Latest news with #financialRegulations
The National
28-05-2025
- Business
- The National
UAE Central Bank fines two foreign bank branches Dh18.1m for breaching anti-money laundering rules
The UAE Central Bank has fined two branches of foreign banks operating in the country a cumulative fine of Dh18.1 million ($4.9 million) for breaching anti-money laundering regulations, as the fight against illegal financial activity continues. The regulator imposed a fine of Dh10.6 million on the first bank and Dh7.5 million on the second bank, it said in a statement on Wednesday, without naming the lenders. Penalties were slapped on the branches of foreign lenders for 'violations and failures' to comply with the anti-money laundering, combating the financing of terrorism and illegal organisations framework, and related regulations, the CBUAE statement added. The fines were imposed based on the findings of examinations the banking regulator has conducted, it said. 'The UAE Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff abide by the UAE laws, regulations and standards established by it to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system,' the regulator said in the statement. An exchange house was fined Dh200 million by the UAE Central Bank last week for breaching anti-money laundering regulations. A financial sanction of Dh500,000 was also imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE, the regulator said. The Emirates has made significant strides in the fight against financial crime in recent years. Effective policies on money laundering and combating the financing of terrorism are key to the integrity and stability of the international financial system and the economies of nations, according to the International Monetary Fund. Last year, the UAE announced a nationwide action plan aimed at boosting its fight against illicit financial activity by introducing the 2024-27 National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing. The strategy has 11 goals outlining the 'legislative and regulatory reforms the UAE is taking to prevent the impact of illegal activities on society', and was developed by the General Secretariat of the National Committee using World Bank Group methodology to ensure it meets international standards. In August last year, the government amended its laws on anti-money laundering, and the financing of terrorism and illegal organisations. A National Committee for Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations was formed as a result. In 2021, the government founded an Executive Office for Anti-Money Laundering and Counter-Terrorism Financing after passing an anti-money laundering and terrorism financing law in 2018.
Irish Times
26-05-2025
- Business
- Irish Times
AIB weighs sale of more problem loans with face value of €500m
AIB is preparing for a potential sale of a portfolio of non-performing loans, including debt that had soured during the Covid-19 pandemic and never recovered, sources have said. The portfolio being assembled has an original value of €500 million and could come to the market as soon as the third quarter of this year, the sources said, adding that it includes mortgages , unsecured loans and small business loans. The development comes about 18 months after AIB shifted most of its remaining crisis-era problem loans and signals that portfolio sales will remain a tool for the bank's management of intractable non-performing loans. European regulators introduced rules a decade after the financial crash requiring banks to set aside provisions equal to 100 per cent of a non-performing loan within three to seven years after the default date. That incentivises banks to address such borrowings or get them off their books. READ MORE Bank of Ireland said in a recent trading update that it continues to look at 'organic and inorganic activity' to further improve the quality of its loans. Inorganic activity usually refers to asset sales or purchases. Sources have suggested that Bank of Ireland is unlikely to carry out a transaction this year. Bank of Ireland's non-performing loans ratio stood at 2.5 per cent in March. 'AIB has reduced its non-performing exposure levels from €31 billion in 2013 to €2 billion, or circa 2.8 per cent of gross loans, as of the end of March 2025,' a spokesman for AIB said. 'For customers in difficulty, our focus has been to put in place appropriate and sustainable solutions to help them to get back on track. 'The bank's preference is to provide solutions through customer engagement on a case-by-case basis. AIB continues to support customers through a comprehensive range of forbearance solutions, and we have done so in over 150,000 cases. 'Notwithstanding the considerable progress made to date, we remain committed to maintaining a non-performing exposure level which is in line with European norms.' AIB's chief executive, Colin Hunt, said earlier this month that the bank's financial performance was better than expected in the first quarter of the year, despite fears that Trump administration policies will hit global trade and economic growth. The bank reiterated all of its financial targets for the full year in a trading statement on May 1st, including a key measure of profitability known as return on tangible equity which, it said, would be 'meaningfully ahead' of its medium-term target of 15 per cent. Group chief financial officer Donal Galvin said the bank will be reviewing various economic scenarios, including the impact of international tariffs, as it assesses its loan-loss provisioning before the release of interim results during the summer. 'This is a challenging exercise, given the range of potential outcomes,' he said. He highlighted that a worst-case scenario of a 'credit crunch' assessed as part of its 2024 financial reporting would require about €600 million of provisions. AIB's own economics unit estimates that a measure of the Irish economy known as modified domestic demand, which includes spending by consumers, Government and certain private sector investment, will ease to 2.3 per cent and 2 per cent in 2025 and 2026, respectively, from 2.7 per cent last year. ' The uncertainty created by the dramatic shift in US trade policy and the responses of other key trading blocs is expected to dampen global growth in 2025 and 2026,' AIB chief economist David McNamara said, commenting on the bank's new outlook report published on Monday. 'Given the globalised nature of the Irish economy, we expect significant volatility in GDP (gross domestic product) as exporters seek to get ahead of potential trade restrictions this year. 'For the domestic economy we expect a cooling in growth this year, as ongoing uncertainty dampens consumer spending and business investment growth.' He said: 'Nonetheless, Ireland enters this period of uncertainty from a position of strength, with the economy growing at a robust pace in recent months, while the public and private sectors have built up material financial buffers in recent years.'
