Russia to impose stiffer punishments on errant banks
Moscow
AFTER felling more than a quarter of its banks, Russia wants to make sure the survivors get more than a slap on the wrist for flouting the rules.
As part of its campaign against money laundering, the Bank of Russia is taking a page from the playbooks of regulators in the US and Europe. It is now planning to reduce the reporting requirements on lenders while increasing the punishment for getting caught, deputy governor Dmitry Skobelkin said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Xi tells Blinken US, China should be 'partners, not rivals'
Indonesia’s push for regional economic integration to continue under Prabowo: Vivian Balakrishnan
Outgoing Singapore, Indonesia leaders to hold their final retreat in Bogor on Apr 29
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing