Facebook Faces $308,000 Fine Daily if People Tracking Continues in Belgium

Facebook Faces $308,000 Fine Daily if People Tracking Continues in Belgium

Facebook faces a fine of 250,000 euros ($308,000) each day in Belgium if the social media company continues to tracking people on third-party websites.  The case was brought to Belgian court by Belgium’s privacy watchdog and Facebook will have to delete all data it had gathered illegally on Belgian citizens, including non-Facebook users.

“ Facebook faces 250,000 euros each day if data are not deleted in Belgium “

For each day Facebook continues to store or track people’s data, and not delete the data, it will be fined 250,000 euros for each day.  Facebook, in the hearing, had stated their technologies were in line with industry standards, and users have the right to opt out.

Sources: Reuters, The Guardian

 

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About Facebook:

Founded in 2004, Facebook’s mission is to give people the power to build community and bring the world closer together. People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.  The company employs 25,105 employees, have 1.4 billion daily active users and 2.13 billion monthly active users at the end of 2017.

 


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Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities Agreed to Repay Customers More than $3.7 Million for Misleading Clients

Deutsche Bank Securities has agreed to repay more than $3.7 million to customers and a penalty of $750,000.  The $3.7 million repayment to clients includes $1.48 million as disgorgement, in other ways, repay the earned income of $1.48 million from “illegal or wrongful acts.”

” Deutsche Bank Securities to Repay $3.7 Million for Misleading Clients “

Investigations by the Securities and Exchange Commission (SEC) have found that traders and sales people had made false and misleading statements while negotiating sales of commercial mortgage-backed securities (CMBS), resulting in customers overpaying for the CMBS.  Deutsche Bank failed to have compliance and surveillance procedures in place to reasonably prevent and detect the misconduct, and had increased the firm’s profits at the expense of clients.

Former head trader of Deutsche Bank’s CMBS trading desk, Benjamin Solomon did not take appropriate actions, despite being made aware of the misrepresentation.  Benjamin has agreed to pay a penalty of $165,000 while Deutsche Bank has agreed to pay $750,000.  The SEC investigation was conducted by the Complex Financial Instruments Unit and the New York Regional Office.

Sources: SEC, Bloomberg

 

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About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the Bank is continuously growing in North America, Asia and key emerging markets. With more than 78,000 employees in over 70 countries worldwide, Deutsche Bank offers unparalleled financial services throughout the world. The Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

Visit: Deutsche Bank

 


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Credit Suisse Fined $5 Million for Multiple Breaches in Hong Kong

Credit Suisse Fined $5 Million for Multiple Breaches in Hong Kong

Credit Suisse had been fined $5 million (HKD 39.3 million) for numerous breaches including not separating clients’ assets and the bank’s assets, failed internal controls in multiple areas and mismatching product recommendations to clients.

“ Credit Suisse fined $5 Million and to Compensate Client of almost $1 Million “

The fine of around $5 million was determined after Hong Kong’s Securities and Futures Commission (SFC) took into account Credit Suisse co-operation in the investigation, implementing internal controls and to fully compensate clients of around $7.6 million (US$970K).  The breaches had occurred over between 2010 to 2017.

Source: Securities and Futures Commission

 

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About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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Banks Globally Have Paid $321 Billion in Fines since 2008

Banks Globally Have Paid $321 Billion in Fines since 2008

Banks globally have paid $321 billion in fines since the financial crisis due to failings from money laundering and terrorist financing. Boston Consulting Group has shown that banks paid $42 billion in fine in 2016 alone, a 68% rise on the previous year.

“Boston Consulting Group has shown that banks paid $42 billion in fine in 2016 alone, a 68% rise on the previous year. “

~ Bloomberg

That tally is set to increase in the coming years as European and Asian regulators catch up with their U.S. peers, who have levied the majority of charges to date. Managing those costs will continue to be a major task for banks.

Related Reports: Bloomberg, Reuters

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

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