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Home » Daily Briefing » Morning Briefing 13 June 2016

Morning Briefing 13 June 2016

Morning Briefing

Walmart stores in Canada, of which there are more than 370, are to stop accepting Visa cards from 18 July due to "unacceptably high" fees charged by the cards network, according to a report in the UK's Guardian.

Walmart Canada said the move comes after failing to reach agreement with Visa on an acceptable fee. Visa said its rates are among the lowest "available to any merchant in the country".

A Wall Street Journal review of data from S&P Global Market Intelligence has found that customers of Starbucks had $1.2 billion loaded onto their Starbucks cards and the Starbucks mobile app as of the first quarter of 2016, exceeding the customer deposits held by many actual financial institutions.

Deutsche Bank's transaction banking unit is to tackle regulator-identified issues over the stability and security of its systems this year, the head of the unit has told the Financial Times.

Werner Steinmüller, who has run the transaction bank since 2004, told the newspaper that "everything in regard to anti-money-laundering, filtering, and sanctions" would be dealt with this year. "Our number one priority is to make sure everything here is in order. We want to ensure the safety, stability and soundness of our systems in 2016, and then we will start on the next growth phase."

This comes after a number of failings in anti-money laundering controls at Deutsche's investment bank and transaction banking unit were identified by the UK's Financial Conduct Authority.

In Singapore, OCBC has asked some of its corporate banking customers to upgrade their security against potential malware attacks or face having their accounts closed. Several of the bank's customers said they had received 14-days' notice that their accounts would be closed, according to the Straits Times.

"We recently wrote to a small group of customers who had not installed this software despite our asking them to do so several times. Without the software being installed, we would have to review these customers' online transactions more closely to protect their accounts. Last month, after reviewing the risk and added handling that may be required for these accounts, we wrote to the customers to tell them that we would regretfully have to close their accounts," an OCBC spokesman said.

Struggling Chinese P2P lender offers to repay investors with baijiu
Standard Chartered CEO cracking down on 'above the law' bankers
Wirecard enables Alipay payments at Munich airport
Tanzania: Mixed feelings on proposed VAT on bank charges
New criminal gadget can clone up to 15 contactless bank cards a second from victims who are simply standing nearby
Farewell BBA: Lobby group backs plan to merge bank industry bodies after Libor scandal

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