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Israel’s banking supervisor fines three banks over debt collection

Published: 14.02.2023 |

Israel’s Banking Supervision Department has fined three banks in the country for violating the norms of debt collection from customers. Source:https://www.retailbankerinternational.com/news/israel-supervisor-fines-three-banks/ Israel Discount Bank, Bank Hapoalim, and Mizrahi-Tefahot Bank are facing fines of NIS1.2m, ($349,202.65), NIS850,000($247,351.88), and NIS700,000 ($203,701.55), respectively. The central bank imposed financial sanctions on all three banks for failing to report the monies received that were paid against the debt. As Israel Discount Bank failed to promptly notify the authorities of the debt restructuring agreements agreed upon between the bank and the customer, the bank was subject to an additional financial penalty. The banking regulator said that the banks had informed the receipts were recorded on their books and taken into account throughout the closing process and therefore no financial harm was caused to consumers. Supervisor of Banks Yair Avidan said: “The Banking Supervision Department sees importance in enhancing consumer enforcement and will continue to act to carry out controls with information received from the public. We see in this...

Italy has approved a 26 percent capital gains tax for cryptocurrency

Published: 08.02.2023 |

The Italian Parliament has approved amendments to the 2023 budget, which include the introduction of a 26% tax on capital gains resulting from the trading of digital assets. Source:https://cointelegraph.com/news/italy-approves-26-capital-gains-tax-on-cryptocurrencies Digital coins and tokens have until now been treated by Italian tax authorities as foreign currency, which meant lower taxation. The law, put forward by Prime Minister Georgia Maloney's government and passed by Parliament, also gives taxpayers the option to declare the value of assets as of January 1, 2023, paying a tax of 14%. The aim is to encourage Italians to declare their digital assets in their tax returns. Italy's tougher stance comes after Portugal, one of Europe's most cryptocurrency-friendly countries, unveiled its plan to tax short-term gains from digital assets at 28% in...

FCA sets up Innovation Advisory Group

Published: 08.02.2023 |

The Financial Conduct Authority (FCA) has appointed seven advisors to a new Innovation Advisory Group (IAG) which will meet for the first time this month. Source:https://www.finextra.com/newsarticle/41739/fca-sets-up-innovation-advisory-group/retail The group’s experience spans artificial intelligence and other emerging technologies, competition, digital markets, financial inclusion, and sustainability. It will help to support the FCA’s current plans and initiatives for 2023 and shape its innovation pathway to better serve businesses and consumers. The advisory group will consist of the following rotating members for a minimum one-year term: Pinar Akman, Professor of Law & Director at Jean Monnet Centre of Excellence on Digital Governance - University of Leeds Esra Kasapoglu, Director of AI and Data Economy - Innovate UK Etay Katz, Senior Partner, Financial Regulation - Ashurst LLP Massimo Preziuso, Lecturer in Sustainable Financial Technology - University of Salford Ghela Boskovich, Founder of FemTechGlobal & Head of Europe - Financial Data and Technology Association (FDATA) Alastair Reed, Principal Policy Adviser, Money - Which? ...

JPMorgan plans to launch a digital bank in Germany

Published: 03.02.2023 |

JPMorgan Chase & Co. is planning to launch a digital bank in Germany as its second international consumer outpost, a move that will create a launchpad for the biggest US bank to further expand in Europe. Source:https://www.bloomberg.com/news/articles/2023-02-01/jpmorgan-plots-germany-consumer-bank-in-next-international-foray The launch is slated for late next year or early 2025, and the firm expects to target other EU countries after that, according to people familiar with the plans. JPMorgan has been hiring in Berlin as part of the effort, and intends for the German capital to be its base for EU consumer operations, the people said, asking not to be identified as the plans aren’t public. New York-based JPMorgan made its first consumer foray beyond US borders in late 2021 with a digital-only retail bank in the UK offering checking (current) accounts. The bank plans to introduce credit cards on this platform already this year, and then personal loans, according to unofficial sources. Germany’s banking market is one of the most competitive in the world. The vast majority of the country’s hundreds of lenders are small and their unique ownership structure — many...

Латвийский надзор оштрафовал SEB Bank почти на 2 млн евро

Published: 23.12.2019 |

Tags:

#Banks #Latvia

Комиссия рынка финансов и капитала Латвии (КРФК) в минувшую пятницу оштрафовала SEB Bank на 1 793 824 евро за нарушения в области борьбы с легализацией преступно нажитых средств и недостатками в контроле за исполнением международных санкций. К примеру, в банке был обнаружен клиент, являвшийся дочерним предприятием компании, попавшей под санкции ЕС. Его счет не был заблокирован, по нему прошли несколько транзакций (592 евро — на вход, 712 евро — исходящий платеж). Источник: http://www.finmigration.com/latvijskij-nadzor-oshtrafoval-seb-bank-pochti-na-2-mln-evro/1831/ В то же время в КРФК отметили, что клиентская база SEB имеет низкий уровень риска отмывания денег, а сам банк уже предпринял ряд...

