Latest news with #penalty
The Independent
10 hours ago
- Automotive
- The Independent
Max Verstappen on the verge of F1 race ban after George Russell collision
Max Verstappen is one penalty point away from an F1 race ban after his dramatic collision with George Russell in the closing stages of the Spanish Grand Prix. Verstappen, who had just lost third place to Charles Leclerc after a safety car restart, was told by race engineer Gianpiero Lambiase to give fourth place to arch-rival George Russell, after the pair came together at turn 1. The Red Bull driver initially moved over to allow Russell through before swerving aggressively into the Mercedes car. Verstappen was given a 10-second time penalty straight after race, dropping him from fifth to 10th, though Nico Rosberg believes the Dutchman should have been disqualified. Just over an hour after the race concluded, Verstappen was given a further three penalty points on his FIA superlicence, bringing his total to 11 points. A race ban is triggered if a driver accrues 12 points over a 12-month period, as seen with Haas' Kevin Magnussen last year. It means Verstappen must avoid a penalty point at the next race in Canada (15 June) in a fortnight in order to avoid a ban for the Austrian Grand Prix (29 June). On 30 June, two of Verstappen's penalty points for a collision with Lando Norris last year in Austria will be wiped, bringing his total back down to nine. Asked about the incident after the race, Verstappen refused to comment. 'Does it matter?' he responded. 'Yeah OK, that's great. I prefer to speak about the race, not just one single moment.' Asked further if his dangerous manoeuvres damage his reputation, Verstappen replied: 'Yeah OK, that's your opinion. We'll leave it there.' Russell, who was involved in a heated war of words with Verstappen at the end of last season, believed that Verstappen's move 'felt deliberate in the moment.' 'I've seen those manoeuvres before in simulators and go-karting, not in Formula 1,' he said. 'I'm in P4, he's P10. I don't know what's going through his mind, it felt deliberate in the moment, it felt surprising. 'It's down to the stewards to decide if it was deliberate or not, Max is such an amazing driver, so many people look up to him, it seems completely unnecessary. 'I'm too close to give my opinion on behalf of the drivers but, in Austin last year, some of the best moves ever [from Max], then Mexico, he let's himself down a bit. In Imola [last month, one of the best moves, and then this happens. 'It cost him and his team a lot of points.' Verstappen now trails championship leader and Sunday's race winner in Barcelona, Oscar Piastri, by 49 points after nine rounds.
The National
10 hours ago
- Automotive
- The National
Spanish GP 2025
Red Bull driver Max Verstappen finished the race fifth but was given a 10-second penalty for colliding with George Russell's Mercedes and ended up 10th. AP
CTV News
2 days ago
- Business
- CTV News
FINTRAC fines B.C. currency exchange nearly $350K for non-compliance with money laundering rules
Federal anti-money-laundering investigators have imposed a hefty fine on a currency exchange business based in Burnaby, B.C. The Financial Transactions and Reports Analysis Centre of Canada, better known as FINTRAC, announced the $348,067.50 administrative monetary penalty against Crystal Currency Exchange Inc. on Thursday. The penalty, which was imposed on March 5, stems from nine instances of non-compliance with Part 1 of the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations, according to FINTRAC. The currency exchange has launched an appeal of the penalties in Federal Court. According to FINTRAC, Crystal Currency Exchange's violations included: Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering or terrorist activity financing offence; Failure to report large cash transactions of $10,000 or more in cash in a single transaction; Failure to submit outgoing electronic funds transfer reports of $10,000 or more in the course of a single transaction, together with prescribed information; Failure to submit incoming electronic funds transfer reports of $10,000 or more in the course of a single transaction, together with prescribed information; Failure to appoint a compliance officer; Failure to develop and apply written compliance policies and procedures that are kept up to date; Failure to assess and document the risk of a money laundering or terrorist financing offence; Failure to develop and maintain a training program; and Failure to institute and document the prescribed review. A more detailed summary of the non-compliance is listed on the FINTRAC website. It indicates that investigators found three instances of unreported suspicious transactions, each involving a client about whom Crystal Currency Exchange had previously submitted a suspicious transaction report. The regulator's summary also notes that it had informed the business of 'deficiencies in its compliance program' during previous examinations in 2015 and 2017. Despite this, 'FINTRAC did not observe any improvement in Crystal Currency Exchange Inc.'s compliance program' when investigators returned in 2022. 'Canada's anti-money-laundering and anti-terrorist-financing regime is in place to protect the safety of Canadians and the security of Canada's economy,' said Sarah Paquet, FINTRAC's director and CEO, in the news release announcing the penalties. 'FINTRAC works with businesses to help them understand and comply with their obligations under the act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.'
