New role for blockchain; why so many bankers run

Receiving Wide Coverage …

More problems for Deutsche
A group of Democrats in the Senate wants the Federal Reserve to investigate whether Deutsche Bank complied with anti-money-laundering laws after former bank employees said they told higher-ups that several transactions involving President Trump and his son-in-law, Jared Kushner, were potentially suspicious. The request was made in response to a May 19 article in the New York Times that said senior officials at the bank ignored the employees’ warnings. New York Times, American Banker

At the same time, the European Commission is reviewing money-laundering cases at European banks over the past six years “to assess what went wrong and decide possible tweaks to rules, an EU official said, citing Deutsche Bank and Societe General as among the screened lenders,” Reuters reports. “The review is part of a broader plan to improve the European Union’s approach to combating money laundering after a string of the bloc’s banks … were embroiled in scandals. While it is normal for the EU to examine industrial practices before deciding possible rule changes, the assessment of money-laundering cases shows the scale of the problem and the questions facing regulators, given many of the cases erupted after a series of legislative reforms.”

Separately, German prosecutors have launched a criminal investigation into about 70 current and former Deutsche Bank employees — including Garth Ritchie, its investment banking chief and a deputy to CEO Christian Sewing — over their “potential involvement in trades handled by the bank that were used by clients to trick tax authorities into refunding dividend tax that was never paid.”

Wall Street Journal

Into the sunset
Discover’s CFO R. Mark Graf said he plans to retire next year.

Graf “steered the company through a period of growth and product rejuvenation. His successor will face the challenge of maintaining the company’s growth pace and solid balance sheet while…

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