RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: EU regulator rejects calls for lower capital rules; Colombia must pay $61m to banks involved in Odebrecht project

And a regulator in South Africa slapped a fine on an Indian bank.

From Bloomberg:

European banks lobbying for special treatment on new capital rules are in for a disappointment.

The European Banking Authority said the bloc should stick closely to what was agreed at a global level when it implements new regulations in the region, according to a report. It specifically rebuffed suggestions from banks on how to tailor the rules to limit any increases in capital requirements.

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From CNBC:

The Colombian government must pay 211 billion pesos ($61m) to banks involved in Odebrecht construction projects that were shuttered during a bribery probe, a Colombian arbitration tribunal said.

The ruling came after the Brazilian construction company sued the Andean country last year, alleging the nation illegally expropriated assets during the investigation.

The massive graft scandal included projects in Colombia, where the company had been awarded a contract for the construction of a 528-kilometer (328-mile) highway in 2010, with an investment of more than $1b. 

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From CNBC:

A South African regulator has imposed a reduced penalty of 400,000 South African rand ($27,000) on the local unit of India’s Bank of Baroda for non-compliance with certain provisions of the Financial Intelligence Centre Act (FIC).

The Prudential Authority (PA), which supervises and enforces the FIC Act, said the penalty follows an on-site inspection in 2014 that found deficiencies relating to compliance, as well as weaknesses in controls to counter potential money laundering and terrorist financing.

Following that, the Bank of Baroda was slapped with administrative sanctions, including a combined financial penalty of 11 million rand for non-compliance with the FIC Act and deficiencies in respect of money laundering controls, the PA said.

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