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The HKMA also ordered the Hong Kong unit of the U.S. bank to have an independent external adviser prepare a report into whether its remedial measures were sufficient to address the “contraventions and other deficiencies” it had identified cufflinks with initials engraved. The action follows an investigation by the HKMA which found that between April 2012 and February 2014 JPMorgan Hong Kong contravened six provisions of the anti-money laundering and counter-terrorist financing rules, the regulator said. “We look forward to working with the independent adviser who will be appointed to review our current internal controls in Hong Kong to verify that the legacy issues have been addressed by the remedial actions already undertaken by JPMorgan,” the bank said in an emailed statement to Reuters..
The HKMA statement said that JPMorgan Hong Kong had self-identified and reported certain deficiencies, and had taken “positive and extensive remediation work” after it became aware of the lapses. “In particular, it has enhanced its control functions to prevent similar contraventions from recurring,” it said cufflinks with initials engraved. The Asian financial hub’s regulator has made combating money laundering and terrorist financing a priority, and the HKMA has recently stepped up action against banks for breaches in its 2012 anti-money laundering rules..
WASHINGTON (Reuters) – Contracts to buy previously owned homes fell unexpectedly in November, the National Association of Realtors said on Friday, the latest sign of weakness in the U.S. housing market. The NAR’s pending home sales index decreased 0.7 percent from the prior month to 101.4. October’s index was unrevised. Economists polled by Reuters had forecast pending home sales to rise 0.7 percent last month. Pending home contracts are seen as a forward-looking indicator of the health of the housing market because they become sales one to two months later cufflinks with initials engraved.
Compared to one year ago, pending sales were down 7.7 percent in November, the eleventh straight year-over-year drop. The housing market has been constrained by higher mortgage rates as well as land and labor shortages, which have led to tight inventory. Though house price inflation has slowed significantly, it continues to outpace wage growth, sidelining some first-time homebuyers. The NAR previously reported that home resales rose in November, but recorded their biggest annual decline in 7-1/2 years cufflinks with initials engraved.
TOKYO (Reuters) – Nissan Motor Co (7201.T) will produce 30,000 fewer vehicles in the coming months in China than what it had planned, a person briefed on the matter told Reuters, as global automakers grapple with falling demand in the world’s biggest car market. After Ford Motor Co (F.N) and Hyundai Motor Co (005380.KS), Nissan becomes the latest automaker to cut production in the country, where slowing economic growth and a crippling trade war with the United States have pummeled vehicle sales in the past few months cufflinks with initials engraved.