Latest news with #financialtransparency
Argaam
13 hours ago
- Business
- Argaam
SAMA issues updated rules for issuance, operation of credit cards
The Saudi Central Bank (SAMA) issued the updated rules for the issuance and operation of credit cards. The updated rules aim to reduce costs for customers and enhance disclosure and transparency related to credit card transactions. They also seek to keep pace with ongoing developments and align with the growing variety of credit card products in line with global best practices. The rules include detailed provisions on the issuance and operation of credit cards and increased clarity regarding financial transactions related to the cards. This is in addition to increasing financial awareness among customers, as well as creating innovation-friendly regulatory environment in the financial sector. SAMA also coordinated with global payment companies to review and reduce the costs associated with credit card transactions. This move is part of SAMA's broader efforts to develop and strengthen the digital payments ecosystem and offer diverse payment solutions to both residents and visitors in retail outlets across the Kingdom, in line with Vision 2030.
BBC News
12-06-2025
- Politics
- BBC News
Former BCP Council leader wrongly claimed tax discount
A former Conservative council leader has admitted claiming the single person discount for council tax despite not being eligible. Phil Broadhead, who spent three months leading Bournemouth, Christchurch and Poole (BCP) Council in 2023, said it happened when he moved house in 2022 and blamed the local authority's online forms for not being in "plain English".Broadhead, who voted on the authority's budgets at a time when he was in council tax arrears, said he repaid the underpayment as soon as it was noticed and that the council agreed it was an honest mistake. BCP Council said it had "worked hard to make our online systems clear and easy to use". Under the Local Government Act, an offence is committed if a councillor votes on any financial or budgetary matters when they are themselves in council tax arrears for two months or more. Broadhead - leader of the Conservative group at the council - has not confirmed to the BBC how long he was in arrears. In a letter, published in the Bournemouth Daily Echo, he admitted to the error but said he wondered "how many other examples there are of people getting caught out by the complications of online intricacies". "Surely we need a team whose focus is on making sure that the council's processes pass the plain English and ease test," he added. In January this year, BCP Council said it had recovered £654,000 by re-checking who was claiming single person's council tax discount and checking against other records such as the electoral roll. Details of that investigation are due to be published deadline for a council response to a Freedom of Information request from a resident about the matter passed earlier this week. The council has yet to publish its response. In a statement to the BBC, Broadhead said: "When I was informed by the council that I'd been claiming this discount, I was shocked. "At no point had I had any correspondence by post that this was applied. When I asked to see the form to show I'd selected to receive the discount, I was told it had been lost."I've since discovered that in the council's previous (and now scrapped) change of address form, if you didn't list those moving with you - which I must have inadvertently skipped - it automatically applied this discount without even telling you. "This is perhaps why so many others have fallen into this same trap, with the council reporting £700k collected for those mistakenly doing the same thing."Once noticed, I rectified immediately and have repaid the full underpayment. The council agreed that it was an honest mistake and agreed no further action was needed."I sincerely hope they've closed this quirk in the system so others don't fall into the same trap." 'Routine checks' A BCP Council spokesperson said the online form used to register for council tax at a new address included a confirmation screen showing any discounts being requested. "They are then sent an email every year, asking them to check that the details are still correct and that their circumstances have not changed, which also confirms any discounts being applied," the spokesperson said. "We have worked hard to make our online systems clear and easy to use and residents are also able to contact us if they have any questions."As part of routine checks undertaken by BCP Council, working alongside the national fraud initiative, discrepancies between council tax payments and individual circumstances are flagged to us."We then contact those individuals to make them aware and discuss repayment options, including applying a penalty where appropriate." You can follow BBC Dorset on Facebook, X (Twitter), or Instagram.
