The metal industries are the latest victims of political tensions with Russia, as bank branches in Hong Kong have refused to take payments from Russian accounts, according to Metal Bulletin.
Five Russian banks have been sanctioned by the US and EU over the past month. Although these mainly relate to brokerage services and fundraising in the EU, subsidiaries of HSBC, BNP Paribas and Standard Chartered have exercised over-caution when it comes to payments originating from Russia – a stance that will no doubt intensify following Standard Chartered’s $300m fine by US regulators yesterday for breaching compliance obligations.
To avoid raising red flags, many Russian companies have now either moved banks or requested a switch to dollar-denominated currencies. The policies have allegedly also extended to Belorussia.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
#PSD2FinishLine recently started trending on Twitter. As the country slowly grows in excitement throughout the month of November, with the C-word on ... read more