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The Morning Risk Report: Regulators Seek Stronger Controls from Deutsche |
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A Deutsche Bank branch in Berlin, Germany. PHOTO: BLOOMBERG NEWS
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Good day. Germany’s financial watchdog ordered Deutsche Bank AG to bolster its controls to prevent money laundering in a public reprimand Monday that comes amid a growing focus on European lenders’ progress policing financial crime, The Wall Street Journal’s Jenny Strasburg reports.
The Federal Financial Supervisory Authority cited Germany’s federal money-laundering and banking acts in assigning Deutsche Bank an internal monitor as part of the order and demanded “measures to prevent money laundering and terrorist financing” in a notice on its website.
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Deutsche Bank said it will work with accounting firm KPMG, the appointed monitor, “to fulfill the regulatory requirements as soon as possible.”
The German markets regulator joins U.S. authorities who have installed half a dozen overseers inside Deutsche Bank in recent years to monitor fixes to compliance problems.
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| From Risk & Compliance Journal |
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The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters. PHOTO: JONATHAN ERNST/REUTERS
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SEC Awards Nearly $4 Million to Foreign Whistleblower |
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The Securities and Exchange Commission has awarded nearly $4 million to a foreign whistleblower, whose "extensive assistance" helped the agency bring a successful enforcement action, the SEC said Monday.
"Whistleblowers, whether they are located in the U.S. or abroad, provide a valuable service to investors and help us stop wrongdoing," Jane Norberg, head of the SEC's whistleblower's office, said in a statement. The agency did not name the tipster, citing federal law.
The SEC has awarded at least $326 million to 59 people since 2012, when it issued the first award. The SEC told Congress in November 2017, in an annual report on the whistleblower's office, that nearly one-fifth of the award recipients as of that time were foreigners.
—Samuel Rubenfeld
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SFO General Counsel Headed for Private Practice |
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The general counsel for the U.K.’s Serious Fraud Office will be leaving the agency to become a partner at Kingsley Napley LLP in London in early 2019, Risk & Compliance Journal's Mara Lemos Stein reports.
Alun Milford’s departure after more than six years as the SFO’s general counsel follows the arrival of the SFO’s new Director Lisa Osofsky in early September. Ms. Osofsky replaced David Green, who left the post at the end of a six-year term.
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Europe Plans ‘Special Vehicle’ to Maintain Companies’ Ties to Iran |
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The European Union said late Monday that it would establish a special payment channel to allow European and other companies to legally continue financial transactions with Iran while avoiding exposure to U.S. sanctions.
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Disneyland executives say the political climate in Anaheim puts future investment at risk. PHOTO: JAE C. HONG/ASSOCIATED PRESS
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In Disneyland’s Hometown, Once Warm Relations Have
Frozen |
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Tapping public animus toward corporate subsidies, Anaheim politicians are questioning the wisdom of granting Walt Disney Co. hundreds of millions of dollars in tax breaks to support expansion. The city has terminated the largest of those deals.
Disneyland executives warn that tax deals were critical to the resort’s multibillion-dollar expansions this century and that the recent political volatility puts future investment at risk.
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Instagram Co-Founders to Step Down From Facebook |
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The two co-founders of Facebook Inc.’s popular Instagram app are stepping down, a move marking continued tumult at the social-networking giant.
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The Future of Credit-Card ID Verification |
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Credit-card companies, banks and vendors are changing how they verify consumers’ identities. Passwords and PINs could become less important. Biometric analysis could become the norm.
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Google CEO to Meet With Top GOP Lawmakers |
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Google Chief Executive Sundar Pichai plans to appear at a private meeting of top GOP lawmakers on Friday and again at a public hearing this year, responding to new scrutiny of the company’s work with China, its market power and alleged bias against conservatives in its search results.
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Shell CEO Considers New Natural-Gas Bet |
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After Ben van Beurden took over as CEO of Royal Dutch Shell PLC, he bet the company on natural gas, with a roughly $50 billion takeover of a rival focused on shipping the fuel globally. Now he's preparing to double down.
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Sirius XM Holdings Inc. agreed to buy online-music firm Pandora Media Inc. for $3 billion, as the satellite-radio company looks to add streaming services in the increasingly competitive fight for listeners.
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Sears CEO Pushes a Rescue Plan to Avoid Bankruptcy |
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Warning that Sears Holdings Corp. is running out of time and money, CEO Edward Lampert is making his biggest push yet to restructure the retailer to avoid a bankruptcy filing, as a debt payment looms next month.
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Commodities Giant Louis Dreyfus Revamps Its Leadership—Again |
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Louis Dreyfus Co., a Rotterdam, Netherlands-based commodities trader, has appointed a new chief executive and chief financial officer, effective immediately. Ian McIntosh will replace Gonzalo Ramirez Martiarena as CEO, the company said. CFO Armand Lumens has left the company and will be replaced by Federico Cerisoli, who is currently deputy chief financial officer and group controller.
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Former Invitation Homes CEO John Bartling Joins Deutsche Bank |
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John Bartling, the former CEO of Invitation Homes Inc., has joined Deutsche Bank AG as a senior U.S. banker, in a bid by the bank to boost relationships with corporate boards, private-equity firms and other deal makers.
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