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Weekly Roundup: S&P Downgrades Swiss Bank Over Settlement Talks, U.K. Fines Nigerian Bank, and More
printThe U.K.'s Financial Conduct Authority (FCA) fined Nigeria's Guaranty Trust Bank over $815,000 Thursday for anti-money laundering (AML) and sanctions violations. The FCA said that the bank failed to screen its clients against economic blacklists and lacked adequate controls for dealing with politically exposed persons. More Standard & Poor's lowered its credit rating for Switzerland's Basler Kantonalbank from AA+ to AA due to concerns that the financial institution may pay U.S. authorities to settle allegations that it helped its American clients evade taxes. The U.S. is investigating at least 12 other banks for similar violations. More Colombian officials believe that...
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