Conduct
Fed fines HSBC $175m for unsafe forex practices
The London-headquartered bank has been ordered to improve its practices by a Fed cease-and-desist order
Malaysian opposition: bank must act against 1MDB officials
Bank Negara Malaysia says it will continue to work with international agencies over alleged fraud
Sarb gains greater regulatory oversight
President Zuma signs ‘twin peaks model’ into law, granting central bank powers to mitigate risk and shore up financial stability
Quarles defends past views amid Senate grilling
Trump’s pick for Fed regulation chief says hindsight is a wonderful thing, as he defends actions around crisis; Quarles says the Fed can improve regulatory transparency
Fed fines BNP Paribas over forex manipulation
French bank is to pay $246 million to settle an investigation of misconduct
Book notes: Fed Up, by Danielle diMartino Booth
A “fascinating but annoying” account by a US Federal Reserve insider who openly criticises the culture of the US central bank and policy decisions made by the institution leading up to and following the financial crisis
More regulation ‘may not fix problematic conduct’, says Sarb’s Mminele
Deputy governor appeals to the entire financial market to challenge and realign current culture; “fundamental shift” needed in order to rebuild “trust deficit”
Deutsche Bank fined further $41 million by Fed
US central bank finds fault with banking giant’s AML function, months after UK regulators imposed similar fines; Deutsche has two months to submit reform plans