Barclays fined for lax crime checks in 'deal of century'

The failings relate to a £1.88 billion pound transaction (Transaction) that Barclays arranged and executed in 2011 and 2012 for a number of ultra-high net worth clients. The clients involved were politically exposed persons (PEPs) and should therefo


Banks explain extra information requests

The Bermuda Bankers’ Association said that banks are now asking for additional information and documentation, from both new customers and existing ones.


Deutsche Bank's Swiss Unit to Pay $31 Million in Tax Case

The Department of Justice has announced that Deutsche Bank (Suisse) SA (Deutsche Bank Suisse) reached a resolution under the department’s Swiss Bank Program. Deutsche Bank Suisse will pay a penalty of more than $31 million.