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☆ Shinhan Bank’s U.S. Unit to Pay $25 Million Over Alleged Compliance Faults
▼ + stars: | 2023-09-30 | by ( Richard Vanderford | ) www.wsj.com time to read: 1 min

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[1/2] A South Korea won note is seen in this illustration photo May 31, 2017. South Korean companies repatriated a record $33.13 billion of overseas earnings during the January-July period, 6.3 times the amount a year earlier, central bank data on current account balances showed. "The coming home of earnings retained abroad has been a big help for the won," a government official in charge of foreign exchange market said, asking not to be named due to internal policy. The automaker said on June 12 it plans to invest 7.8 trillion won ($5.82 billion) of retained earnings from overseas operations this year in electric car factories at home. The surge in repatriation also comes ahead of trading reforms planned for next year, when South Korea will extend onshore trading hours until 2 a.m. to improve access for foreign investors.

Persons: Thomas White, Yoon Suk, Hong Sung, kook, Min Gyeong, 1,340.7400, Jihoon Lee, Cynthia Kim, Joyce Lee, Heekyong Yang, Vidya Ranganathan Organizations: South, REUTERS, Rights, Samsung Electronics, Hyundai Motor, Kia Corp, Reuters Graphics Bank of Korea, Woori Bank, Hyundai, Hyundai Motor Group, Shinhan Bank, Yena, Thomson Locations: South Korea, Rights SEOUL, Korea

☆ Rupee may struggle on dollar move, support seen near
▼ + stars: | 2023-08-01 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

MUMBAI, Aug 1 (Reuters) - The Indian rupee is likely to decline on Tuesday, pressured by the dollar's move higher versus its major peers and Asian currencies. Non-deliverable forwards indicate rupee will open slightly weaker to U.S. dollar from 82.2450 in the previous session. The dollar index rose above 102 in the Asia session, hovering near the highest in three weeks. Weakness on the Japanese yen contributed to dollar index reaching 102. Surging crude oil prices and the move higher on the dollar index to boost USD/INR, Kunal Sodhani, vice president at Shinhan Bank, said.

Persons: Kunal Sodhani, Nimesh Vora, Nivedita Organizations: U.S, Korean, U.S . Federal Reserve, Brent, Shinhan Bank, Thomson Locations: MUMBAI, Asia, China

☆ Exclusive: South Korea asks banks to prepare $4 bln to support credit union - sources
▼ + stars: | 2023-07-10 | by ( Seunggyu Lim | ) www.reuters.com time to read: +3 min

An official at the Financial Services Commission confirmed that banks had been asked to prepare liquidity through repurchase-agreement facilities to aid MG Community Credit Cooperatives, but did not comment on the amount. Depositors were lining up last week to withdraw funds from a branch of MG Community Credit Cooperatives after local media reported a rise in non-performing loans tied to real estate projects. Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank and NongHyup Bank had been asked to make financing available to MG Community Credit, although the actual amount extended to the credit union would depend on deposit withdrawals, the sources said. The sources added that each of the banks was asked to prepare 1 trillion won of financing, or 5 trillion won in total ($3.84 billion), as potential support. MG Community and the five banks did not immediately respond to requests for comment.

Persons: Kim Jin, 1,302.7800, Seunggyu Lim, Jihoon Lee, Ed Davies, Edmund Klamann Organizations: Financial Services Commission, Community Credit Cooperatives, MG Community Credit Cooperatives, Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank, NongHyup Bank, MG Community Credit, MG Community, Community, Interior Ministry, Bank of, Ministry of Finance, Citi, Jungdo, Thomson Locations: SEOUL, Namyangju, Seoul, Bank of Korea, Gangwon

☆ Dollar snaps five-week losing streak as bets on U.S. rate hike in May firm
▼ + stars: | 2023-04-21 | by ( ) www.cnbc.com time to read: +3 min

Bundles of U.S. 100 dollar banknotes arranged at the Shinhan Bank headquarters, a unit of Shinhan Financial Group Co., in Seoul, South Korea, Sept. 14, 2022. The dollar slipped against the Japanese yen in early Asia trade, though it rose against most major currencies, with the U.S. dollar index edging 0.06% higher to 101.84. Rising expectations that the Fed will raise interest rates by 25 basis points in May have lent some support to the greenback. "The U.S. economy is heading to recession," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "I don't think Ueda is going to change policy at his first meeting next week," said CBA's Capurso.

☆ Dollar steady as banking crisis fears linger
▼ + stars: | 2023-03-27 | by ( ) www.cnbc.com time to read: +3 min

The dollar was steady on Monday, while the yen hovered near its seven-week peak as investors assessed moves made by authorities and regulators to rein in worries over the global banking system. Minneapolis Fed president Neel Kashkari said on Sunday the recent stress in the banking sector and the possibility of a follow-on credit crunch has brought the U.S. closer to recession. "What's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. That credit crunch ... would then slow down the economy," Kashkari said in comments to CBS show Face the Nation. The Australian dollar rose 0.09% to $0.665.

☆ Dollar pauses ahead of Fed rate decision
▼ + stars: | 2023-02-01 | by ( ) www.cnbc.com time to read: +2 min

The dollar index , which measures the U.S. currency against six major peers, fell 0.029% to 102.060. "Recent progress on inflation has encouraged market participants to expect the Fed to quickly pivot from interest rate hikes to interest rate cuts," said Carol Kong, currency strategist at Commonwealth Bank of Australia. Since signs of labor market loosening were limited, the Fed would likely pair a smaller rate hike this week with hawkish communication, she said. The Fed increased interest rates by 50 basis points in December after four successive 75 bps rate hikes. It said then that interest rates might need to be higher for longer to tame inflation.

☆ Shinhan Financial’s U.S. Unit Ordered to Beef Up Money Laundering Oversight
▼ + stars: | 2022-11-25 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Shinhan Bank America neither admitted nor denied any allegations of unsound banking practices or violations of the law, the order, which was issued with Shinhan Bank America’s consent, said. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEWShinhan Bank America operates 15 branches in the U.S., mostly in places with relatively large Korean populations, including New York, California, Texas and Georgia. The FDIC also ordered Shinhan Bank America to adopt an effective training program to educate its staff on AML policies and to validate its suspicious-activity monitoring system. Mr. Song in his lawsuit said the then-chief executive of Shinhan Bank America demanded that he alter an internal audit report’s conclusion that Shinhan Bank America had an unsatisfactory AML program.

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