Central Bank: money transfer control will intensify
The Bank of Russia called on credit institutions to pay increased attention to shadow business, which may be hiding behind cross-border cash transfers.
In mid-January 2018, the Central Bank drew attention to the growth of FinTtech services. Such a conclusion can be drawn from the statement, which deals with suspicious transfers abroad, carried out without opening bank accounts. The regulator determined a number of characteristics of the specified financial activity.
All transactions occur within credit organizations. In this case, a small group of individuals, which can be called serial money senders, makes transfers. Noteworthy amounts. They exceed those that are issued by credit organizations in the work process. Funds sent between individuals, exceed those that appear during donation, the provision of material aid, salary transfers and the like. Therefore, the regulator concluded that it deals with payment for services or goods carried out as a result of business activities. The repeatability of translations attracts attention. With a certain regularity, the amounts go to the same settlements to a certain list of recipients.
On this basis, the Central Bank concluded that Russian banks do not sufficiently control the financial and technical organizations that use their services (provision of IBAN, etc.). “Credit organizations are required control internal transfers and prevent illegal activities,” the regulator said in a statement.
The French trader brought a loss of 80 million dollars and disappeared
The profession of a trader is associated with numerous risks and requires constant monitoring. This once again confirms the negative experience of Antoine Lure, who before the New Year holidays in 2019 was listed as an employee of the BNP Paribas group.
The man put on the growth of the S & P 500 index. Instead of following the trends of growth or decline of the indicator and taking the appropriate measures, the mountain trader went to rest. Moreover, while Lure was out of the access zone, the US stock market was falling down. When the holidays ended, it turned out that the fail trader brought 80 million dollars in losses.
Now, the index trader has disappeared – he does not come to work and does not answer calls. Meanwhile, the United States stock market shows negative trends from the first days of December 2018. What the trader was hoping for remains a mystery. By Catholic Christmas, the S & P 500 fell sharply by 15%.
The last time a similar case was observed in 1929.
It is unknown what awaits the fail trader. In 2010, the representative of the French financial conglomerate Societe Generale because of its negligent activity lost about 5 billion euros. The trader is sentenced to three years in prison and a fine according to the damages.