Questions and answers to the Inaccessibility of Deposits in ABLV Bank

Published: 05.03.2018 | blog

On February 25, the Latvian bank ABLV Bank published supplementary information for the depositors on its official website in the form of the most common questions and answers to them. “What should the depositors and clients of the bank do, holding funds at ABLV Bank at the moment? At the moment, clients do not have access to their funds either in the branches or through the Internet bank. The card system of the bank is turned off, therefore the customers cannot pay by bank cards and cannot withdraw cash from ATMs. Customers can freely transfer securities from their accounts of financial instruments to the bank. What sum will be paid by the state to the bank’s clients? The state guarantees each client 100 000 euros in any Latvian bank. In case of the moment of inaccessibility of deposits, payments are made from the funds of the Deposit Guarantee Fund. ABLV Bank has enough liquid assets to return all sums paid from the Deposit Guarantee Fund! What funds of the bank’s customers are guaranteed payment? The guaranteed payment covers all deposits in any currency on all accounts, including time deposit accounts, current accounts, salary accounts, savings accounts,...

The Government Increased the List of Beneficiaries Regarding the Payment of Court Fee

Published: 03.03.2018 |

Tags:

#Court #Tax exemptions

The Government of Ukraine has amended Art. 5 of the Law “On Court Fee”, providing for the expansion of the list of applicants and claimants, who are exempt from paying court fee. The changes are confirmed by the Law of Ukraine “On the features of the state policy on securing the state sovereignty of Ukraine in the temporarily occupied territories in the Donetsk and Luhansk regions” and came into force on February 24, 2018. So, Part 1 of Art. 5 “On Court Fee” is supplemented with clauses 21 and 22 of the following content: “21) the applicants - in cases on applications for establishing facts of legal significance filed in connection with armed aggression, armed conflict, temporary occupation of the territory of Ukraine, natural or man-made disasters that led to forced relocation from the temporarily occupied territories of Ukraine, death, injury, imprisonment, unlawful deprivation of liberty or abduction, as well as violation of property rights on movable and/or immovable property; 22) the claimants - in cases on suits against the aggressor state, the Russian Federation, on the compensation of property and/or moral damage caused by the temporary occupation of...

Government Approved the Rate on Installment Plan on VAT Payment for the Import of Production Equipment

Published: 23.02.2018 |

Tags:

#Tax disputes #VAT

On February 21, 2018, the Resolution of the Cabinet of Ministers of 7.02.2018 No. 85 came into force, approving the procedure for granting an installment plan for VAT payment when importing the equipment for own production into Ukraine (hereinafter - Procedure) in accordance with clause 65, subsection 2, section XX of the TCU, No.2245-VIII of 07.12.2017. The Procedure provides that in order to receive an installment plan for the payment of value-added tax, when importing equipment into the customs territory of Ukraine, the payer is obliged to submit an application to the customs office, which form must be also approved by the above-mentioned resolution. The application must specify the term of the installment plan, name, quantity, cost and code of the the UCG FEA of the imported equipment, its location, the purpose of importation, the CFEA of the payer, etc. The payer must attach the following to the application: business project, business plan or other document with a detailed description of the technological process (with economic calculations) and expected performance; available conclusions of state bodies, expert institutions, organizations, state standards and...

The European Parliament Will Undertake “Paradise Papers”

Published: 15.02.2018 |

Tags:

#Legislation #Offshore schemes

The European Parliament plans to create a new committee on financial crimes, tax evasion and tax planning. This decision was taken by the Chairmen of the factions of the European Parliament on February 8 and it is awaiting approval in the plenary vote. The main goal of the committee, which will last 12 months, will be the completion of work done by the members of the pre-existing TAXE 1, TAXE 2 and PANA committees, as well as focusing on the so-called “Paradise Papers” - recent information leaks. Thus, the co-chairman of the Greens / European Free Alliance (Greens / EFA) fraction, Philippe Lamberts, noted: “Paradise Papers demonstrated the existence of clear objectives and serious volume of work that we must do if we want to ensure fiscal justice throughout the European Union. We want to be sure that the national treasuries are able to collect funds which are necessary to maintain the common prosperity of the EU”. According to the official, the EU Parliament’s Panama Papers Committee has already developed a well-prepared plan of measures to reduce the cases of tax evasion. The new committee will ensure the maintenance of the progress achieved and the implementation of...

Verkhovna Rada Adopted the Law “On Limited Liability Companies and Additional Liability Companies”

Published: 14.02.2018 |

Tags:

#Corporate law #Legislation

The Verkhovna Rada supported on second reading and in general the law “On Limited Liability Companies and Additional Liability Companies” (No. 4666) with technical and legal amendments. According to the Interfax-Ukraine Agency, 285 people’s deputies voted for the document. As the Chairman of the Verkhovna Rada Committee on Economic Policy Andrey Ivanchuk (the fraction “People’s Front”) has noted, presenting the law in the parliament, now this issue is regulated by the legislation adopted back in 1991. At the same time, according to the words of the official, limited liability company is the most popular type of Ukrainian companies, and today there are more than half a million of them. Andrey Ivanchuk also added that regarding the law No. 4666, they received 503 amendments on second reading, 360 of which were taken into account. The law provides that the value of the LLC’s share is established as of the day before the meeting of the LLC members, at which the decision to exclude the member from the LLC was made. The transitional provisions of the document also contain the provisions for the compulsory acquisition of a share by a...

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