Malay Mail
5 days ago
- Business
- Malay Mail
BNM fines four banks for regulatory breaches, imposing millions in penalties
KUALA LUMPUR, May 28 — Bank Negara Malaysia (BNM) has imposed an administrative monetary penalty on four banks, namely Bank Pembangunan Malaysia Bhd (BPMB), HSBC Bank Malaysia Bhd, HSBC Amanah Malaysia Bhd and Maybank Islamic Bhd for various breaches of financial regulations. In a statement, the central bank said it has imposed an administrative monetary penalty amounting to RM493,500 on BPMB for non-compliance with provisions under the Development Financial Institutions Act 2002 as well as the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT & TFS) Policy Document. It has also imposed an administrative monetary penalty of RM3.26 million on HSBC Bank Malaysia Bhd for non-compliances related to customer due diligence and sanctions screening requirements, as well as on HSBC Amanah Malaysia Bhd for non-compliances. The penalty was issued for non-compliance with the Financial Services Act 2013, the Islamic Financial Services Act 2013, and requirements pertaining to the Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing, and Targeted Financial Sanctions for Financial Institutions. BNM also highlighted that it had, on March 3, 2025, imposed a penalty of RM1.2 million on Maybank Islamic Bhd for non-compliance with section 155(3)(b) of the Islamic Financial Services Act 2013. The penalty was issued for non-compliance with the Islamic Financial Services Act 2013 and Central Credit Reference Information System Policy Document, said the central bank. — Bernama
Zawya
5 days ago
- Business
- Zawya
South Sudan slapped with $74mln penalty in telco licence row
The government of South Sudan is facing a $74.32 million penalty over a flopped investment agreement with Vivacell, a foreign telecoms company that had won huge concessions on tax payments, licence fees, investment land and mobile frequencies and tariffs to operate in Juba, prior to independence in 2011. The International Chamber of Commerce (ICC) tribunal, in a landmark ruling delivered on May 26, 2025, ordered Juba to pay Vivacell the amount, which includes a principal of $48,452,035, interest of $20,849,535 and $5,024,983 in legal and other costs. South Sudan's information minister Michael Makuei said the 'exorbitant' claim threatens the economic stability and livelihoods of the South Sudanese people and that Juba's legal team is reviewing the award to determine the next step. Yet the ICC figure constitutes a significant reduction from an initial claim of $2.9 billion after Vivacell, which operated under Network of the World, shut down its operations in the country in March 2018, over a $66 million tax dispute, leaving more than 200 South Sudanese without jobs. The rules governing ICC arbitration, however, do not allow disclosures of details of each claim. The South Sudan government said Vivacell had failed to secure a proper licence following its independence and was operating under an outdated permit issued by Sudan, thereby evading tax and licensing payments totalling $66 million. Vivacell had obtained a licence in October 2003 to provide mobile telecommunication services in Southern Sudan from the New Sudan Telecommunication Corporation (NSTC), and the licence was amended the same day. In October 2007, a second amendment was signed between Vivacell and the Ministry of Telecommunications and Postal Services. The second amended agreement provided Vivacell with generous tax concessions, exemptions from customs duties, free land for mobile telephone infrastructure, extensive conditions regarding mobile frequency usage and tariffs and purported exclusive rights. This amended licence was granted for an agreed fee of $7.5 million, but Vivacell only paid $1.5 million of the sums due. Following the birth of the Republic of South Sudan in July 2011, the government established a telecoms regulator, the National Communications Authority (NCA). In 2018, NCA sought to impose standard licensing fees on Vivacell, as had been applied to all other mobile operators. But the telco challenged the demand, leading to the suspension of its operating licence until the required fees were paid. Due to that dispute, Vivacell exited the market, abandoning its equipment and staff. The telco was primarily owned by Lebanon's Fattouch Investment Group, which holds a 75 percent stake, with remaining 25 percent owned by Wawat Securities, a company linked to the Sudan People's Liberation Movement (SPLM), South Sudan's dominant political party. In the wake of the latest arbitration decision, Juba says it is taking measures to ensure the country remains a safe investment destination for foreign investors, upholding law and order in business practices and defending the nation against unsubstantiated claims.'The government has identified priority sectors for investment, including in the fast-growing ICT, agriculture, transport infrastructure, petroleum, mining, and energy sectors, with the aim of diversifying the economy and reducing the economy's reliance on oil,' the government said in a statement.
