HALISTER1: ReutersBreakingviews: Tackling money laundering requires more zeal from the banking industry @DominicElliott

ReutersBreakingviews: Tackling money laundering requires more zeal from the banking industry @DominicElliott

Tackling money laundering requires more zeal from the banking industry @DominicElliott breakingviews.com/considered-vie…
ReutersBreakingviews @Breakingviews
 
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HALISTER1: Danske Makes Deeper Cuts in Correspondent Banking Amid AML Focus

Danske Makes Deeper Cuts in Correspondent Banking Amid AML Focus

(Bloomberg) -- Danske Bank has cut the number of lenders with which it does correspondent banking to 1,900 from 2,000 a year ago amid efforts to thwart money laundering.
  • “The reason is our increased and ongoing focus on complying with AML procedures and regulation,” Flemming Pristed, the group’s general counsel, says in emailed response to questions
  • Danske also has increased the number of employees working with AML, to 550, from 300 a year ago, when Danish FSA reported bank to police for possible administrative fines for violating anti-money laundering rules
  • The violations involved Danske’s procedures regarding the monitoring and identification of correspondent banks; the case is still ongoing, Pristed says
  • NOTE: March 20, Criminals may have used accounts at Danske Bank and Nordea Bank to launder more than DKK7b from 2011-2014, newspaper Berlingske reports

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Source: BFW (Bloomberg First Word)

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DANSKE DC (Danske Bank A/S)

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HALISTER1: Bund-UST Spread Narrowing at Key Juncture as Exhaustion Flagged

Bund-UST Spread Narrowing at Key Juncture as Exhaustion Flagged

(Bloomberg) -- Bund-UST 10-year spread contracts to -195/-194bps, a level that may not give in so easily given the technical significance and potential exhaustion warnings from trend-reversal tools, Bloomberg technical analyst Sejul Gokal writes.
  • See chart here
  • Bund-UST spread widening Wednesday to -199bps after fading against the -194/-195bps resistance -- the 50% retracement of the entire post-Trump election widening and the 2015 low
  • Candle session study, showing a “candle session” count 11 (9-13 are typical trend reversal numbers)
    • Past ‘11’ counts in Jan. 12 and March 1 accurately presaged spread top/bottom followed by short counter- trend moves
  • A daily spread close back below -198bps would begin to lend credence to a tactical top at the aforementioned levels
  • Should resistance give way, next narrowing target seen at -187/-185bps (200-DMA, 61.8% Fibonacci)
  • NOTE: Click here for today’s technical, options and positioning monitors
  • NOTE: For more detail on G-10 technical levels, click here
  • NOTE: Sejul Gokal is an technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice

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Source: BFW (Bloomberg First Word)

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HALISTER1: ReutersBreakingviews: Banks should be lobbying hard for transparency in the battle against money laundering @DominicElliott

ReutersBreakingviews: Banks should be lobbying hard for transparency in the battle against money laundering @DominicElliott

Banks should be lobbying hard for transparency in the battle against money laundering @DominicElliott breakingviews.com/considered-vie…
ReutersBreakingviews @Breakingviews
 
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HALISTER: EU Tells U.K. Airlines to Relocate, Sell Shares: Guardian

EU Tells U.K. Airlines to Relocate, Sell Shares: Guardian

(Bloomberg) -- EU officials told airlines incl. EasyJet, British Airways to relocate headquarters to continental Europe, sell shares to European nationals to retain operations after Brexit, Guardian newspaper reports without saying where it obtained the information.
  • Carriers must have “significant base on EU territory” to keep intra-EU routes
  • EasyJet, IAG, Ryanair, TUI met with EU’s Brexit team last week
  • NOTE Mar. 21: Brexit May Constrain Air Transport Expansion, Trade Group Says

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Source: BFW (Bloomberg First Word)

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IAG LN (International Consolidated Airlines Group SA)
EZJ LN (easyJet PLC)
RYA ID (Ryanair Holdings PLC)
TUI LN (TUI AG)

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Holding Decreases

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HALISTER1: ING Slumps; KBC Says Investors Nervous About Criminal Probe

ING Slumps; KBC Says Investors Nervous About Criminal Probe

(Bloomberg) -- ING drops as much as 6.1%, most in almost nine months, after Het Financieele Dagblad reported that ING is subject to an investigation by Dutch authorities into money laundering and international corruption. KBC says it’s hard to assess what ING’s exact role in any alleged wrongdoing may be, or what penalties it may face.
  • Volume is 1.3x of 3-month daily average after about 2 1/2 hours
  • Second-biggest decliner in 46-member Stoxx 600 Banks index as all peers drop
  • KBC says U.S. authorities have requested information about ING’s activities
    • Says penalties by U.S. authorities in similar cases were "very high"
    • Notes ING said in annual report that it was subject to criminal investigations by Dutch authorities
    • Reiterates hold rating, PT EU14.50
  • RELATED
  • Stock up 4.4% MTD vs SX7P up 2.7%
  • Stock up 1.6% YTD vs SX7P up 2.6% 
  • 33 ratings, 17 buy, 14 hold, 2 sell; avg. PT EU14.9 implies 10% upside
To contact the reporter on this story: Chris Malpass in Berlin at cmalpass@bloomberg.net To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net Brian Lysaght

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Source: BFW (Bloomberg First Word)

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INGA NA (ING Groep NV)

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HALISTER1: ReutersBreakingviews: Ready soon at Breakingviews.com: Banks could do more in money laundering battle, by @DominicElliott

ReutersBreakingviews: Ready soon at Breakingviews.com: Banks could do more in money laundering battle, by @DominicElliott

Ready soon at Breakingviews.com: Banks could do more in money laundering battle, by @DominicElliott pic.twitter.com/oXYk1D2Zh8
ReutersBreakingviews @Breakingviews
 
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