23 Burst results for "Dansko"

"dansko" Discussed on The CyberWire

The CyberWire

08:29 min | 10 months ago

"dansko" Discussed on The CyberWire

"My guest today is James Dawson. He's advisor to the head of it. Business Risks and controls in the office of the Cisco at Dansko Bank the global banking industry is generally acknowledged as being on the leading edge of security practices. And of course the fact that they are highly regulated has a lot to do with that along with the reality that they have a big target on their backs. Being where the money is. Here's my conversation with James Dawson. The biggest change that I've noticed recently is that it's almost like leadership people the world in general everyone from the worker bee at the McDonalds to the head of you know a global organization. They're more in tune to it cyber and technology than they ever were before. So I find that for me. It's almost a little easier. I spent a little time going in and explaining the basics and I can get right down to the nitty gritty of. What's happening to me? It kind of points to this idea that there's been maturation from both sides in other words. You're saying you don't have to explain to them As much as you used to. But but I suppose The flip side of that is that you become better at at being able to speak in shorthand their language of of risk as well. Yeah and better at serving them. I think that I think the decision makers have a lot on their mind. Men Women have so many other things on their mind when you come to them with a cyber risk or control issue and you want to try to get to an answer decision or a predisposition used to take a lot of time but now that they're so sympathetic to what's going on they're more tuned to the world into cyber instead -nology it's easier to get to a solution for them. I spend less time explaining things although I do think it is a good skill to be able to explain complicated things in a simple way because no matter what we do in in. Cyber Technology as you know I imagine you. Dave people still need to have a little bit of coaching and need to have things explained to them. Very very simple ways. Get to the kiss rule with especially in cyber so if you can do that. That's a great skill to have. You don't even have to be that technically proficient but if you could explain something and you understand the basics of it As I found that really really helps. Are there any unique challenges that you face in in the highly regulated world of Global Banking in? Oh there are two things that you're always fighting against and that is meeting your obligations. Those are laws so for every country of operation of Global Bank. You've gotTa meet certain laws and regulations and there are different for different countries. They may deal with privacy. They may data handling. They may be able deal with recordkeeping but there are laws protection of people's People's rights whether their employees or customers and then the other thing is you have to also know or understand the business you need to get down to. Why what what we really do here. You know a lot of people say oh. I've worked for a bank for a couple of years and they don't really know what the bank dies so I always like to think of risk and controls around. What's the business purpose? What is the critical process that the business duns are each of the business lines do understand that and you'll be able to really help and serve them and really protect them from cyber standpoint or from any risk sampling so understanding the business and and I thought that was really really essential? What about the human side of things? Some obviously No shortage of technology when it comes to global banking and Slinging money around the world at the speed of light as it were but It still at the end of the day. It's a people business. It is a people business and you know. There's nothing that we do whether we're in a global bank or a global pharmacy or whatever or small mom and pop company around the corner. You serve people. That's what you do you there to serve people everything we do. In by the way every risk scenario that you go through and cyber starts with a human and ends with human so a between there's a lot of machines but it usually starts with human starts with unstructured data and the entry of unstructured data or some process that some human does they enter an ABA wire number into a program right I like to think of. It risks and controls is not a technology thing not a cyber control thing the world today I think especially in banking and this happens in almost every industry. They went to the end. I everybody jumped to the end. As we learned about how to protect organizations from cyber threats they started at the wrong end they started with their risks and controls whereas where they should've started is identifying the business critical processes i. What do the people do? What's the most important process or three or four processes in that business line and then from there build out your it risk and control a let me let me come at it from a different angle though. Because I I wonder about particularly if I'm in charge of security or even if I'm let's say I'm On the board and I'm getting messages from CYBERSECURITY VENDORS. And they're telling me. Hey listen you know that you mentioned earlier Not Having to worry about for example you know the system that the janitor uses. Well I can imagine them spinning a tale that says hey you know that system that the janitor uses every day to clock in and out what happens one day if that janitor was handed a flash drive by his His daughter with a a video of his grandson. You know singing a song. And he can't wait to see it. So he plugs it into the computer and CA boom. Now we're all infected sure and you know and we do get those questions so it's you made it kind of made a good side point before you ask the question about the vendor. I usually find it vendors. Although many of them have excellent products I have some favorites out there in the world that I love but many of them. Of course they're there to sell you their product or service so you got to take that with grain of salt. And I think that boards and CEO's and men and women of those positions learned that. But if you can get around that and explain to them or the vendor can explain to them why that one risks scenario that you describe to them is important to the operation of the Bank of the operation of the company overall then. You might have an argument but yes. There's always these rare instances where somebody's GONNA come in. You know maybe the janitor. Maybe she's just doesn't like the bank. You know right issue just wants to do bad things that's going to happen you know. Everyone knows that sixty seventy percent of all your threats come from inside the house. So that's where you need to start with your risk and controls but I suppose I mean it could lead to Useful conversation also a line of inquiry that. Hey you know these. These systems that our employees are using to clock in and out. How extensive is their connectivity to the important stuff right? And how likely is that event that scenario from happening everything at Risk and control assessment is very basic? It's impact and likelihood so you know you have to weigh those two factors and so whenever someone presents a scenario to me that seemed like a one off or if of an excellent if you know I always say to them sure that possibly could happen but the likelihood is so low that I'm going to rank that as a very low risk and I'm not going to concentrate on it. More importantly is my high risk. And maybe my medium-risk depending on my business tight. I always take my team members. I have a quite a few people that worked with me now I always take them and I would sit down and say let's take a look at this business process this mission critical process. And let's try to figure out where the humans are involved in it. That's where you're GONNA have a lot of risks. That's where you're gonNA have steaks and then I also say to them now. Think like a criminal those men and women who bad things if you're an insider and you had a grudge against the bank or you're an outsider and you wanted to try to extort the bank from money what would you do what would you do. That's James Dawson from Dansko..

James Dawson Global Bank Dansko Bank McDonalds advisor Dave CEO
"dansko" Discussed on NewsRadio 1080 KRLD

NewsRadio 1080 KRLD

02:05 min | 1 year ago

"dansko" Discussed on NewsRadio 1080 KRLD

"Michael go up all over you like it's been brought no no no no no that's that I will not accept that would that would do to him I look right who will that's what was going on don't go Michael that is better but still come on tackle compared to that there is little when we talk of XO eight eight nine four one PacSun job it looks to this let's see right with have a good one said I think have a good one here let's see here who's who yeah but it's all about what words were the good one because it carries only that one good one entire life wow thank you and held it well I just said you did a good one day when my entire life problem and that's not really the home and it does now toggle south Korea's pretty good stock of stock of it's actually not bad right on the pole like going to put it on a loop for some reason unload that's all about yes but let's see ogle they make that at Dhaka Dhaka Dansko Dansko Dansko Dansko Dansko Dansko Dansko dot com dot com uncle I'm gonna go down we like to talk on the show go down we got pulled out of the whole uncle what doc go down to get it the the go from polar telling you that if you could stop off now which brought me to the first part of that out though you big even even tighter senton let's just do a live in there because nobody's listening hello yeah they are I think the cut the look at that part of series that will do this over here make it a little bit tighter let's say doc of Dhaka Dhaka Dhaka Dhaka Dhaka stock of documents on the inside so called doc.