Zawya
10-06-2025
- Business
- Zawya
Statement by African Export-Import Bank (Afreximbank) on recent Fitch Ratings Report
Afreximbank ( operates under very high standards of financial transparency. The Bank's financial reporting strictly adheres to International Financial Reporting Standards (IFRS), including IFRS 9. This standard governs the classification and staging of loan performance, including the treatment of non-performing loans, amongst other matters. The Bank's application of IFRS 9 is comprehensively detailed in its 2024 Financial Statements and further clarified in the external auditors' report. As cited in the ratings report, dated 4 June 2025, ' Fitch's definition of NPLs differs from the Bank's approach, which makes use of forward-looking information '. It is important to note that Fitch acknowledges Afreximbank's financial resilience, highlighting that ' the bank operates with a high level of collateral and credit risk mitigants and has already taken relatively large provisions on some sovereign exposures, which would reduce any potential further negative financial impact for the bank'. Fitch also acknowledges the Bank's strong capitalization including its ' strong equity to assets and guarantees ratio' and 'excellent internal capital generation'. Concentration risk is also reported as 'low' and its liquidity assessment of 'a' reflects the Bank's ' strong quality of treasury assets '. The Bank believes that these factors reinforce the overall soundness of the Bank's risk management framework. Fitch's 'negative outlook' decision, which it says reflects ' the risk that the debt owed to Afreximbank by some of its sovereign borrowers may be restructured ', is hinged on the erroneous view, in some quarters, that the treaty establishing Afreximbank, executed by its 53 participating African states, can be violated by the Bank without consequences. For clarity, the Bank establishment agreement is a treaty entered into by, and among, all participating states and between the participating states and the Bank. Accordingly, Afreximbank would like to reaffirm that it is not participating in debt restructuring negotiations related to any of its member countries. To do so would be inconsistent with the Bank establishment treaty. The treatment of its loans and other activities is governed by the treaty and not by classifications created outside its framework. Afreximbank's financial resilience, robust governance and unwavering commitment to excellence, and to Africa, are critical to the delivery of its mandate. The Bank remains committed to supporting its member countries in navigating their economic challenges while promoting trade-led growth, economic development and general macroeconomic stability. Distributed by APO Group on behalf of Afreximbank.
RNZ News
06-06-2025
- Business
- RNZ News
Auckland foreign exchange firm fined over $1 million
Photo: 123RF An Auckland foreign exchange company has been convicted and fined $1.125 million for failing to report suspicious activities and submit financial transparency reports relating to money laundering. Qian Duoduo Ltd, which trades under the name Lidong Foreign Exchange, failed to report 197 international transactions to China between 2018 to 2019, a Department of Internal Affairs investigation has found. Of these transactions, 26 involved suspicious activities and 171 involved prescribed transactions, totaling more than $19 million. The transactions were made by two individuals, Xiaoyu Lu and Musabayoufa Fuati, who have both been convicted of criminal offending involving money laundering. The District Court found the company failed to carry out adequate customer due diligence about the source of the pair's funds, relying on questionable documents despite recognising its operations were at high risk of being used to launder money. Serge Sablyak, director of anti-money laundering and countering financing of terrorism at the Department of Internal Affairs, said the department took offences under the Anti-Money Laundering and Countering Financing of Terrorism Act "very seriously". "Suspicious transactions have the potential to be linked to money laundering or terrorist financing activities," Sablyak said. "Prescribed transaction reports are vital in alerting law enforcement to suspected offenders and make money laundering and terrorist financing difficult to hide." Sablyak said Qian DuoDuo Ltd had a history of non-compliance. "In 2017, the department took civil action against the company following non-compliance with its obligations, and the High Court confirmed multiple breaches of the company's legal obligations," Sablyak said. "When financial institutions, including money remitters, continue to fail to meet their obligations under the Act, the department can and will take action." Qian DuoDuo Ltd has appealed the District Court's decision in the High Court.
RNZ News
29-05-2025
- Business
- RNZ News
Almost $365,000 misappropriated by one person at Dunedin school
The board thanked its staff for their willingness to assist. Photo: RNZ / Ian Telfer A Dunedin high school has revealed close to $365,000 was misappropriated by one person over five years. Logan Park High School emailed parents on Thursday "in the interests of transparency" after an external accountant first discovered the missing funds last year. It happened between 2019 and 2024. The school's board of trustees said it was an isolated incident involving one individual and a thorough review had been conducted. "It's important to note that this matter has now been fully resolved, and we want to share the outcome with our whānau to reassure you that moving forward, our systems and processes are robust," the board said. The misappropriated funds had been full recovered along with legal and accounting costs, but the board said it had to wait until after the investigation and audit were completed before disclosing what happened to ensure due process was followed. The audit process had recently been signed off and the total amount of $364,884 (GST inclusive) was published in the 2023 full Annual Report. The board acknowledged the news might come as a surprise, but said the Office of the Auditor-General has been consulted and the financial risk to the school as a result of this issue had been eliminated. "After uncovering the issue, we identified necessary improvements and changes to our processes, which were implemented immediately in 2024 to strengthen our internal policies and ensure that this won't happen again," the board said. "This includes third-party professional support." The board thanked its staff for their willingness to assist, saying their cooperation had been invaluable in helping it to resolve the matter and strengthen the school's financial safeguards. "We have fully cooperated with the audit process throughout and remain committed to upholding the highest standards of integrity in our school's financial management," the board said. "The school has remained in a stable and secure financial position throughout this period." The Ministry of Education's Acting Hautū Te Tai Runga, Andrea Williams, said the ministry was aware of the matter and would be working with the school to better understand the processes they followed. Police would not confirm if they were involved.
