U.K. Financial Regulator in Talks with Banks over FIFA Probe

From The Wall Street Journal –

“The U.K. financial regulator is looking into weaknesses in anti-money laundering systems at U.K. banks, following a major investigation by U.S. authorities into alleged corruption by FIFA officials.

Harriett Baldwin, the Economic Secretary to the U.K. Treasury, said the Financial Conduct Authority is “discussing with banks whether the FIFA episode has highlighted weaknesses in their anti-money laundering systems and controls.”

She made the statement in a written response to a U.K. member of parliament.”

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Pew: Banks Need to Continue to Step Up Compliance

From National Mortgage Professional Magazine –

“The Pew Charitable Trusts has released its third evaluation of checking account disclosure, overdraft, and dispute resolution practices at the nation’s largest retail banks, finding mixed results. Some banks continued to improve, particularly regarding disclosure, but the prevalence of harmful overdraft fees and account terms showed little change or grew worse. The report recommends that the Consumer Financial Protection Bureau (CFPB) issue comprehensive rules to ensure that checking accounts are safe and transparent for all consumers.”

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Tom Hayes Libor trial: Trader accused of rigging lending rates ‘tried to enlist help of stepbrother’

From The Independent –

“A former City trader accused of conspiring to rig bank interest rates tried to enlist his stepbrother into the alleged scheme, a court has heard.

Tom Hayes, described as the “ringleader” in a conspiracy to influence the Libor interest rates, pleaded with Peter O’Leary to try and persuade an official at HSBC bank to help keep the key interest rate low in order to profit Mr Hayes’ financial trades.

In a taped telephone conversation, played to the jury at Southwark Crown Court, Mr Hayes was heard telling Mr O’Leary: “If you get to know him, he would be a massive help to me,” adding: “Got $1m of risk ... If ... it [the Libor rate] moves by a basis point, for my fix that’s worth 125k plus.”

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