HONG KONG—Hong Kong's banking regulator has fined four banks, including local units of Industrial and Commercial Bank of China and UBS, a combined US$5.67 million for breaches of anti-money laundering rules.
THE globe
CU News From Around the Planet
VANCOUVER, B.C.–Community Savings Credit Union here said it is partnering with Cascadia Green Development on a pilot program in the City of North Vancouver that aims to fight housing affordability and bring the dream of homeownership to people that are struggling to get a down payment.
LONDON—The challenges to the world’s regulators in overseeing digital markets was the focus of the Competition Enforcers Summit here. The Federal Trade Commission and the Department of Justice’s Antitrust Division represented the U.S. at the event.
SAN SALVADOR–After becoming the first country to use Bitcoin as legal tender, El Salvador now said it plans to build a “Bitcoin city” at the base of a volcano, with the cryptocurrency used to fund the project.
TRALEE, Ireland–Cara Credit Union is the latest CU here to be approved to participate in a new Brexit Impact Loan Scheme (BILS) for Irish businesses, which is run by the government owned-owned Strategic Banking Corporation of Ireland (SBCI).
NEW DELHI, India—India received $87 billion in remittances in 2021, and the United States was the biggest source, accounting for over 20% of these funds, the World Bank said in its latest report.
LIMA, Peru—The World Council of Credit Unions’ (WOCCU) Economic Inclusion Project said it joined forces with USAID and the Superintendency of Banking, Insurance and AFP of Peru to stage an online event showcasing international experts who shared experiences and lessons learned on facilitating financial inclusion efforts for vulnerable populations.
BANGKOK, Thailand–The Bank of Thailand has announced plans to conduct a real-world test of a Central Bank Digital Currency (CBDC) in a real-world environment sometime in the second quarter of 2022.
LONDON, Ontario—A group of credit unions in Ontario, Canada have pulled together to provide assistance people affected by the devastating floods in British Columbia.
MADISON, Wis.—A $45,000 grant issued through the Worldwide Foundation for Credit Unions’ Project Storm Break program helped six Haitian credit unions get back to serving their members despite an August earthquake that caused major damage to their permanent structures, according to the World Council of Credit Unions.