The Securities and Exchange Commission in the United States is investigating the accounting practices of Alibaba Group Holdings to see if they violate federal laws.
The e-commerce company's shares dropped by nearly seven percent after it revealed the existence of the investigation, which was launched earlier this year. Alibaba said it was cooperating with the SEC investigation and added that the regulator said the probe should not be seen as an indication that it had breached federal laws.
Complaints about financial services companies in the UK are at their third-highest level on record, according to figures released by the Financial Ombudsman. Complaints about packaged bank accounts rose by 107 percent, those about payday lenders rose by 178 percent, while Payment Protection Insurance continued to be the most complained-about product. Four banks, Lloyds, Barclays, Royal Bank of Scotland and HSBC, accounted for 56 percent of all complaints received.
The era of the fintech unicorn isn't over just yet it seems: UK-based P2P money transfer start-up TransferWise is now valued at $1.1 billion after it received a further $26 million in funding, which it intends to use to expand into the small business market with a new offering called TransferWise for Business.
South Africa's central bank fined Capitec and the Deutsche Bank operation in the country a combined total of 25 million rand ($1.6 million) for shortcomings in their anti-money laundering systems according to the annual report of the central bank's Bank Supervision Department. The report stressed that the sanctions were "not based on any evidence that Deutsche Bank or Capitec facilitated transactions relating to money laundering and/or financing of terrorism activities".
The central bank also announced the appointment of deputy governor Kuben Naidoo as registrar of banks with responsibility for overseeing the transition to a Twin Peaks regulatory system.
Separately, the central bank warned lenders to exercise vigilance when relying on external vendors after it was revealed earlier this week that thieves in Japan stole an estimated 300 million rand from ATMS across Japan using fake Standard Bank credit cards. The coordinated attack happened on 15 May and it has been reported that 14,000 withdrawals were made in a three-hour period. Standard Bank confirmed on Monday that it, not its customers, had suffered the losses.
Ant Financial eyes HK, elsewhere for opportunities
Bank of Montreal to axe 4 percent of workforce, warns on loans
Financial crisis caused 500,000 extra cancer deaths, according to Lancet study
French bankers try to reassure Senate over tax havens
Apple Pay expands in Singapore
Citigroup to pay $425 mln over attempted benchmark manipulation
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