Michael south Korea PacSun Dhaka Dhaka Dhaka Dhaka Dhaka Dhaka Dhaka one day
"dansko" Discussed on FT Banking Weekly

FT Banking Weekly

02:54 min | 1 year ago

"dansko" Discussed on FT Banking Weekly

"It's not that significant if you're talking percentage, terms, specifically of that X patra accounts in the Channel Islands, it's low single digits, but not says given these all offshore banking customers, they tend to be quite valuable, so you don't really want to lose any of them. If you can avoid it on. They're worse stuff, working extended hours over the weekends towards the end of us has to try and chase them down and solve this. But from Lloyd's is point of view, they had necessarily done anything wrong. They're distress that these affected customers. There is no specific concerns about them, but I should get example of how difficult it is for banks to deal with these sorts of things. If your customers on very helpful, Stephen reporting the same things a couple of weeks ago with Deutsche Bank. Absolutely. And of course, as you say, there are other banks by globally, and in the UK that are going through the same type of thing are we going to see a flurry of announcements on this. Do you think, well, I imagine you have announcements in the sense of? It's not something often the hangs of particularly canes advertise. Hillary of scoop, potentially, I think it is probably fat switching, and we may see a motifs other coming out the similar things have been going on across other banks specifically in the Channel Islands. We know that Barclays all Bs HSBC all gone through similar processes Redondo. Things out in Muzenda potentially having to be frozen completely closed. But this is a Europe wide trend to the moment after issues like the money laundering scandal. Dansko Bank regulators across Europe are going to be pushing for more action like this everywhere. Is a neat segue into our second story that day and looking at Facebook and regular listeners will remember we talked about this at quite some length last week, they launched just before we recorded actually last week, there libra initiative. This is what they want to get into the world of payments, remittances potentially a broader financial services Ray. And of course, to be able to do this, they need to engage the regulatory world early signs were last week that there was a cautious welcoming, I suppose from the authorities, but among the many issues that cropped up over the past week from various commentators, including some of the big regulators, we've seen concern expressed around money laundering risk and other regulatory areas, Nick run us through some of the highlights of the past weeks, regulatory responses to Facebook's initiative. The response from regulators was pretty swift after face. Book announced its plans last week. We've already had the g seven central banks, the International Monetary Fund all planning to work together on this form that will look at the risks, including, especially as you mentioned how to make sure that that sufficient controls against money laundering, then a couple of days later over the weekend. The Bank for International Settlements, which is known as the central Bank for central banks said that I it thinks that so coordination is going to be absolutely crucial..

Channel Islands Facebook Europe Deutsche Bank Dansko Bank International Monetary Fund Lloyd Barclays UK Stephen Redondo Hillary International Settlements Muzenda Nick
"dansko" Discussed on KYW Newsradio 1060

KYW Newsradio 1060

01:55 min | 1 year ago

"dansko" Discussed on KYW Newsradio 1060

"Us on reporter's roundup from citizens Bank park meeting, a key part of the LGBTQ movements almost ready for display, the pride float the mcduffie pioneers, on the road to stonewall covering that story. And joining us KYW's dansko sits and I understand you gotta look at this Carey street ear, the Florida's getting the finishing touches put on it right now this morning. It's being made by designer Todd Marcacci makuuchi excuse me, who tells me his inspiration for the fiftieth anniversary of stonewall was the number five. So in the center of the float, there's a five tiered road, the bottom of the road is the liberty bell, which, by the way with all the detail on it, it is hard to believe it's made out of styrofoam at the top of the road is a replica of the stonewall inn, which was ground zero for this phone while rides that kicked off the TQ rights movement in nineteen sixty nine in New York, by the way. Also made out of styrofoam, and there are hundreds of handmade flowers, which Marcacci calls the field of honor. He tells me he's been months, making the flowers in his living room. And as he was doing that. He started to name them. Matthew Shepard and others who paved the way he says, it's like taking all these people who have been an important part of his the history of the movement over the past fifty years with you on the floats and understand that Philly pride parade is just around the corner. Philly Philly pride parade is this Sunday. And that's where the float will be making its debut, then it travels to world pride in York on the thirtieth. And this is the first time that world practice being held in the United States. Then the float comes back to Philly for the fourth of July parade here going to be a big event dansko since with us on reporter's roundup. Capital. One presents thirty second audio tour of Ireland sheep berries. Go Trump castle chairman castle. Terming kaslo term castle terminal. You know, you can actually go there when you use the Capital, One venture card..

Philly Todd Marcacci reporter New York Trump castle Matthew Shepard citizens Bank park KYW Florida United States chairman dansko Ireland thirty second fifty years
"dansko" Discussed on KCBS All News

KCBS All News

03:39 min | 1 year ago

"dansko" Discussed on KCBS All News

"The gateway the what may be the largest money laundering case in history. I'd only scratched the surface, however, huge numbers saying to me back in twenty thirteen back in thousand fourteen unbelievably me, just scratched the surface of actually going on in the Bank. Do you have any idea what percentage of that money was dirty? They said the almost all the customers was suspicious so far at least eighteen former dansko Bank employees are facing charges in the case including. Former CEO Thomas foregin in his chief financial officer, the Bank itself faces four counts of violating the Danish anti money laundering Danske Bank itself, admits to a complete breakdown of every single internal control. This isn't one or two mistakes. This is a mistake of their entire system over years of which they profited, immensely, attorney Stephen Cohn, who has been representing whistle blowers for more than thirty years. And has Howard Wilkinson's lawyer says dansko Bank is not the only one that's profited from the scheme. Most of the two hundred and thirty billion dollars pass through big, New York banks undetected for years. What does that sheer number two hundred thirty billion dollars? Tell you will first off, it's almost impossible, but your hands around you dealing with major financial institutions, worldwide, who are complicit. When you say complicit, what do you mean the moment, you're doing money laundering, and large amounts of money, billions, hundreds of millions, you need the big banks and the big banks are under strict regulations from the Patriot Act, anti-terrorist financing, very strict rules to stop money laundering here saying that they should have known they absolutely should have known J P? Morgan was the first to suspected dansko Bank was, laundering large amounts of Russian money through its Estonian branch. It broke off its spanking relationship in two thousand and thirteen Deutsche Bank USA in Bank of America carried on into two thousand fifteen the banks are talking to us, but I would assume that they'll say, look, it's. It's dance kickbacks job to know who it's customers are our customers Danske Bank. We have no reason to know all this money is flowing in to Estonia from from Russia. And sure of Kirk. Let's just put it this way, you have to have due diligence, and you have this little Bank out there and Estonia pumping in billions of dollars -til, do you think you should ask? But the proof of the pudding, is that J P Morgan figured it out for they genius. And who did they tell? And why didn't they expose the full scheme to United States? Why was it up to one guy in a Bank in Estonia to figure it out and turn it in risking everything why is it always up to the whistle blower? What's the answer to that question? The banks have to do their job. And the only way they will be held fully countable is when the United States and other governments, hold them accountable and force them to implement the rules that exist to protect all of us. All of that is being weighed right now by the US, Justice department and other federal agencies, which are investigating dansko Bank. It's cooperating with the investigation as R, J, P, Morgan Bank of America, and deutchebanks USA, none of the bags accepted our request for interviews. The case could end up with hundreds of millions of dollars in fines and under US.

Bank dansko Bank Danske Bank Morgan Bank of America Estonia Deutsche Bank USA United States Bank of America J P Morgan Howard Wilkinson Stephen Cohn New York Morgan chief financial officer Thomas foregin Justice department CEO attorney Kirk
"dansko" Discussed on KCBS All News

KCBS All News

03:55 min | 1 year ago

"dansko" Discussed on KCBS All News

"Apparently, this is rookie science, and I wanted to have a thought to pass it. Wou- consume consulted a British government website known as companies house, I paid one pound one dollar thirty. The company's financial statements and it was a bit strange because it said that the company was Dumond stolman means the company hasn't done a single transaction. He knew that couldn't have been right. Having looked Atlanta's Bank statement how much Lantana money was passing through the back up to twenty million twenty million today. Yeah. Sometimes not exactly dormant is not so much at all. The public documents raised other suspicions. Land panel seemed to be a British company in name, only with the postal address at an unremarkable office building in north London that it shared with at least sixty four other show on these with accounts at dansko Bank Estonia in connections to remote exotic places known for banking secrecy in money laundering. So we've got a UK company with a registered office in north London with an accountant, Estonian, Bank, actually, on by Russians, and the, the onus of from the Seychelles, and the mosh alliance to Wilkinson screamed money, laundering, he explained what he found the people at the Bank, who handled the Russian accounts and was told that it was a simple paperwork, screw up that would be fixed. Thirteen months later. He heard that land cannon had been told to take its banking business. Elsewhere, among the concerns was money laundering by a member of the Putin. Family seem to be Mr. eagle Putin, who's the cousin of the Russian president were links to the FSP. The FSBA is, I think the success of the KGB's some sort of secret police the people running the company have been associated with several banks gone bust in Russia Kazakhstan eager Putin, the president's first cousin is associated with other Russian money laundering schemes. But as always professed his innocence, the Howard Wilkinson hearing, the Putin name was further confirmation that something was wrong. What did you do that this needs to go to Copenhagen, and they need to go to that head office? So I made a whistle blowing reports to full, very senior executives including one of the executive board whistle. Blowing reports about what's happened. I want to be real concern that others at the Bank might be involved in a cover-up Wilkinson decided to look into three more of the bank's customers that were registered in Britain. I pay three pounds. And I took they counts for these next three and they will false your four four four four. Is it possible that just could've missed this? Well, then went sixteen sixteen bollocking another twelve so of which fifteen with the same address. So, yeah, at some point is stocks thing possible to be coincidence, not just what the council false. They counsel basically look the same basically just change a couple of numbers, but they will basically look the same when you started doing all this. What did people say to you at the back, nothing nothing, nothing people stop calling around to say life? Is it true that a high ranking executive at the Bank told you, quote, the spank is not the police. The Bank has no obligation to report. False clients accounts to the authorities. Frustrated with the lack of action Wilkinson resigned and took his family back to Britain. It would take nearly five years for dansko Bank to come up with answers after printing from the Scandinavian, and European press after reviewing more than six thousand non-resident accounts, it, acknowledged at a news conference last full that it's tiny Estonian branch.

