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Jes Staley, the former CEO of Barclays, allegedly lied to the UK regulator about his relationship with Jeffrey Epstein, fearing that honesty could jeopardize his career and lead to lawsuits from Epstein's victims. The Financial Conduct Authority (FCA) claims Staley mischaracterized their ties since 2015, despite evidence of ongoing contact until at least 2017. Staley contends he was transparent about a "professionally close" relationship, but inconsistencies in his narrative have raised doubts about his credibility.
FINMA has restructured its organization to enhance risk management and supervision, effective April 1, 2025. A new "Integrated Risk Expertise" division will consolidate expertise in liquidity, capital, and money laundering, while on-site inspections will increase. This reform aims to address criticisms following the Credit Suisse crisis and restore confidence in the Swiss financial sector.
Former Barclays CEO Jes Staley is facing scrutiny for allegedly misleading the Financial Conduct Authority regarding his relationship with Jeffrey Epstein. Staley, who was fined over £1.8 million and banned from senior financial roles, claimed he had no close ties with Epstein, despite evidence suggesting otherwise. The tribunal heard that Staley viewed Epstein as a mentor and continued communication with him even after his appointment at Barclays, raising questions about the integrity of his statements to regulators.
Taiwan's Financial Supervisory Commission (FSC) and legislator Huang Shan-shan have proposed new regulations for the crypto industry, requiring local platforms to obtain licenses and overseas providers to establish local entities. The draft, aimed for enactment by the end of 2025, follows a previous failed attempt and includes anti-money laundering compliance measures, with potential penalties for non-compliance. Public feedback will be gathered until May 24, with the FSC submitting the draft to the Executive Yuan by June.
The Swiss Financial Market Supervisory Authority (FINMA) is reorganizing to enhance its oversight capabilities following the Credit Suisse crisis. A new division for "Integrated Risk Expertise" will focus on in-depth supervision and on-site inspections, while the "Markets" and "Asset Management" divisions will merge to improve risk management. This restructuring aims to ensure more effective protection for financial market clients and the overall functioning of financial markets.
Swiss financial market regulator FINMA has restructured its organization to enhance supervision, particularly following UBS's acquisition of Credit Suisse. The changes include a new Chief Risk Officer role and a focus on integrated risk management to address challenges like liquidity, capital, and non-financial risks. Deputy CEO Birgit Rutishauser will leave by April 30 for a new career opportunity, a decision unrelated to the restructuring.
Birgit Rutishauser, deputy to Finma Director Stefan Walter and head of the insurance division, is leaving the financial markets supervisory authority after nine years for new professional challenges, with her last day on April 30. She served as acting director for six months following Urban Angehrn's resignation and received praise for her leadership during a challenging period. Finma also announced an organizational reorganization, creating a new cross-division for "integrated risk expertise" and merging the Markets and Asset Management divisions.
The Swiss Financial Market Supervisory Authority (FINMA) will restructure its organization on April 1, 2025, to enhance risk-based supervision and financial system integrity. A new division, "Integrated Risk Expertise," will centralize risk management functions, while the Asset Management and Markets divisions will merge to improve efficiency. Key appointments include Marianne Bourgoz Gorgé as head of the new division and Léonard Bôle overseeing the merged divisions, with a focus on addressing emerging challenges like non-financial risks and cybercrime.
An Italian assistant to MEP Fulvio Martusciello faces extradition to Belgium over Huawei-linked corruption charges, including money laundering and criminal association. Luciana Simeone is accused of distributing funds for MEPs to sign letters supporting 5G deployment, avoiding direct mention of Huawei. The investigation implicates several MEPs and intermediaries in a cash-for-influence scheme, with payments allegedly funneled through fake invoices.
Major British banks, including Barclays, NatWest, Citibank, and JPMorgan, are taking a forex rigging case to the Supreme Court. In 2019, the European Commission found that these banks participated in FX spot trading cartels. A successful appeal could render the Court of Appeal's decision moot, jeopardizing the claim certification.
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FINMA announces restructuring to enhance risk-based supervision in Swiss finance
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major banks challenge forex rigging case in supreme court
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