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News digest 28/08/15: CitiGroup fined and HSBC IT glitch affects thousands

28 August 2015

CitiGroup fined and HSBC IT glitch affects thousands - read more

CitiGroup has been fined by SEC and a HSBC IT glitch affects payments for thousands.

SEC fines CitiGroup $15 million for compliance failures
The Securities and Exchanges Commission (SEC) has fined CitiGroup $15 million for compliance and surveillance failures. The firm failed to enforce its policies and procedures to prevent and detect misconduct in securities transactions. This means that Citigroup did not review thousands of trades executed by several of its trading desks during a 10-year period.

UK government to review financial red tape
The UK government has launched a review to improve the effectiveness of rules designed to prevent money laundering and terrorist financing as part of the Cutting Red Tape scheme. According to the government, UK businesses finds the current guidance, rules and proof of identity requirements unnecessarily cumbersome and complicated. Inconsistency and confusion over how rules to stamp out money laundering are applied leads to a less effective regime, which disproportionately affects legitimate businesses. The call for evidence will run for 8 weeks until 23 October 2015 – more information is on the Cutting Red Tape website.

HSBC IT glitch leaves hundreds of thousands unpaid
An IT glitch at HSBC bank has left hundreds of thousands of people unpaid as a result of problems with its business accounts. Approximately 275,000 payments have been affected, including payments to customers of other banks. The bank said in a statement that it is ‘taking immediate steps to ensure the payments reach beneficiaries as quickly as possible’ and that it is working ‘with other banks to ensure that customers do not lose out as a result of today’s problems’.

EU search abuse complaint rejected by Google
The EU objects to how Google displays shopping links in its search results however, Google refutes this saying it is as ‘wrong as a matter of fact, law and economics’. Google says its shopping service benefits customers and businesses without unlawfully distorting the market. It appears as a box of images and links displayed at the top or right-hand side of other results.

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