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Legal Shockwave: Trump Administration’s Indictment Threat Intensifies Standoff With Fed Chair Powell

                                                       Federal Reserve Chair Jerome Powell A dramatic new chapter has opened in the long‑running conflict between President Donald Trump and Federal Reserve Chair Jerome Powell. Powell disclosed that the Department of Justice issued grand jury subpoenas to the Federal Reserve and warned him of a potential criminal indictment tied to his testimony before the Senate Banking Committee last June. The testimony in question involved a US$2.5 billion renovation project for Federal Reserve office buildings—an initiative the Trump administration has repeatedly criticized as excessive. Powell described the legal move as a pretext aimed at pressuring the central bank to cut interest rates more aggressively, a demand Trump has made for years. The threat marks an unprecedented escalati...
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Regulatory Warnings Ignored: Canadian Arm of China's Largest Bank Faces Scrutiny

The Canadian subsidiary of the Industrial and Commercial Bank of China (ICBC), the world's largest bank, has come under fire for repeatedly violating anti-money laundering regulations. Despite multiple warnings from Canada's financial intelligence unit, FINTRAC, the bank failed to address critical compliance issues. These included neglecting to file suspicious transaction reports and not treating high-risk activities with the required level of scrutiny.

A routine audit in 2019 revealed several administrative violations, leading to a fine of $701,250 issued in 2021. The violations highlight systemic lapses in the bank's financial crime compliance controls, raising concerns about its commitment to combating money laundering and terrorist financing.

The case underscores the importance of robust regulatory oversight and the need for financial institutions to prioritize compliance to maintain the integrity of the financial system.

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