The Sun
22-05-2025
- Business
- The Sun
David Cameron refused new mobile at Vodafone store because he is ‘politically exposed', it's claimed
DAVID Cameron was refused a new mobile at a Vodafone store — because he is 'politically exposed', it was claimed. The former PM, 58, was reportedly turned away by a London shop where he went to buy a device for one of his children. 2 Father-of-three Lord Cameron was eventually able to make a purchase, it is understood. A friend said: 'Because he's classed as a politically exposed person (PEP) it wasn't possible. 'The problems stem from financial regulations which consider a PEP to present a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence they may hold.' But it is not the first time senior politicians have encountered this issue. When Sir Jeremy Hunt was Chancellor of the Exchequer he was refused permission to open an account with the online bank Monzo due to his political profile. At the time, he said: 'If the price of going into public life is that you find it really hard to set up a bank account, then we need to make sure we remove barriers where we can.' It was also claimed that Liz Truss was refused an account with the same bank when funding her campaign to replace Boris Johnson as the Conservative leader. Foreign Secretary David Cameron jets home after holiday in Italy in economy on an £86 Vueling flight to Gatwick Airport 2
Daily Mail
22-05-2025
- Business
- Daily Mail
EXCLUSIVE RICHARD EDEN: Cameron refused permission to buy mobile as he is blacklisted as Politically Exposed Person
As Prime Minister, David Cameron was used to having a team of staff looking after his every need. Now, he struggles even to make a household purchase. The Daily Mail can disclose that the former prime minister was refused permission to buy a new mobile phone at a Vodafone store. 'He went to his local shop to get a phone for one of his children,' one of Lord Cameron of Chipping Norton's friends told this newspaper. 'Because he is classed as a politically exposed person (PEP), it was not possible.' The failed shopping trip, believed to have been in London, is understood to be not the first time the former Conservative leader has encountered such problems. 'The PEP issue comes up again and again,' the friend said. The problems stem from financial regulations which consider a politically exposed person to present a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence they may hold. While Sir Jeremy Hunt was Chancellor of the Exchequer, he revealed in 2023 that he had been refused permission to open an account with Monzo bank due to his political profile. 'If the price of going into public life is that you find it really hard to set up a bank account, then we need to make sure that we remove barriers where we can,' Sir Jeremy said at the time. Last year, Britain's biggest banks were told by the City watchdog to do more to ensure parliamentarians, senior public servants and their families were treated fairly. In a warning to financial firms - including banks, payment companies and lenders - the Financial Conduct Authority said they should not disadvantage people running for office or taking senior public roles. It followed the political row in 2023 triggered by Nigel Farage after the private bank Coutts closed the Reform UK leader's account, leading to a media storm and the issue being taken up by the then Conservative government. Farage argued that the closure was likely to have been linked to his status as a politically exposed person and claims in the House of Commons that he had received payments from the state-funded broadcaster Russia Today. Details leaked to the BBC suggested Farage had fallen below Coutts' commercial criteria, which requires customers to hold at least £3million in savings, or borrow or invest at least £1million with the bank. However, Farage later obtained evidence which he claimed showed that Coutts had acted because of his political values, leading to questions over whether banks were treating PEPs fairly. The scandal led to the resignation of Alison Rose, the chief executive of NatWest Group, owners of Coutts.
