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North America: Westpac hit with class-action suit in U.S. linked to money-laundering case
The lender said the lawsuit represented purchasers of Westpac’s shares on the New York Stock Exchange between Nov. 11, 2015 to Nov. 19 and sought to recover damages related to disclosure issues with its financial crime monitoring and a recent money laundering scandal.MORE >>>
North America: Mastercard wants to give you fast access to cash — using only your cell phone
Americans may soon be able to withdraw cash from ATMs around the country using only their phones.
While there are several clear benefits, especially for those without a bank account or debit card, there may also be security risks, according to some experts.MORE >>>
Africa: Brexit is a loss for Europe but it could turn into a win for Africa
Two African bonds listed at the London Stock Exchange (LSE) during an inaugural UK-Africa Invest summit held in London on January 20 as Britain begins the Brexit process. Attended by 21 invited African states and lasting three days, the summit also saw the British bourse sign a memorandum of understanding with the Ghana Stock Exchange (GSE).MORE >>>
Asia: 1.2tn yuan to be pumped into Chinese markets to fight coronavirus slump
China’s central bank has pledged to pump 1.2tn yuan (£130bn) into its financial system in an attempt to protect its economy from the coronavirus epidemic.
The People’s Bank of China (PBoC) announced it would launch the operation on Monday, to ensure a stable currency and “reasonable and abundant liquidity” in the banking system.MORE >>>
Asia: Singapore’s central bank implements Payment Services Act
ASIAN BANKING & FINANCE
Acts on money changing and payment systems have been repealed.
The Monetary Authority of Singapore (MAS) has commenced the Payment Services Act (PS Act), which now covers new types of payment services such as digital payment token services and also adopts an activity-based licensing framework, an announcement revealed.MORE >>>
South America: IMF delays Argentina forecasts due to uncertainty
The International Monetary Fund has postponed updating its Argentina forecasts given economic uncertainty bought about by the country’s recent presidential elections. The decision was due to “the environment of uncertainty in Argentina”, said Alejandro Werner, director of the Western Hemisphere department at the IMF, during a press briefing on January 29.MORE >>>
Europe: FCA: credit card firms must stop suspending all users in debt spiral
Britain’s financial watchdog has warned credit card firms against the blanket suspension of cards of consumers who are stuck in a debt spiral, telling them to reduce or waive interest and other charges instead.
The Financial Conduct Authority’s affordability rules brought in in March 2018 to cut problem credit card debt have put thousands at risk of having their accounts suspended from this month.MORE >>>
Europe: Belgium to launch new ‘smart’ ATM network
Four of Belgium’s biggest banks have set up an integrated ATM network, as use of the cash in the country declines. Belfius, BNP Paribas Fortis, ING and KBC have joined forces to establish a “smart distribution” of ATMs across the country to address the issue of oversupply in certain locations, and undersupply elsewhere.MORE >>>
Oceania: Wells Fargo CEO John Stumpf hit with $25.5 million fine – but it’s not the largest penalty for bank executives
US federal regulators have announced that former Wells Fargo CEO John Stumpf will be forced to pay a $US17.5 million ($A25.5 million) fine and has been banned from working at a bank again.
The disgraced CEO resigned in October 2016 following an expose that showed Wells Fargo routinely took advantage of its customers by opening millions of sham accounts and credit cards.MORE >>>