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Iran n-deal will ease sanctions burden on banks
Aug19

Iran n-deal will ease sanctions burden on banks

The Iran nuclear deal likely will ease pressure on banks to watch out for any potential violations of international sanctions linked to that country, UK law firm Zaiwalla said [19 August 2015]. The plethora of sanctioned entities that banks have to avoid in order not to get punished by regulators has grown over the years. In the year to July 2015 alone, the number of sanctions imposed by the UK rose by 3% from 2,401 to 2,477. Similar...

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New UK rules to embed bankers’ accountability
Jul07

New UK rules to embed bankers’ accountability

The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) today (7 July 2015) published what they said are “the final rules confirming the approach to improving individual accountability in the banking sector.” The final rules cover the Senior Managers Regime; the Certification Regime; and new Conduct Rules. The publication follows joint FCA-PRA final rules on variable remuneration (eg bonuses) in...

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MENA banks under strain of falling oil prices
Mar04

MENA banks under strain of falling oil prices

Major banks in the Middle East and North Africa region, with deep links in Europe, are seen by rating agencies as coming under increasing pressure in response to the ongoing oil price decline. Moody’s and Standard and Poors said the banks, with a few exceptions, are expected to tide over the cash crunch being created by falling oil prices and a general prognoses of a sustained low performance of the oil markets. But, they added,...

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FCA and PPI: Is enough being done to make amends?
Jan30

FCA and PPI: Is enough being done to make amends?

The Financial Conduct Authority in the UK says it will gather evidence on how the PPI complaints process is working. The FCA decision has significant implications for all bank customers who were talked into entering payment protection schemes, including numerous former business professionals, students and other individuals and families from the Middle East and North Africa region (part of The Middle East in Europe readership), many of...

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Money-laundering: The risks near and far
Jan28

Money-laundering: The risks near and far

A recent international seminar in Tunisia on money laundering focused attention on this key issue of financial malfeasance and the risks that persist near and far for professional individuals, business institutions and governments at large. The organiser of the event, the London-based European Bank for Reconstruction and Development, has been campaigning against money laundering as only a governance-savvy and responsible bank can do,...

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