 2014. The statement /document can be accessed from the following URLs : http://www.fatf-gafi.org/documents/documents/fatf-compliance-oct-2014.html and http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/public-statement-oct2014.html 3. Authorised Persons (Indian Agents) are accordingly advised to consider the information contained in the enclosed statement. 4. This, however, does not preclude Authorised Persons (Indian Agents) from legitimate transactions with these countries and jurisdictions. 5. These guidelines would also be applicable mutatis mutandis ...
