The world's biggest economies will pledge to jointly fight cyber attacks on the global banking system, one of the biggest coordinated efforts yet to protect lenders since an $81 million heist of the Bangladesh central bank's account last year. Meeting in the German resort town of Baden-Baden, G20 finance chiefs will agree to fight attacks regardless of their origin and promise cross-border cooperation to maintain financial stability, according to a draft document seen by Reuters. "We will promote the resilience of financial services and institutions in G20 jurisdictions against malicious use of information and communication technologies, including from countries outside the G20," it said. However, it dropped an earlier reference for enhanced security requirements for financial services. Cyber crime became a top priority after an elaborate heist on the Bangladesh central bank's account at the Federal Reserve Bank of New York last year, an unprecedented theft that exposed the … [Read more...] about G20 to jointly fight bank sector hacking
Correspondent bank charges
High fees, countless inactive cards Data from the State Bank of Vietnam shows that the total number of cards issued as of the end of June was 106 million, which means some of the 90 million Vietnamese people possess more than one card. Such a high figure is the result of a race between banks to boost their card issuance in recent years. In 2010 the number of cards stood at 31 million, but it has more than tripled in five years. Along with an increase in card numbers, payments made through cards have also seen continuous growth. Data from the Vietnam Bank Card Association shows that in 2011 payments made by card reached VND895 trillion (over US$39 billion) and jumped 88% in four years to nearly VND1,700 trillion (US$74.8 billion). The number of cash machines and payment terminals also respectively increased by 23% and 181% compared with 2011 to 16,573 and 217,470 devices as of early 2016. But according to official estimates, just above 20 million out of Vietnam’s population of 90 … [Read more...] about Bank cards: When will quality match quantity?
Credit Suisse is the largest bank to plead guilty to criminal charges in 20 years after a long-running case against the Swiss bank for helping Americans skip out on taxes. Conway G. Gittens of Reuters reports. Credit Suisse on Monday became the largest bank in 20 years to plead guilty to a US criminal charge, and will pay a $2.5 billion fine to authorities for helping Americans evade taxes, Attorney General Eric Holder said. But the Swiss bank escaped the worst for its business - its top management stayed in place, and the New York state bank regulator said it had decided not to revoke the bank's license in the state. US prosecutors said the bank helped clients deceive US tax authorities by concealing assets in illegal, undeclared bank accounts, in a conspiracy that spanned decades, and in one case began more than a century ago. "This case shows that no financial institution, no matter its size or global reach, is above the law," Holder said at a news conference in Washington. The … [Read more...] about Credit Suisse escapes worst as it pleads guilty to US charges
On February 3, 2005, the State Bank of Vietnam (SBV) enacted Decision 127 to amend certain articles of Decision 1627, dated December 31, 2001, of the Regulations on Loans Extended by Credit Institutions to Customers. Effective within 15 days after the date of its publication in the Government's Official Gazette, Decision 127 will replace Decision 1627 and certain implementing regulations of Decision 1627 in relation to the calculation and reclassification of overdue debt. Decision 127 makes a number of changes in the law. It clarifies the scope of eligible borrowers provided under Decision 1627 and clarifies that all Vietnamese and foreign individuals and organisations - whether they are legal entities or not - are entitled to borrow from credit institutions operating in Vietnam. In addition, it imposes a number of new obligations on banks related to the establishment of a credit appraisal and supervision regime within each bank and the reporting requirements for such regimes. … [Read more...] about New laws to test Vietnam’s banks
Vietnamese commercial banks are in a race for more funds, both in Vietnamese dong and US dollars, by hiking deposit interest rates despite the consensus reached last year among local banks not to use interest rates as a tool for competition. The race started early in July, with the latest moves being the rate increase at the Hanoi-based Bank for Private Enterprise and the certificates of deposit (CDs) of the Ho Chi Minh City-based Phuong Nam Bank. PNB last week offered rates as high as 9.12 per cent, 9.36 per cent and 9.72 per cent for dong CDs with terms of four, seven and 11 months. Its dollar CDs are attractive as well, carrying rates of 4.7 per cent, 4.9 per cent and 5.2 per cent for the corresponding tenors. Asia Commercial Bank, Vietnam's largest part-private bank by assets, has already bid for new funds by raising the rates on dong deposits and savings by between 0.24-0.6 of a percentage point. Its 12-month deposits now yield 9.18 per cent, up from 8.7 per cent previously.On … [Read more...] about Banks’ tussle for deposits