Howard Wilkinson Bank Mr. eagle Putin dansko Bank Estonia dansko Bank London executive Britain Dumond KGB president Atlanta Seychelles UK Copenhagen European press FSP accountant Russia
How The Danske Bank Money Laundering Scheme Involving 230 Billion Unraveled

60 Minutes

09:24 min | 1 year ago

How The Danske Bank Money Laundering Scheme Involving 230 Billion Unraveled

"Money laundering is the way clever crooks hide individually spend all the money they've stolen in this tale about what's believed to be the biggest money laundering scheme in history. It involves nearly a quarter of a trillion dollars a very suspicious money from Russia and the former Soviet Union that was funneled into the western banking system, right, under the noses of major banks and regulators in the United States in Europe, who either facilitated it or turned a blind eye at the heart of it is a whistle blower, who found one loose thread in decided to pull on it. Howard Wilkinson is an Oxford man, cautious prudent and a bit of a stickler after his cover was blown last fall in a newspaper article is the person who uncovered the scandal he has spent much of his time wandering the British countryside. Trying not to be found. A whistle blower in a case involving two Russian money. It's not a good place to be you're still concerned, you've got to the very nature of the people who want to learn the money, probably means that not the so you want to go down the pub and have a pint with, but he did sit down with us and told his tale about a financial crime. So big it's hard to fathom and number that's reported for the whole thing over the six or seven years is two hundred and thirty million dollars of suspicious, money one Bank one Bank, two hundred and fifty branch branch Wilkinson had worked. There is a mid level executive for dansko back the biggest financial institution in Denmark, and one of the most respectable banks in Europe is head of markets for the Baltics. He worked out of a branch into Lynn Estonia, the former Soviet Republic now a NATO member right next door to the Russian bear. There were Cancian's, but also business. -tunities in Wilkinson, eventually discovered his branches. Biggest business was converting Russian rubles of highly questionable origin in the Chris clean on traceable American dollars customers will be calling every morning fleas. I want to sell twenty million rubles by Dulles. We would quote them the price that they would get the Dulles Doulos. basically, that was that was the last part of what we did. And there was nothing legal about that. Frank supposed to check the money coming in. Is it clean on the Bank supposed to check what does the money go in the end and you're saying it wasn't being done? Evidently, it wasn't being done. That's an example liberty understatement. International money, laundering laws require that banks know their customers and report suspicious transactions to thorns yet suspicious. Transactions would turn out to be the vast majority of the business in the banks non-resident portfolio, which was made up of clients from Russia as her by John and other. Former Soviet states, a lot of this money came into the Bank was out the door the next day, right? The next day or you think it was that slow. The customers would every everyday they would sell rubles dollas in that would be what we'd say we didn't, we didn't see where the money went, so your businesses really execute the traits, basically. The clients absolutely, not, not the clients job Wilkinson was assured was being done by a special committee that carefully screened, all international customers before they were allowed to open an account. He discovered otherwise almost by accident when a colleague asked him to help with some paperwork on one of the banks. Big customers, a British company called Lantana trade L, L P to me being British the face place to look for financial information about companies, the public register public apparently this was rocket science. This is rookie science and I wanted to have to pass it. Wilkinson consulted a British government website known as companies have paid while pound one dollars thirty. The company's financial statements and it was a bit strange because it said that the company was Dolman not Dolman means the company hasn't done a single transaction. He knew that couldn't have been right. Having looked Atlanta's banks tape how much Lantana money was passing through the back up to twenty million day, twenty million a day sometimes not exactly dormant is not to the public documents raised other suspicions, when panacea to be a British company in name, only with the postal address it an unremarkable office building in north London that it shared with at least sixty four other show companies with accounted dansko Bank, Estonia and connections to remote exotic places known for banking secrecy in money laundering. So we've got a UK company with a registered office in north London with an accountant, Estonian, Bank, actually, on by Russians and the, the onus of. From the Seychelles, and the mosh alliance to Wilkinson it screamed money, laundering, he explained what he found the people at the Bank, who handled the Russian accounts and was told that it was a simple paperwork. Screw up that would be fixed. Thirteen months later, he heard that Lantana had been told the take its banking business. Elsewhere, among the concerns was money laundering by a member of the Putin family sanctity, Mr. eagle Putin. Who's I think the cousin of the Russian president that are links to the FSP? The FSBA is, I think the success of KGB's some sort of secret police the people running the company have been associated with several banks going bust in Russia and absecon Tim stance. stances eager Putin, the president's first cousin is been associated with other Russian money laundering schemes, but as always professed his innocence, the Howard, Wilkinson hearing, the Putin name was further confirmation that something was wrong to do that. This needs to go to copay in this need to go to that head office. So I made a whistle blowing reports to full, very senior executives including one of the executive board whistle blogger, Paul about what's happened. What seems to be real concerned that others at the Bank might be involved in a cover-up Wilkinson decided to look into three more of the thanks customers that were registered in Britain up three pounds on, I took they counts for these next three and they will false your four for four full. Is it possible that people just could have missed this? Well, then went sixteen sixteen by looking at twelve so of which fifteen with the same address. So, yeah. Some point is stocks being possible to coincidence, not just with the account. So folks, they counsel basically look the same just change a couple of numbers where they will basically look the same when you started doing all this, what did people say to you at the back, nothing nothing? Exactly nothing. People stop calling around to say, is it true that a high ranking executive at the Bank told you, quote. The spank is not the police, the Bank has no obligation to report false clients accounts to the authorities. So frustrated with the lack of action Wilkinson resigned and took his family back to Britain. It would take nearly five years for dansko Bank to come up with answers after printing from the Scandinavian in European press after reviewing more than six thousand non-resident accounts, it, acknowledged that news conference last fall, that it's tiny Estonian branch was the gateway for what may be the largest money laundering case in history. I'd only scratched the surface, however, huge numbers saying to me back in twenty thirteen back in twenty fourteen unbelievably, I just scratched the surface of actually going on in the pike. Do you have any idea what percentage of that money was dirty? They said the almost all the customers was suspicious so far at least eighteen former dansko Bank employees are facing charges in the case including. Former CEO Thomas Borgen in his chief financial officer, the Bank itself faces four counts of violating the Danish anti money laundering, at Danske Bank itself, admits to a complete breakdown of every single internal control. This isn't one or two mistakes. This is a mistake of their entire system over years of which they profited, immensely, attorney Stephen Cohn, who has been representing whistle blowers for more than thirty years. And is Howard Wilkinson's lawyer says dansko Bank is not the only one that's profited from the scheme. Most of the two hundred thirty billion dollars pass through big, New York banks undetected for years. What does that sheer number two hundred thirty billion dollars? Tell you, we'll first off, it's almost impossible, but your hands around you dealing with major financial institutions, worldwide, who are complicit. When you sit complicit what do you mean? The. Moment. You're doing money laundering, and large amounts of money, billions, hundreds of

Howard Wilkinson Bank Dansko Bank Bank One Bank Executive Wilkinson Russia Europe Soviet Union Danske Bank Mr. Eagle Putin United States Britain Dulles New York Lynn Estonia Dolman
"dansko" Discussed on KCBS All News

KCBS All News

02:08 min | 1 year ago

"dansko" Discussed on KCBS All News

"By the US, Justice department and other federal agencies, which are investigating dansko Bank. It's cooperating with the investigation as R, J, P, Morgan Bank of America, and deutchebanks USA. None of the bank's accepted our request for interviews, the case could end up with hundreds of millions of dollars in fines and under US whistleblower. Oh, our laws Howard Wilkinson could potentially share in the proceeds. I mean you were the whistle blower, in this case, correct? I guess, under US law. You could end up being rewarded with substantial amount of money back in December thirteen. The idea that this would be a case that the US department of Justice, and you would ever have any interested in with never even cross my mind. The Bank should have investigated it sorted out. What happened? Basically nothing. Just shocking. It's impossible to say exactly where the two hundred and thirty billion dollars of dirty, money, originated beyond the banks of Moscow. It's been instigated that about a third of the Russian economy is off the books. A Washington cash much of it is from corruption. Bribes and tax evasion by oligarchs plutocrats in Mafiasi end. It's impossible to tell exactly where it's hidden out beyond the shell companies tax savings, inexpensive real estate in New York inland. Do you think that there's any chance that will ever find out, whose money it was and where it ended up, it's going to be difficult? The fact that it's so difficult base fully the responsibility of Danske Bank think if I'd have walk in the snow, the snow, keeps falling in the footprints covered up, and that's where we are now in twenty nineteen it's not impossible, but his many, many times a lot of sny was full over the footprints. You're listening to sixty minutes on all news, seven forty and FM one six nine, please. CBS. Summer's almost here and.

