UK Designates Major Cloud Providers as Critical Third Parties
The UK government has introduced a new regulatory framework by designating four major cloud and technology providers as Critical Third Parties (CTPs). Microsoft, Google Cloud, Amazon Web Services, and Oracle will now be subject to direct oversight by the Bank of England, the Prudential Regulation Authority, and the Financial Conduct Authority. The new framework reflects […]
German Finance Industry Faces $8 Billion Cost from Tax Fraud Investigation
A new survey from Germany’s financial regulator, BaFin, estimates that financial institutions could face approximately €7 billion ($8 billion) in costs related to the long-running cum-ex and cum-cum tax fraud investigations. The findings involve dozens of banks, insurers, and financial firms that are alleged to have participated in dividend trading strategies designed to generate improper […]
Investigators Search Deutsche Bank Headquarters Over Legacy Tax Trades
German authorities searched Deutsche Bank’s Frankfurt headquarters as part of an ongoing investigation into alleged fraudulent tax transactions involving its Postbank division between 2008 and 2010. The investigation centers on so-called cum-cum trading strategies, which prosecutors believe enabled improper tax benefits and resulted in significant losses to public revenue. While Deutsche Bank stated it is […]