The big four


Standard Chartered fined over AML controls

The United Kingdom’s Financial Conduct Authority (FCA) has fined Standard Chartered Bank £102.2 million for failures in its anti-money laundering (AML) controls. It is the second-highest fine the FCA have given for such an offense. It comes after an investigation into Standard Chartered’s Wholesale Bank Correspondent Banking business in the U.K. between 2010 and 2013 and the bank’s branches in the United Arab Emirates between 2009 and 2014. The regulator said Standard Chartered had “failed to establish and maintain risk-sensitive policies and procedures, and failed to ensure its UAE branches applied U.K. equivalent AML and counter-terrorist financing controls.”

IPO brewing for Chinese Starbucks rival ​

Chinese coffee chain Luckin Coffee is planning to file an initial public offering (IPO) in the United States in a bid to dislodge Starbucks as the dominant coffee network in Mainland China. The Beijing-based coffee start-up, which is valued at US$2.9 billion, plans to raise US$300 million from the IPO, and will be listed on Nasdaq under the ticker symbol LK. Starbucks currently owns more than half of Mainland China’s market share, according to Euromonitor. Luckin, which focuses on cashless payment and fast delivery, plans to use the proceeds for store expansions. Since its inception in June 2017, Luckin has opened 2,370 stores in 28 cities. ​

KPMG Botswana appoints first female partner ​

KPMG in Botswana has named Gosego Motsamai as its new Managing Partner. Motsamai is the first female partner at the firm and one of two female Batswana partners in the Big Four across the country. “I look forward to working with the team and lead KPMG through these challenging times as we look to rebuild trust and become the clear choice,” said Motsamai. Executive Chairman of KPMG Southern Africa, Professor Wiseman Nkuhlu, made the announcement this month, saying: “I am certain that under Gosego’s leadership, we will see KPMG Botswana continue to be a leading professional services firm in the country.” Motsamai, who is also President of the Botswana Institute of Chartered Accountants, started her career at Deloitte before moving to KPMG in 1998.

Footballer cleared of tax evasion

Brighton Striker Glenn Murray and his wife have both been cleared of tax evasion charges, following an arrest last year January. The pair were investigated by Her Majesty’s Revenue and Customs (HMRC) for evading income tax totalling £1.1 million and cheating public revenue, while Murray was further investigated for avoiding value added tax. The couple’s Brighton home was raided and items such as personal and business documents and computer equipment were seized by HMRC officers. The pair were interrogated for several hours over the allegations, before being released on bail. Following an investigation, the HMRC has refused to rule out further action. In a statement, a spokesman said: “The criminal investigation relating to a couple arrested in January 2018 has concluded and neither have been charged with any criminal offense.” 

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