US Justice department Morgan Bank of America Danske Bank dansko Bank Howard Wilkinson Mafiasi end CBS Moscow Washington USA. New York sny thirty billion dollars sixty minutes
"dansko" Discussed on NewsRadio 1080 KRLD

NewsRadio 1080 KRLD

01:56 min | 1 year ago

"dansko" Discussed on NewsRadio 1080 KRLD

"Weighed right now by the US, Justice department and other federal agencies, which are investigating dansko Bank. It's cooperating with the investigation as R, J, P, Morgan Bank of America, and Deutsche Bank USA. None of the bank's accepted our request for interviews, the case could end up with hundreds of millions of dollars in fines and under US whistle. Oh, our laws Howard Wilkinson could potentially share in the proceeds. I mean you were the whistle blower, in this case, correct? I guess, under US law. You could end up being rewarded with a substantial amount of money back in December thirteen. The idea that this would be a case that the US department of Justice and say, you would ever have any interested in with never even crossed my mind. The Bank should have investigated. It sorta outs happens basically nothing. Shocking. It's impossible to say exactly where the two hundred and thirty billion dollars of dirty, money, originated beyond the banks of Moscow. It's been estimated that about a third of the Russian economy is off the books. A Washington cash much of it is from corruption. Bribes and tax evasion by oligarchs plutocrats in mafiosi. And it's impossible to tell exactly where it's hidden now beyond the shell companies tax savings, inexpensive real estate in New York inland. Do you think that there's any chance that will ever find out, whose money it was and where it ended up, it's going to be difficult? The fact that it's so difficult is fully the responsibility of done skipping walking in the snow. The snow keeps falling in the footprints covered up and that's where we are now in twenty nineteen it's impossible. But his many, many times hotter, a lot sny was with the footprints. Summer's almost here and old navy's.

US Justice department Morgan Bank of America dansko Bank Deutsche Bank USA. Howard Wilkinson mafiosi navy Moscow sny Washington New York thirty billion dollars
"dansko" Discussed on Xtra Sports Radio 1300 AM

Xtra Sports Radio 1300 AM

02:23 min | 1 year ago

"dansko" Discussed on Xtra Sports Radio 1300 AM

"And Craig ruby instilling confidence in Jaden Schwartz. It was a different player. He was an animal on the ice. He's got the typical hockey body. He's not big in brawny, and strong. But he's got a strong lower-half and his balances impeccable. And it's hard to knock him off. Well two goals today for Jay Schwartz blues power play. They win this face off in the neutral zone Tarasenko wines it in kicks out to the right point for gold. Perico a minute to go in the bluest. Power play already up four nothing in the third period. In San Jose Maria. Go right side of the half wall. Threadneedle maroon and L will. Right. Little to parade goal that didn't connect along the right side and blues clear, the might be an opportunity for creek ruby to get Ryan Reilly four nothing lead off the ice. Maybe a little bit more rest. I tell you who I would put on the ice that Barbara have locked. There's a fast out in front that can from four save eight Jones. They flashed out the left had Jay Schwartz looking for the hat trick. I want a chance would have been a second hattrick of the playoffs had one against Winnipeg news. Evanston, a move it but Transload dumps it in diagonally right wing. The left corner. Schwartz of the bottom of the left wing circle drags behind the net sent out in front. Cut off my last that allows Braun get loose. Puck putting clearly hit his own dansko right in the face. Did with the clearing attempt Donskoy slow to get off the ice. Oh boy. Now, the puck in the Saint Louis an. Right now. The charter a tough spot. No, Eric Carlson to start the third period. Joepat Nell ski took a hit from Alex pa- trans low. He left injured went down the runway. Now's Donskoy just took a puck Puckett face friendly. Fires. Drawn trying to send it down the ice cattle in the right glove in the San Jose and Thornton Dixon. He'll feed it up ahead to get your. Here's Kevin Levin. Dumps it in high to the left wing, going four and a half minutes played in the third four nothing Saint Louis out in front jammed aleppo's both my Bank Bennington holds tight. Don't have been in Tim with ten wins in the playoffs the most by any blues goaltender in one playoff here. Pull me for a drive on the top of the left circle rented up the net kicks the glass to Sundquist moments again left side. He'll feed it towards an at sun. Chris took a hit after he made the past.

Jaden Schwartz puck Puckett Donskoy Jay Schwartz Craig ruby San Jose Maria Puck Thornton Dixon hockey Chris Ryan Reilly Saint Louis Kevin Levin Winnipeg San Jose Bank Bennington Tarasenko Eric Carlson Evanston
"dansko" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:05 min | 1 year ago

"dansko" Discussed on Bloomberg Radio New York

"US unit of the German lender, perhaps flagged some of at least one hundred and fifty billion dollars in transactions of the banks US subsidiary handled for a tiny Estonian unit of Danske Bank, which was involved in a money laundering scheme, or at least the accusations of one joining US Senate discussed this time Schoenberg financial crimes reporter for Bloomberg news joining us from the Washington DC bureau, so Tom can you? I lay out what is the latest with respect to this. Sure. Well, the latest is there's a a number of investigations going on both in the United States and overseas. Into how kind of about two hundred and thirty billion dollars moved through this tiny outpost in Estonia. Of of Danske Bank, and some of the banks that handled that money. One of which handled the most was Deutsche Bank and Deutsche Bank kind of serves as a teller window for other foreign banks that need to access to the US financial system. So. Of that one hundred fifty billion we're talking about is suspicious funds that entered the US financial system through Deutsche Bank. So Tom, why didn't Deutsche Bank identified these issues before? It sounds like maybe they just fell on some deaf ears. Yeah. One of the things we were trying to look at here when this dansko Bank kind of scandal broke, and we learned that Deutsche Bank was being looked at in terms of how they handled funds from that institution. Was what you know. What is this? What is this unit that's handling this money, and what's their controls here for doing that? And we found that in sort of this what's called Deutsche Bank trust company Americas, which is a unit based in New York that they kind of have a twenty year track record of continual sort of issues with their money laundering controls internally. And when we were investigating further. Learn that red flags were popping up on some of the dansko Bank transactions and those were being flagged to superiors in New York. Can now sort of the general sense. We were getting from people is that and this isn't specific to dansko was that whenever sort of these anti money. Laundering compliance folks at Deutsche Bank would raise issues that they were saying about sort of maybe deeper problems with clients or maybe issues from a foreign Bank where they keep seeing problems with clients. They said that they were told that just sort of shut up work on the transaction front of you file a suspicious transaction report if necessary, but then just move on. They didn't want to hear about any larger problems tub. Can you give us a sense of the timeframe here, and how much of the liability is already been baked in to deutchebanks share price as well. As just their overall, financial productions. Well, in terms of the timeframe for for the dansko Bank situation, you're looking at about eight years of. Eight years where this this suspicious transactions were kind of coming out of Estonian into the United States. So I think at the moment, you have a lot of people, including the Federal Reserve really kind of looking at sort of weather Deutsche Bank, did what it needed to do under the law, which when it comes to kind of banking other other financial institutions is different than sort of the type of scrutiny you give to your own sort of clients that you're about to Bank. They rely a lot on that banks knowing who their customers are in their customers that Bank so. The US at times has penalized institutions for sort of turning a blind eye to some of that. I think one of the most. Recent ones was HSBC back in two thousand twelve but sort of this area is sort of one that holds a lot of risk yet for institutions there. You know? There's a lot of sort of haziness in terms of what they actually need to do to make sure that that money isn't illegitimate Thomas Rhett concern out there that some of these regulatory issues around torture Bank may impact any type of merger. They might want to try to affect the certainly talk about Commerce Bank as are concerned that this regulatory overhang could be too much. Yeah. We we obviously we didn't get to deepen that in in the piece it we had this morning. But it seems that if there is any type of. Fines or penalties or even potentially sort of restrictions. That regulators might seek to impose that that could sort of hang up things a little bit. But at this point, you know, I mean, this this investigation is. Less than a year old. And normally these things take time mean at the moment. Sort of the the Commerzbank timeline. I think it'll be interesting to see if they if they do meet up exactly Tom Schellenberg. Thanks so much Thomas financial crimes reporter for Bloomberg news. He joins us on the phone in the Washington DC bureau. Just seems to be a another regulatory overhang or issue for deutchebanks as they tried to navigate what is a very difficult operating environment for them. So much. So that there has been pressure on them and on their management to perhaps effective merger with Commerzbank to try to get bigger to be more competitive globally did extent there's any regulatory concern around this name that could certainly put that process in jeopardy. But clearly the money laundering issue is a huge issue for the global banking system. And it's more technology. Creeps into the banking system, but becomes even more difficult to manage. We've heard that from a number of banks. Now, let's head over toward ninety nine one studios in Washington DC, the Nathan Hager for world and national headlines..

