This week's risk management news includes Citi’s India fine, alleged HSBC bribery in Libya case, and BCBC’s issuance of Basel III FAQ.
July 06, 2011 | The Asian Banker Editor
RBI fines Citi $56,000 in relation to Gurgaon fraud
Reserve Bank of India has imposed a penalty of $56,000 on Citibank for violating "know your customer" and anti-money laundering norms while opening accounts which led to the Gurgaon fraud, brought about by one of its relationship managers—Shivraj Puri who approached rich customers and asked them to invest in a non-existent high-return scheme.
HSBC faces US scrutiny over alleged bribery involving the Libyan Investment Authority
HSBC faces being caught up in a US bribery inquiry over hundreds of millions of dollars it held on behalf of Libya, with a dramatic rise in deposits with the bank, according to a leaked internal report from the Libyan Investment Authority.
Basel Committee on Banking Supervision issues FAQ on Basel III
The Basel Committee on Banking Supervision has issued Basel III frequently asked questions. To promote consistent global implementation of Basel III, the committee has agreed to periodically review frequently asked questions and publish answers along with any technical elaboration of the rules text and interpretative guidance that may be necessary.
Re-disseminated by The Asian Banker
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Risk And Regulation Working GroupKeywords:Citibank, BCBS, HSBC, RBI
