TD Bank's $3 Billion Fine Reveals the Shortcomings of the Banking ...
Nov 20, 2024 · 1.1K. By Nicholas Larsen, International Banker. O n October 10, the United States Department of Justice (DOJ) announced that TD Bank had agreed to a $3-billion settlement with the US government over charges that it repeatedly failed to detect money-laundering activities within its institution. With the US unit of the Canadian lender unable to prevent a range of criminals from laundering ...
The Generative AI Revolution in Banking: Transforming Research, …
Oct 8, 2024 · GenAI’s potential for metamorphosing operations has captured the attention of banks worldwide. While still new, the technology is already upgrading processes in three key areas: research, risk assessment and compliance. As banks increasingly embrace GenAI’s advantages, they must plan carefully and ensure necessary governance is in place.
Sanctions Notwithstanding, Russia’s Economy Continues to …
Oct 31, 2024 · 906. By Nicholas Larsen, International Banker. O n October 22, the International Monetary Fund (IMF) released the latest edition of its “World Economic Outlook”. Published twice a year, the report’s October issue confirmed that the organisation expects the Russian economy to grow by 3.6 percent this year, up from the 3.2-percent expansion stated …
The WorldCom Scandal (2002) - International Banker
Sep 29, 2021 · 28.7K . C oming hot on the heels of accounting scandals involving Enron and Tyco, both of which sent financial markets into tailspins, the fraud committed by WorldCom, one of the world’s biggest telecommunications companies, ended up dwarfing even those infamous crimes in terms of sheer numbers.. By June 2002, the United States’ second-largest long-distance telecommunications company ...
The Enron Scandal (2001) - International Banker
Sep 29, 2021 · A ugust 2021 marked the 20 th anniversary of arguably the most notorious corporate-accounting scandal of all time. It may not have been the biggest in dollar terms, or even the most severe in terms of criminality and personnel held culpable, but the Enron Corp. scandal of 2001 remains perhaps the most impactful of all time.
Artificial Intelligence: Opportunities and Risks for the Financial Sector
Dec 11, 2024 · 156. By Leonardo Gambacorta, Head of Innovation and Digital Economy Unit, and Vatsala Shreeti, Economist, Bank for International Settlements (BIS). T he introduction of large language models (LLMs) has brought artificial intelligence (AI) into the spotlight. The availability of significant computing resources and vast troves of data is unlocking the potential of AI across the economy’s sectors.
Iraq Continues to Play a Delicate Geopolitical and Economic …
Nov 19, 2024 · 603. By Nicholas Larsen, International Banker. A ccording to an economic assessment issued in July by the Fitch Solutions company BMI, Iraq’s real gross domestic product (GDP) for the full year 2024 will reach 1.8 percent, which is higher than the firm’s previous forecast of 1.6 percent and a major turnaround from last year’s 2.3-percent contraction.
Halyk: The Pioneering Bank Creating Kazakhstan’s Tomorrow
Sep 2, 2024 · 806. By John Manning, International Banker. I n 2023, Halyk celebrated its 100 th birthday, thus marking a monumental milestone in the illustrious history of Kazakhstan’s biggest financial institution and undisputed banking pioneer. As a result of one century of hard work and dedication, Halyk became a leading financial-services group, operating across a variety of segments, including retail ...
Global Capability Centres (GCCs): Three Lessons on Challenges …
Sep 17, 2024 · 965. By Sreeram Iyer, Head of Group Capabilities Centre (GCC) and Chief Operating Officer, Institutional and ANZ Banking Group. G CCs are growing, but there is room for much more….. The global economy has continued to face headwinds from slower growth, rising inflation and tightening regulations. Despite this backdrop, Global Capability Centres (GCCs) have played pivotal roles in ...
Mashreq Bank: Disrupting the Status Quo Through Innovation
Dec 7, 2023 · 1.3K. By John Manning, International Banker. I n January, the chairman of Mashreq Bank, Mr. Abdul Aziz Al Ghurair, described 2022 as a “transformative year” for the lender. As one of the United Arab Emirates’ (UAE’s) leading banking institutions for much of the 56 years since its founding, as well as one of the oldest banks in the Middle East and North Africa (MENA), such an assessment ...