Deutsche Bank Bank dansko Bank Danske Bank US Tom Schellenberg Commerce Bank financial crimes Washington DC bureau US Senate Thomas Rhett reporter Estonia Bloomberg Commerzbank Washington Schoenberg
Swedbank chief sacked over money laundering scandal

FT News

07:09 min | 1 year ago

Swedbank chief sacked over money laundering scandal

"Executive of sweat, bang has been fired by the Swedish banks board paying the price for a Rapidly-escalating money laundering scandal. She is the second Nordic Bank chief to lose their job ever Bank laundering scandals which should Millns. How's the FTE's financial editor patching Jenkins? What's nice? I fall. Richard, I gather you're just out of the sweat Bank AGM, and if we can hear any background noises. It's the stage being taken down as neat metaphor for some of the rather dramatic news was revealed earlier today. Yeah. It's been two days of immense drama at sweat Bank. Yesterday was kind of surreal it was just one new allegations after new allegation. The Bank was raided by police prosecutors in Sweden upgraded their investigation from just looking at whether sweat Bank broke insider information rules, whether they'd committed aggravated fraud, which is you know, an extraordinary probe. And finally, we revealed the US regulators probing sweat Bank over the money laundering allegations. And so therefore this morning just minutes before the GM. It was kind of no surprise the sweat banks board decided to fire s- chief executive, but get two bonus on the former chief executive now used to be head of sweat Bank in the Baltics, which is where most of these allegations of money laundering. Come from an really she just paid the price for what's now turning into a hugely de. Imaging's scandal for sweat Bank. And you've been reporting also on the government reaction to this which is pretty extraordinarily harsh as well. Yes, I think it's fair to say that really Sweden's reputation is on the line here. Just as Denmark's reputation was on the line in these countries that pride themselves on extremely low levels of corruption inside that borders that also pride themselves on very high level of trust between individuals between individuals and government, but also between individuals and companies and the problem with the sweat Bank scandal as with the dunce Cabana scandal beforehand is it puts all if that at risk. And so I think ministers in both countries are extremely worried about this trust dimension that if a road's people's trust in society, not just in the specific Bankin question. It's very dangerous. And I think what you see from the government in the post few. Days here in Stockholm is basically swiped Bank his turning into something of a case study in how not to handle live money laundering scandal. So Richard, I know the legal limitations on exactly what we can say here, but what is swept Bank accused of doing. So it basic level. What is come out in an investigation by Swedish public TV SP tea is that internal documents from swipe banks suggests that what they called the high risk non-resident portfolio. So this is risky customers from Russia. Another ex-soviet countries the hundred thirty five billion euros was moved through sweat Bank in the stone you now it's the market leader in the studio, but it's also the market leader in Latvia, and Lithuania. So we're talking about dozens of billions of euros of questionable money flows. US regulators of Austin, whatever its connections to do with a number of no money laundering. Scheme such as the Russian laundromat, Panama papers on offshore companies and Danske Bank and some failed banks such as Latvia's Avio, LV and Yukio in Lithuania. So we're still in nearly stages of really building up a picture of exactly what's going on. But it's fed sakes. What Bank is facing allegations from sort of also school nece reminders of the background to this. Because as you say the done ski- Bank, money laundering scandal blew up several months ago. Now, I'm dates back many years. Of course, how is what happened there linked to these what Bank revelations? Well, it is definitely linked. They both would not banks that went into the Baltics in the early two thousands late nineteen, you know, this was the new land of growth and opportunity, and they were extremely hauled. Hit in the financial crisis. Bowl ticket conham is totally decimated. And so in the recovery some of these banks started making pretty good money. Dansko may just sort of extraordinary returns in the stone year and sweat Bank. Did well is the largest Bank in the Baltics and suddenly the head of dance Kerr in the Baltics and the head of sweat Bank in the Baltics both become chief executive at the Bank together. And then the hit by these allegations, which is basically that Russian oligarchs criminals and people from other ex-soviet countries have used these banks and others to move hundreds of billions of dollars of money through the financial system and into the western financial system and out twelve nobody really knows where the money's gone. It sounds very much as if tempers are running high in the background there. Richard executives perhaps blaming the other for everything going wrong. But just a final Woodham way, you think this is going next. I what Bank or indeed for any other banks in the region. Well, we contain this movie before with dansko. I think it sets the pattern for this. Which is really the you need to change of leadership at the top, and is dense ca found out a change of chief executive isn't sufficient really, you need an outside to come in the head of the board. So I think sweat banks bold is facing enormous questions. Enormous pressure this widespread dissatisfaction with how they've handled this with how they've communicated about it. And then beyond that what you're looking at is investigatory work from US regulators, which can obviously impose very heavy fines and also counterparts in Sweden Estonia Denmark, Latvia, which you take is to go through everything. So, you know, this is a problem that it's going to stay with these banks for very long time and finally other banks gang drawn into this as well. Do you think well today, you'll sing some signs of thatt's as we speak both SEB an Handelsbanken, which the two other. Big Swedish banks a down seven percent percentage. Under those Bankin is unusual because it's the knee wall. New really the big Nordic banks full stock not to have gone into the Baltics it chose the UK. Instead, but regulators in the various Baltic Nordic countries of criticized really all the banks for that controls at one time or another. So it seems you know, the after the financial crisis being a Nordic bang with seen as by postitive thing right now with these money laundering, allegations being a Nordic Bank is a bit of a liability. We'll

Sweat Bank Bank Baltics Nordic Bank Chief Executive Danske Bank United States Richard Sweden Latvia Banks Executive Lithuania Dansko Millns Editor Jenkins
"dansko" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:37 min | 2 years ago

"dansko" Discussed on Bloomberg Radio New York

"Dave Wilson. Thanks, charlie. Eighty yards are little changed, even as US stocks. Move up the S and P A D R index down less than a tenth of a percent while the s&p five hundred's higher about that two tenths of a percent. Dansko Bank said he climbed five point three percent and US trading the data's lenders. Fourth quarter earnings and revenue beat analysts average estimates. In the Bloomberg survey, even as a money laundering scandal hurt business. Japan's line has gained eight percent. The provider smartphone apps agreed to work with intendo on the puzzle game based on the character maryelle. Intendo has dropped four and a half percent of concern about prospects for its video game players switch and rival Sony. Also Japanese is down nine and a half percent. The electronics maker lowered its revenue forecast for the fiscal year ending in March to reflect a slower global economy and Germany's wire card is lost. Twenty one percent. The financial times reported that a law firm hired by the payment processor found evidence of alleged forgery wire card denied the story. Charlie. Alright Dave Wilson reporting, President Trump is speaking. Let's listen to give out some very big contracts with money that we have on hand and Monday that comes in, but we will be looking at a DeShaun emergency. Because I don't think anything's going to happen. I think the Democrats don't want border security and what I hear them talking about. The fact that walls are immoral and walls, don't work. They watch somebody being interviewed the other day by very good anchor anchor action is getting angry and anger as they try. To explain how wall does it really have that much of an impact? And.

