Andersen called to check Clearstream

Andersen called to check Clearstream

European clearinghouse Clearstream has appointed Big Five firm Andersen to conduct an internal review of its activities following allegations of international money laundering and tax fraud.

The Luxembourg-based company is half-owned by the Deutsche Borse, but has struggled to keep its credibility after a book called Revelations written by ex-banker Ernest Backes and Denis Robert, an investigative journalist, claimed Clearstream operated 8,000 secret banks accounts.

Despite the book’s authors being unable to provide convincing evidence of their allegations, and a report by Clearstream’s auditors KPMG and legal firm Freshfields which found no evidence of any illegal activities, the company has been unable to completely quash laundering allegations.

A number of executives have stepped down recently, including chief executive Andre Lussi, although the company has continued with its business activities since the book was published in May.

Acting chief Andre Roelants said Andersen would review the KPMG report as well as evaluate Clearstream’s technology and systems before releasing their own findings in six weeks time.

Roelants acknowledged Clearstream would need a clean bill of health if merger talks with UK-based clearing house Cedel, were to go ahead.

Links

 

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource