News Centre

US Department Of Justice: Goldman Sachs Charged In Foreign Bribery Case And Agrees To Pay Over $2.9 Billion

Date 22/10/2020

The Goldman Sachs Group Inc. (Goldman Sachs or the Company), a global financial institution headquartered in New York, New York, and Goldman Sachs (Malaysia) Sdn. Bhd. (GS Malaysia), its Malaysian subsidiary, have admitted to conspiring to violate the Foreign Corrupt Practices Act (FCPA) in connection with a scheme to pay over $1 billion in bribes to Malaysian and Abu Dhabi officials to obtain lucrative business for Goldman Sachs, including its role in underwriting approximately $6.5 billion in three bond deals for 1Malaysia Development Bhd. (1MDB), for which the bank earned hundreds of millions in fees.  Goldman Sachs will pay more than $2.9 billion as part of a coordinated resolution with criminal and civil authorities in the United States, the United Kingdom, Singapore, and elsewhere. 

SEC Charges Goldman Sachs With FCPA Violations

Date 22/10/2020

The Securities and Exchange Commission today announced charges against The Goldman Sachs Group Inc. for violations of the Foreign Corrupt Practices Act (FCPA) in connection with the 1Malaysia Development Berhad (1MDB) bribe scheme, and as part of coordinated resolutions, it has agreed to pay more than $2.9 billion, which includes more than $1 billion to settle the SEC’s charges.

UK Financial Conduct Authority And PRA Fine Goldman Sachs International £96.6m For Risk Management Failures In Connection With 1MDB

Date 22/10/2020

The FCA and PRA have fined Goldman Sachs International (GSI) a total of £96.6 million (US$126 million) for risk management failures connected to 1Malaysia Development Berhad (1MDB) and its role in three fund raising transactions for 1MDB. The FCA and PRA fines are part of a US$2.9 billion globally coordinated resolution reached with the Goldman Sachs Group Inc. (GSG) and its subsidiaries.

Bank Of England: Final Notice To Goldman Sachs International

Date 22/10/2020

Final notice to Goldman Sachs International

Federal Reserve Board Fines The Goldman Sachs Group, Inc. $154 Million For Failure To Maintain Appropriate Oversight, Internal Controls, And Risk Management With Respect To 1Malaysia Development Berhad (1MDB)

Date 22/10/2020

The Federal Reserve Board on Thursday announced it has fined the Goldman Sachs Group, Inc. $154 million for the firm's failure to maintain appropriate oversight, internal controls, and risk management with respect to Goldman's involvement in a far-reaching scheme to defraud a Malaysian state-owned investment and development company, 1Malaysia Development Berhad (1MDB).

Joint Open Meeting With CFTC - Customer Margin Rules For Security Futures And Request For Comment On Uncleared Swaps And Non-Cleared Security-Based Swaps, SEC Chairman Jay Clayton, Oct. 22, 2020

Date 22/10/2020

Opening Remarks

Today marks a milestone in the 45-year relationship between the SEC and CFTC as we hold the first joint open meeting to both consider and vote on policy initiatives.  I thank Chairman Tarbert for suggesting that we come together, as well as my fellow Commissioners and the Commissioners of the CFTC, for their support of this meeting and, more importantly, the continuing coordination among our agencies.  Over the years, and as most recently evidenced by the standing up of the Dodd-Frank Act Title VII regulatory regime for swaps and security-based swaps, America’s investors have benefited from our agencies’ commitment to working together to ensure that our regulations are effective, consistent, mutually reinforcing, and efficient.  In certain cases, these important objectives are best served by harmonizing our rules. 

BIS: Focus On The Future Of Banking Supervision In A Changing World - International Banking Supervisory Community Meets Virtually

Date 22/10/2020

• At the 21st International Conference of Banking Supervisors, senior banking supervisors and central bankers discussed issues related to the future of banking supervision in a changing world.
• Discussions covered the digitalisation of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements.
• This was the first time the Basel Committee has worked with a host country to offer a completely virtual conference.

Finansinspektionen Supervision 20: Distribution Of Life Insurance

Date 22/10/2020

The majority of the distribution on the life insurance market occurs through external distribution channels. It is therefore important for insurance firms to fulfil their responsibility to choose suitable distribution channels for the target market and follow up that the insurance products are distributed to the proper target group.

Hong Kong Securities And Futures Commission Reprimands And Fines Goldman Sachs (Asia) L.L.C. US$350 Million For Serious Regulatory Failures Over 1Malaysia Development Berhad’s Bond Offerings

Date 22/10/2020

The Securities and Futures Commission (SFC) has reprimanded and fined Goldman Sachs (Asia) L.L.C. (Goldman Sachs Asia) US$350 million (HK$2.71 billion) for serious lapses and deficiencies in its management supervisory, risk, compliance and anti-money laundering controls that contributed to the misappropriation of US$2.6 billion from US$6.5 billion that 1Malaysia Development Berhad (1MDB) raised in three bond offerings in 2012 and 2013.

BIS: Assessing The Fiscal Implications Of Banking Crises

Date 22/10/2020

Summary

Focus

We propose a method to compute the probability distribution of the potential fiscal cost of a banking crisis - a key input in assessing the adequacy of a country's fiscal buffers. Using a sample of banking crises in advanced and emerging market economies, we approximate the cost with the post-crisis increase in government debt. We then examine which pre-crisis economic developments help anticipate those costs. We finally use that information to compute the probability distribution of the costs for individual countries given prevailing economic conditions.