Charlie Dave Wilson US Intendo Bloomberg Dansko Bank Sony forgery Japan Germany President Trump Twenty one percent eight percent three percent Eighty yards
"dansko" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:23 min | 2 years ago

"dansko" Discussed on Bloomberg Radio New York

"This is Bloomberg daybreak. It's five thirty on Wall Street. Good morning. I'm Nathan Hager. And I'm Karen Moskow where just about four hours away from the opening of US trading. Let's get you up to date on the news. You need to know at this hour global stocks are mixed to start the day following yesterday's one point four percent decline for the S and P five hundred uncertainty over trade and politics continues to permeate global markets in Europe, the UK parliament is moving closer to a plan to delay Brexit, and we get that story from Bloomberg's Tim Ross. Joe McDonnell Labor's chief finance baseman told the BBC labor is now increasingly likely to backup proposal to delay breaks is if the prime minister can't get a deal with labor settled the plan to extend that March twenty ninth deadline is much more likely to be passed. If it is a vote in parliament next week in tim'rous, Bloomberg daybreak. All right, Tim, thank you. We're getting word that the Federal Reserve is examining how Deutsch. Bank handled billions of dollars in suspicious transactions. Bloomberg's John Tucker joins us live with a very latest. Good morning. John. Good morning. Karen, sources say the feds pro is scrutinizing whether deutchebanks US operations properly monitored money brought into the US from a branch of dansko Bank. Dansko has admitted that about two hundred thirty billion dollars it handled been dirty the US requires banks operating under its jurisdiction to scrutinize clients in their dealings to detect potential bunny laundry. Deutchebanks says it's received several requests for information. From regulators John Tucker, Bloomberg daybreak John. Thanks on the earnings frontiers of Berber, you're down four tenths percent in London holiday sales at the British retailer fell short of estimates here in the US two dozen companies and the S and P five hundred report earnings today, including United Technologies Proctor and gamble and Ford Motor shares of IBM are up six percent in early trading. The company gave a positive forecast for twenty nineteen and beat estimates for fourth quarter sales and earnings. And the Bank of Japan left monetary policy unchanged inflation outlook once again, the move underscores. How far away the central banks price target is? And how few options at has for drawing closer, it is five thirty two on Wall Street. Let's get you up to date in how stocks are faring. We check the markets every fifteen minutes throughout the trading day on Bloomberg s and p futures are up seven points this morning. Dow futures up eighty two NASDAQ futures up twenty three the Dax in Germany is down at tenth of a percent..

Bloomberg US John Tucker Karen Moskow Tim Ross Joe McDonnell Labor Deutchebanks Nathan Hager Federal Reserve Bank of Japan Europe dansko Bank prime minister Dansko Germany UK Deutsch Brexit
"dansko" Discussed on FinTech Insider

FinTech Insider

04:16 min | 2 years ago

"dansko" Discussed on FinTech Insider

"As always unregulated recaptured. Does certainly seem like it's one of those issues that we're going to have to keep dealing with on the closeness of the banking industry to regulate. This does sound very familiar to the financial crisis. But it is of course, the challenge because you find former regulators want to get that big job, the the buying can make a lot more money. You find that the banks themselves are at the cutting edge and genuinely have the most information about what's really going on as well. So there's this constant double edged sword. It's a really challenging one. Those not like dansko bankers come out of this completely unscathed. Either. Even though there is this relationship that works both ways they've definitely suffered. As a result of the scandal. The share price hit five five year lows. They've issued most for profit warnings and ten people have been arrested by studying prosecutors on suspicion of helping clients transfers suspicious money through the Bank in a step systematic and coordinated manner. It was definitely something that seems pretty planned. It's certainly good to see at least something happening in that space. But then the scale of this two hundred billion is just still I watering large. I mean that is more than all of crypto that would build you four hundred hospitals that is an absolutely phenomenal sum of money. And I come back to the processes for how you prevent this still a piece of paper with questions like where did you get that money? I wouldn't gambling great. We follow the process, but it really encourages me. The financial action task force the global body that works with governments to manage AML risk as now moved from do we have a process to how effective is your process and you'll see them starting to lean on sovereign through the twenty to start to tweak that I think historically had been okay for a bike to say to a regulator up, but I have a process, but actually what that meant is the same old crappy process that was done in paper in which customers hated would get more. And more entrenched rather than somebody sort of saying actually, can we do this differently? Can we do something that's more secure? And the better experience is the Bank sang going to process, you Mr. regulator to follow this process because we're that powerful. That's the way it goes. I think that's I think that's kind of the the sentiment. I drew when I read read about this read about this news in particular feels to me, this is a hang on a minute. You know, they just too big too big to fail and all that sort of stuff. But actually, they say that this demanding of the regulators to allow them to to do what they will with their processes that. They've put in place, and I think that's that's coming out here a little bit, which is actually who who's in control. And I think that too big to fail. Absolutely. I mean to be to jail apparently not because of ten arrests. So far think sort of reminds me the end of the big short movie where the raiders have says. Then were under duress. And that was that was Justice everyone. And then actually it's like actually just joke. No, one got arrested pretty much to arrested, and they would build up by the taxpayer. Hopefully with the the rest we're seeing now then you will that accountability is not replication of what we saw the financial crisis. I think it's more question of. Accountability on what scale because we know that ten people have been arrested. But we don't know who they are dansko said they've identified forty two former employees that were possibly volved in it. But that you executive he just stood down. Now might be setting up another company probably going to get away scot-free manager stonier. I think he used to be. Head of international initials, head of international markets. He used to have oversight over the operations in Estonia before he became the gun for nine years or something. Right. So the amount of people would have had fingers in this guy is much more than ten people. It's weird. How falling on your sword. The we is seen as kind of almost honorable even committed massive or ledge to have committed massive crimes. It's really concerning to me though, that the solutions to this the doable. But historically, this has been seen as a compliance problem..

raiders Estonia executive five five year nine years
"dansko" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:55 min | 2 years ago

"dansko" Discussed on Bloomberg Radio New York

"The second worst performing sector in the stock. Six hundred of the last twelve months that's prompted shakeups at the top of several leading banks including Deutsche Bank and dansko Bank and UBS succession planning is also underway so June. Bloomberg's Francine LA spoke with UBS chairman axel vaber about the future of banking. I think the industry in the middle of a transformation already the first ten years after the financial crisis largely so every regulation of the industry and many, including UBS have changed their business model. We were among the first and now over the next ten years. There would be different trends that would shape the industry technology is one of them. Overall, the business model will in my view be challenged by disruption and the question in the future will be can encumbrance like UBS raise to the challenge and basically transformed himself rather than being disrupted and we've seen this. Eruptions in many industry technologies to driver for that. I think banks will continue to face those challenges. So I think we would rise to the challenge we will basically adopt. What is good through financial technology the business while change it will become more technology driven? It'll become more even more clientcentric because the main beneficiary of these technological disruption will be the clouds, but how will the big banks not being disrupted left behind? How do they not become obsolete? I know I will get disrupted is banks that have in their business model a core model that has no distinguishable. Many banks like ours focused on one business area wouldn't say niche because it's the we're the largest player in the world in wealth management, content matters and content. We matter even more in the future. The client experience will change through technology. But clients are getting more educated about financial markets through technology clients on more risk sensitive. They have different interaction with the banks through technology and banks that will assimilate that into the business model with continue to provide content and be industry eaters. Do you think you a little bit of a blueprint for the rest of the European financials but necessary because we wouldn't want everyone to move into wealth management, and nobody has the core strength in the whole market that we have it's a small home market, but it's a very lucrative market. And also because of the small size of a home market. We were very early fours as with banks to be very international. And I think at the moment this Internationale tea helps ups, but what are the risks associated with wealth management, especially wealth management for very high net worth individuals? What we're seeing an opportunity there. So if you look at what we've recently announced with our investor day, we actually think that the current trends in the markets will continue to produce one byproduct of these QE and monetary policy easing that is unwarranted in my view undesirable. And that is increasing difference between the best performing in the economy and the least performing so inequality is. Going to rise. It will continue to produce very high income and very high welts in many of the affluent parts of our society and the middle man, we'll continue to feel somewhat left on the sideways, and that will continue to offer opportunities for large banks who can basically focus on the wealthiest of their clients, and on the most affluent in this society, and you guys is one of those banks that has a long track record in that and continues to work with these service the globalists'. And if there is this, you know, wealth inequality, increasing that it means that there may be even more populism and more of like anti-globalization sentiments that hurts your client. It hurts your clients. But if you look at the potential of those top clients in China, but what happens is almost every day, a new billionaire emerges in Asia Pacific. So yes, there is some disruption. I would say for the average economy, but for the most affluent parts of our societies. And for the most dynamic parts of our economy grow. Realization is the fact that will continue there will be some challenges that will be headwinds. But I think, you know, ten years after the crisis usually this populist arguments are getting more and more headwinds as the economy. Emerges from the crisis. And I think that's what we're starting to see if you look at the French election or some others. Yes, they're on nationalist movements populism, but actually internationalism escorts on points, also recently, and I expect as the economy continues to heal from the crisis, many of the angry voters that look at the crisis and how they will feel that the new developments in the economy worked for their better life. And actually I was starting to feel as angry about the crisis. What exactly do you think the future for these big European universal global banks is or some going to fold are we going to consolidation. You're going to see consolidation in the industry, you're gonna now still have some calls occasionally for the national championship. I don't think that's gonna work what Europe needs in order to catch up with American firms is European champions banks that are larger in size as cross-border banks pan-european consolidation, and that's actually a bid against the sentiment. Or what regulators have been engineering too big to fail has led to a lot of regulation geared at the most complex largest financial institutions, and we're seeing the US that that trend get slightly reversed. You're still a lot of regulation for the banks with some of the mid size banks. Find it much easier to get regulatory breaks, and that will enable them to basically start merging. And in Europe. You will see the say so what in ten years, we're going to have five banks five big European banks are more. No. I think you're still going to have quite a few more. Thanks. But you at the moment don't have any pan-european MAC, you will see three or four pan European banks that will be true pan-european in the sense that they're covered the entire euro area or the entire you and being a Swiss Bank and being global. We will continue to be a competitor in these pan-european banking markets and also in the golden market. So you will see much as domestic banks become more pan-european. You will also see US banks taking a bigger stake. In European Asia. Because plans we want exposures and global Banking's, well what kind of transformation digitally. I don't know whether it's automation rotation or is just finding different language to speak to millennials. That will be your biggest challenge. I think the challenge is going to be that banks have now tried to drive digitalization himself. I mean at the core banks are technology companies. But with what happened with disruption is banks with monitor the successful in the market of the fintech, and they would basically work with them integrate them into their value chain integrate them into what they're doing and become better banks with the same client experience that declined is looking for outside pivotal in dealing with the financial crisis head of the Bundesbank back in two thousand and eight. What did you wish you knew back, then that you know, now at the time, but what we experience was a like a cardiac arrest of the global economy takes a long time to recover. I think the expectation that the time was if we fix these problems. We can go. Back to normal. We haven't gone back to normal and we'll never go back to the old normal. The world is moved on. Some products are gone. I think for the better and in the future. It's all going to be about. How can we navigate these more complex world were sort of complexity is ever increasing? That was UBS chairman axel vaber coming up, why one strategist thinks twenty nine teen will be a good year for commodities. This is Bloomberg. Robert Cohen holds three degrees. I'm Jay Farner, CEO.

UBS Bloomberg axel vaber US chairman Europe Eruptions Deutsche Bank Francine LA European Asia global Banking Asia Pacific Jay Farner dansko Bank Robert Cohen Swiss Bank
"dansko" Discussed on WCBS Newsradio 880

WCBS Newsradio 880

02:27 min | 2 years ago

"dansko" Discussed on WCBS Newsradio 880

"CBS news update. Buildings. Shook highways shattered thanks to back tobacco earthquakes measuring seven zero and five point seven in Anchorage. Alaska, Ellen Anderson lives in Palmer, which is about forty five miles northeast of Anchorage started violently shaking. And I heard a loud rumbling noise. And it just continued on it felt for like several minutes. Paul dansko has been through quakes before in Alaska, but says this one was much stronger than what he's used to. There was a very sharp initial shaking, and then some large movement, and when that began you realize, oh, this is in fact, the big one Alaska governor Bill Walker surveyed the damage by helicopter and says it is obvious. What suffered the most damage is the Chad petition infrastructure, but the biggest that we've seen from the air the eight hundred mile Alaska oil pipeline was shut down while crews were sent to inspect it for damage. CBS news update. I'm Matt piper. It's eight thirty two at WCBS. G? Twenty summit got underway today. Some got a warmer welcome than others. Russia's Vladimir Putin may have shared a high five with mom had been Salman, the Saudi Crown prince. But both of them got a lot of cold shoulders. CBS's Steve Dorsey with more from Argentina, President Trump says Russian military actions against Ukrainian navy vessels is what scuttled his plan meeting with flat. Amir putin. With respect to the ships. That was the president did meet, however with Japanese Prime minister Shinzo Ave, South Korean president moon. Jae-in? Australian Prime minister Scott Morrison, and it was only a passing pleasantries for Saudi prince Mohammad bin so mon-, according to the White House Steve Dorsey CBS news, Buenos Aires, Argentina seismic. Air guns will be used to find oil and gas formations deep underneath the Atlantic Ocean floor the Trump administration authorizing the move despite critics who say the practice can disturb or injure marine life like whales and sea turtles the national marine. Fisheries Service says it has authorized permits now under the marine mammal Protection Act for five companies to use air guns for seismic surveys in the mid Atlantic from Delaware all the way down a central Florida. The surveys are part of the president's bid to expand offshore drilling in the Atlantic surveys. Like this haven't been conducted in the region for at least thirty years..

Alaska CBS Steve Dorsey president Anchorage Atlantic Ocean Argentina President Trump Amir putin Vladimir Putin Paul dansko Matt piper Prime minister Chad prince Mohammad bin Ellen Anderson Saudi Crown
"dansko" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:41 min | 2 years ago

"dansko" Discussed on Bloomberg Radio New York

"Telecom Italia decision to name Luigi Guba Tozi as CEO marks. Another victory for Elliott management at its push for radical overhaul. The board chose a former Merrill Lynch banker to succeed Amos Janisch who was ousted last week for resisting. Elliott's calls for the landline network to be spun off decision. Entrenches? Elliott's influence and undermines top Telecom Italia shareholder, Vivendi. Google cloud is to have a change of leader. The Diane green will step down in January and be succeeded by former oracle executive Thomas curious. He will join the operation later this month and work alongside green until she leaves Google cloud expanded rapidly under green as she spent heavily to challenge, Amazon and Microsoft, she says she intends to remain on the board of Google parent. Alphabet. Anna dansko Bank, money laundering, whistle-blower is fully committed to working with Danish. Parliament, even with the threat of prosecution under banking secrecy laws. That's according to his lawyer Howard Wilkinson led the banks Baltic trading operation from two thousand seven until April twenty fourteen left after a learning management to suspicious amounts of money flowing through Don, Scott, Estonian unit later, spoke out through the media. Is said to be thinking of applying for mutual funds license in China to exert more control over its operations, their sources tell us. The company is in talks to sell at sixteen point five percent stake and Bank of China investment management, and has asked regulators about a majority controlled joint venture, the Larry thank has said, he hopes BlackRock and become a strong player in China. And that's your Bloomberg business flash. Thank you very much Deborah for that round up..

Elliott Telecom Italia Google Diane green Luigi Guba Tozi China Bank of China Merrill Lynch Thomas Amos Janisch Bloomberg Howard Wilkinson CEO dansko Bank Deborah BlackRock Vivendi Parliament
"dansko" Discussed on WAFS Biz 1190

WAFS Biz 1190

01:43 min | 2 years ago

"dansko" Discussed on WAFS Biz 1190

"Mount. Deborah. Telecom Italia decision to name Luigi Guba Tozi as CEO marks. Another victory for Elliott management at its push for radical overhaul. The board chose the former Merrill Lynch banker to succeed Amos Janisch who was ousted last week for resisting. Elliott's call for the landline to be spun off its decision and trenches Elliott's employer. Undermines top Telecom Italia shareholder, Vivendi. Google cloud is to have a change of leader. The Diane green will step down in January and basic seeded by former oracle executive Thomas curious. He will join the operation later this month and work alongside green until she leaves Google cloud expanded rapidly under green as she spent heavily to challenge, Amazon and Microsoft, she says she intends to remain on the board of Google parent. Alphabet. Dansko Bank of money laundering. Whistleblower is fully committed to working with Danish. Parliament, even with the threat of prosecution under banking secrecy laws. That's according to his lawyer Howard Wilkinson led the banks Baltic trading operation from two thousand seven until April twenty fourteen he left after a learning management suspicious amounts of money flowing through Don, Scott, Estonian unit later, spoke out through the media. Black rock is said to be thinking of applying for a mutual funds license in China to exert more control over its operations, their sources tell us. The company is in talks to sell at sixteen point five percent stake and Bank of China investment management, and has asked regulators about a majority controlled joint venture, the Larry thank has said, he hopes BlackRock and become a strong player in China. And that's your Bloomberg business flash. Thank you very much Deborah for.

