Risk Management

President Donald Trump sued JPMorgan Chase and CEO Jamie Dimon on Thursday, alleging the bank closed his and related entities’ accounts for political reasons following the Jan. 6, 2021 riots at the U.S. Capitol, CNBC reported. 

Sen. Ron Wyden, the top Democrat on the Senate Finance Committee, is pressing Bank of New York Mellon Corp. for details about $378 million in wire transfers the bank processed involving accounts linked to Jeffrey Epstein, according to a Bloomberg report.

President Donald Trump’s apparent green light for doing business in Venezuela is unlikely to prompt a rush of corporate investment, even if U.S. sanctions are rolled back, according to recent reporting by Dow Jones Risk Journal. 

The Trump administration’s first sale of Venezuelan oil under a new arrangement is valued at $500 million, with much of that money being held in a U.S.-controlled bank account in Qatar, according to Semafor. 

Panama’s Supreme Court is nearing a decision in a lawsuit that could void a Hong Kong company’s license to operate two container ports at either end of the Panama Canal, The Wall Street Journal reported. 

PwC has decided to “lean in” to cryptocurrency work after years of a more guarded approach, citing a friendlier U.S. policy environment under President Donald Trump and new legislation governing digital assets, according to the Financial Times. 

European banks could cut more than 200,000 jobs over the next five years as lenders accelerate adoption of artificial intelligence and continue closing branches, according to estimates cited by the Financial Times.

President Donald Trump on Thursday signed an order directing the federal government to loosen marijuana regulations and accelerate a long-stalled effort to reclassify the drug, a step that could mark one of the biggest federal shifts on cannabis policy in decades, Reuters reported.

Australian regulators took coordinated action on Thursday to address weaknesses in the anti-money laundering and risk-management controls of Bendigo and Adelaide Bank, including the imposition of a A$50 million operational-risk capital charge. 

The U.S. regulator of national banks scaled back some of the compliance obligations it had imposed on Citigroup under a 2020 enforcement action that penalized the lender for inadequate risk controls and data-management practices, the Financial Times reported.