Huawei Investigation Suggests Bank Fraud Involving HSBC
Reuters today reports that the U.S. investigation into Huawei's potential violation of sanctions involves "an alleged scheme to use the global banking system to evade U.S. sanctions against Iran." The U.S. has been looking into Huawei's behavior since 2016, and recently focused on the company's use of HSBC to hide transactions made with Iran. HSBC was itself investigated by the U.S. Attorney's office in Brooklyn for violating sanctions and money-laundering laws, and paid a fine of $1.92 billion in 2012. Reuters' source says HSBC is not under investigation at this time. The U.S. took dramatic action on its investigation when it had Huawei CFO Meng Wanzhou arrested in Canada. Meng is expected to be extradited to the U.S. The U.S. has maintained for some time that Huawei represents a security threat due to its ties with the Chinese government. Representatives from Huawei and HSBC declined to comment on Reuters' story. Earlier this year, China-based ZTE was penalized by the government for similar transgressions involving Iran.
Jun 21, 2016
Microsoft today updated its Microsoft Wallet app and gave Lumia smartphone owners the ability to make mobile payments at supporting retailers. Windows Mobile has long included a Wallet app, but until today it was reserved for loyalty cards and other retail programs.
Sep 8, 2017
Zelle today said its mobile peer-to-peer payment application will reach the Google Play Store and iTunes App Store on Tuesday, September 12. The service has been in testing since June.
Jun 12, 2017
Many of today's popular mobile banking apps will soon support a rapid person-to-person (P2P) payment feature through a new service called Zelle. Zelle, developed by Early Warning Systems, is supported by more than 30 of the nation's largest banks for sending funds from one person to another.
Jul 15, 2016
Android owners will soon be able to use their own mobile banking app — rather than Android Pay or Samsung Pay — to make tap-and-go payments in stores. Mastercard has expanded its Masterpass program to mobile devices so consumers can make contactless payments at various retailers.
Apr 12, 2017
Google has partnered with a small number of financial institutions in order to ease the process of signing up for Android Pay. Several banks, including Bank of America, Bank of New Zealand, Discover, mBank, and USAA, now let customers add debit/credit cards directly to Android Pay from within the mobile banking app.