Canadian Banks Have Become Infamous for This

COMPLIANCE

Canadian Banks Have Become Infamous for This

Canadian banks have long had a reputation to being “stable” and reserved in their behaviours. But, one thing Canadian banks are infamous for is: money laundering.

This was triggered by a report that found branches of TD Bank and RBC in Ontario had allowed factions of an Italian mafia group to launder money through these branches.

Not only that but Canada’s own financial watchdog, Fintrac, found that almost ALL Canadian banks and real estate companies the watchdog had audited last year failed miserably in complying with anti-money laundering regulations.

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AI IN BANKING

Bank of Spain Governor Cautions Banks About AI & ML Usage

Bank of Spain Governor Pablo Hernandez de Cos, who also chairs International Basel Committee on Banking Supervision, cautioned banks to “anticipate” and manage the risks involved with AI and ML.

Hmmm, most likely banks are going to use AI to help them “anticipate” these risks. Am I right?

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BANKING CAREER

You Might Want to Re-Think That Job Hopping

Wall Street bank, Jefferies, is demanding payment of US$4M from a banker they had hired, Dean Decker, who was a hot-shot banker at Credit Suisse at the time.

Jefferies had included the “break-up” fee in the employment offer to Decker should he not fulfill his employment commitment.

Decker changed his mind before starting at Jefferies and allegedly used his offer from Jefferies to gain a pay-rise to remain at Credit Suisse.