Telecom Italia Elliott Google Diane green Luigi Guba Tozi China Mount. Deborah Bank of China Howard Wilkinson Merrill Lynch Thomas Deborah Amos Janisch Bloomberg Dansko Bank CEO BlackRock Vivendi Parliament
Pound's fate could worsen as investors see multitude of risks with May, Brexit

This Week

00:39 sec | 2 years ago

Pound's fate could worsen as investors see multitude of risks with May, Brexit

"Of the deal along the pound if you're an investor who's a little skittish about this and doesn't want to stomach that volatility going through the end of the year until we figure out what's actually going to happen. You might want to take some of that UK risk off the table inequities. The Danish parliament is about to hear testimony on a massive. Money laundering scandal involving dansko Bank. The country's biggest Bank lawmakers want to know how much of about two hundred thirty billion dollars that flowed through an Estonian unit dansko between two thousand seven and two thousand fifteen was illicit and who was responsible for it. The Bank whose former CEO was escorted out of the building last month for his role in the scandal is also under criminal investigation by the US Justice

Dansko Bank United States CEO UK Two Hundred Thirty Billion Dol
Danske Bank faces U.S criminal inquiry over suspicious Estonian accounts

Bloomberg Daybreak

00:24 sec | 2 years ago

Danske Bank faces U.S criminal inquiry over suspicious Estonian accounts

"Thank you US. Authorities are now investigating a money laundering case involving Denmark's. Biggest bank. Danske Bank says it's received requests for information from the Justice department and can. Action with a criminal investigation. Criminal investigations already underway in Stony a- and Denmark after dansko said more than two hundred billion dollars that flowed through its Estonia unit may need to be treated as

Denmark Danske Bank Justice Department Estonia Two Hundred Billion Dollars
Under fire Danske Bank faces fresh money laundering inquiry

Quest Means Business

05:51 min | 2 years ago

Under fire Danske Bank faces fresh money laundering inquiry

"Power of these tech companies. Now you bring up the fact that they're becoming a media company. And of course we had AT and t. Time Warner merger which included CNN and of what the judge said in his ruling was looking at the outsized power of these companies in the digital advertising space. You see that response, but is regulation. The right strategy are finds the right strategy is any of that going to make a difference when you consider how large the market capitalization of these four or five companies are. So when you have a company like Google with one hundred billion dollars in cash and you find five billion dollars, what you're actively telling Google to do is to continue to break the law. If you had a parking meter in front of your house, that cost one hundred dollars an hour, but the ticket was twenty five cents. You would continue to break the law and that's what we've been telling these companies to do with fines. That might sound large dollar terms, but in terms of impact aren't that large, you ask what we should do. I believe regulation has unintended consequences. I think GDP are has actually emboli. And strengthen these companies position. I believe that the future to oxygen eight, the marketplace is to break these guys up. I think antitrust action is the way to go that there is a real risk of that. Now, I know that the US attorney general Jeff Sessions having a meeting with states attorneys generals next week to discuss this very topic restarting to hear that word, antitrust rebates starting to hear the word monopoly associated with some of these companies. Is that a growing regulatory risk for these mega tech companies? Could you actually see them getting broken up? I used to think there was no way because Amazon is eighty eight fulltime lobbyists in DC. We in the US I would say suffer a little bit from what I call this gross idolatry of innovators and billionaires. We see them as our heroes, but I do think there is a movement of foot now, whether it happens out of DC, I would say most likely, no. I think the pushback is gonna come out of Brussels and possibly a red state. We're an attorney general in that state's he's at the brightest blue line path. The governor's mansion is to make an argument against these tech. Companies to quite frankly probably haven't been good. Have they been going for California? Yes, New York s? Has it been good for Kansas? What's happened to the ad agencies? The retailers, the businesses in those states. I think a lot of these red states have decided, you know, big tech it. We've been net losers here, so I don't think it's going to come out at DC at might the DOJ should absolutely do its job. The call to restrain. The acquisition of this company was read in comparison to the power of these other companies. So I actually do believe there's there is a non zero probability now that the DOJ or the FTC or a state AG Michael after these companies and accused him of anticompetitive behavior and propose antitrust and breaking up as a solution. It's an interesting paradox because you have Amazon yet to announce the second location for its headquarters, and you have, you know, local mayors and governors of morning Amazon at the same time. You see it coming under increasing potential enemy trust scrutiny and other bad headlines following it as well. Do you. You see public opinion changing at all toward the power of these big tough tech companies. While at the same time, we're also dependent on the warm is absolutely turned two years ago. The only argument was is more Christ. Like we're going to be the next president among their see is really the weaponization of the Facebook platform by the GRU of the Russian government changed everything. And now. Oh, citizens. Citizens have are starting to feel a lot more wary about these firms, but you brought up an interesting point the competition to be the host of the next age. Q. and regulation are linked Stephanie because the next headquarters for Amazon will be Washington DC, the metro area, and the reason why, and it was always going to be DC is one the basis have a home there, and CEO gets to pick with a company. Second headquarters are going to be. And so the only thing standing in between Amazon, Amazon's valuation of one trillion in two trillion is regulation, and no one is going to regulate the individual. The throws out the first pitch at the two thousand nineteen opening game of the Washington nationals which will be Jeff Bezos. This competition was a Reuss to transfer wealth from fire departments and school departments to this shareholders of Amazon. It was always going to be DC. This has been a terrible abuse of the Commonwealth. And how many lobbyists does Amazon have in DC right now. Last check Eighty-eight fulltime lobbyists in DC, Scott Galloway. We're gonna have to see if you're right on that. It's going to be embarrassing of announce big Indianapolis. Well, DC could certainly use the jobs, Scott. Thank you so much. Thank you. Let's turn to Europe and the massive money laundering case that shaking the financial world is he? Oh, of Dansk of Bank is out a new report from the firm details. It's employee's failure to conduct basic due diligence on customers and managers, failure to heed warning signs. The tentacles of the investigation and the alleged wrongdoing are spreading regulators in the United States, Denmark and Estonia, or all probing, dansko bank's operations and the probes center on the banks, tiny subsidiary in Stony a- lax controls. They're allowed through more than two hundred thirty billion dollars. They came from thousands of suspicious customers outside Estonia and that dollar amount is nearly twice what was previously reported. The Bank is alleged to have become a conduit for money coming from Russia and former Soviet states. The allegations are linked with fraud cases exposed by Bill. Browder anti-us former lawyer Sergei Magnitsky who was murdered in a Russian prison. Bill Browder himself was kicked out of Russia. He has since filed several criminal complaints over dansko banks. Behavior Bill is the CEO of Hermitage

DC Amazon Bill Browder United States Google Estonia AT CEO Time Warner Scott Galloway Russia DOJ Jeff Sessions Brussels CNN New York California
Danske Flags More Than $230 Billion in Transactions Related to Money-Laundering Probe

24 Hour News

00:44 sec | 2 years ago

Danske Flags More Than $230 Billion in Transactions Related to Money-Laundering Probe

"Largest Bank dansko has resigned over the money laundering scandal. Thomas Borgen is leaving following investigations into funds that were transferred through its operation in Estonia by customers based in Russia and other parts of the former Soviet Union. The Bank said it was investigating about two hundred thirty billion dollars worth of transactions made there between two thousand and seven and two thousand fifteen Dansk is vice chair. Carol sergeant said the scandal had damaged the Bank. Clearly there have been very serious weaknesses in the approach to anti money laundering in Estonia, which should not have happened with major reputational consequences for the Bank, which we realize will be hard to repair, Denmark and Estonia have launched criminal investigations.

Estonia Largest Bank Thomas Borgen Carol Sergeant Soviet Union Vice Chair Dansk Russia Denmark Two Hundred Thirty Billion Dol