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The Morning Risk Report: FBI Probes American Express Forex Unit |
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The FBI launched an investigation into whether the foreign-exchange unit of American Express misled clients about prices to win their business. PHOTO: ANDREW HARRER/BLOOMBERG NEWS
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Good morning. The Federal Bureau of Investigation is investigating pricing practices within the foreign-exchange unit of American Express Co., The Wall Street Journal's AnnaMaria Andriotis reports.
Early stages: The FBI began its investigation in August after The Journal reported that AmEx's foreign-exchange unit had recruited clients with offers of low currency-conversion rates before raising prices without warning. The probe, in its early stages, is being run out of the FBI's Washington office.
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An AmEx spokeswoman declined to comment on the FBI probe. The company said in July it took the allegations seriously and would conduct a review.
Regulators: The Office of the Comptroller of the Currency also is looking into how AmEx disclosed pricing to customers, including what customers were told about potential price increases and who knew about the practice within the company. AmEx declined to comment on the OCC.
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| From Risk & Compliance Journal |
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ING Says SEC Ends Probe Without Charges |
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U.S. regulators decided against bringing charges against Dutch lender ING Groep NV, the bank said. PHOTO: YVES HERMAN/REUTERS
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Dutch lender ING Groep NV said Wednesday that U.S. regulators have closed their investigation into the bank after it reached a record settlement with local authorities.
The bank in a regulatory filing said it received a formal notification from the U.S. Securities and Exchange Commission that the agency had concluded its investigation, and that it wouldn’t bring an enforcement action “based on information as of this date.” The SEC declined to comment.
The news comes a day after ING agreed to pay a record European fine of €775 million ($897.3 million) to settle an investigation by Dutch prosecutors into money-laundering control failures.
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U.K. Court Reverses Ruling Narrowing Attorney-Client Privilege |
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The U.K. Court of Appeal on Wednesday overturned a lower court’s ruling that had narrowed attorney-client privilege in internal probes.
The decision stems from an appeal by Eurasian National Resources Corp. against a High Court ruling in May 2017. That ruling granted the U.K. Serious Fraud Office the ability to seize documents, including notes from interviews with employees, arising from an internal investigation. The High Court ruling drew criticism from many in the U.K. legal community who believed it undermined the U.K. doctrine of legal-professional privilege.
The appellate court decision "gives greater certainty to lawyers and their clients that when they’re conducting investigations in the context of either potential criminal or civil proceedings, those investigations will be protected by privilege,” said Julian Acratopulo, president of the London Solicitors Litigation Association.
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N.J. Man Pleads to Stealing More Than $1 Million in Digital Currency |
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A New Jersey man admitted to kidnapping a friend and then stealing more than $1 million dollars in cryptocurrency from him. It's among the first major cryptocurrency cases brought by Manhattan prosecutors.
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SEC Is Back at Full Strength With Five Members |
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DOJ to Examine Whether Social-Media Giants Are ‘Stifling’
Viewpoints |
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U.S. Designates Mali-Based Militants as a Terrorist
Group |
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Nike’s Moral Arc Bends Toward Sneakers |
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Nike Inc.’s controversial new ad campaign is a strategic bet on its future customer. Grabbing attention by generating controversy may prove a smart move for Nike, brand consultants say.
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Bayer: More Americans Alleging Weedkillers Cause
Cancer |
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Walmart Tries Out Own Home-Delivery Service |
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J.Crew Alters Amazon Approach, Will Sell Some Items on
Site |
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Founder Locked Up? JD.com’s Board Can’t Meet Without Its Boss |
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Readers can subscribe to The Morning Risk Report here: http://on.wsj.com/MorningRiskReportSignup. Follow us on Twitter at @WSJRisk.
Follow the WSJ Risk & Compliance Team on Twitter: @WSJRisk, @srubenfeld and @LikelyMara.
Send comments to the Risk & Compliance editor, Jack Hagel, at jack.hagel@wsj.com.
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