Category: Europe

  • MIL-OSI Canada: Minister Ng welcomes the CETA Mutual Recognition Agreement for Architects

    Source: Government of Canada News

    The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) is central to the economic, trade, and investment relationship between Canada and the European Union (EU).

    October 10, 2024 – Ottawa, Ontario – Global Affairs Canada

    The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) is central to the economic, trade, and investment relationship between Canada and the European Union (EU).

    The agreement has promoted and increased diversification in major industrial, services, and investment sectors and across supply chains. That means more opportunity for Canada and Canadian businesses. It has also enhanced Canada-EU collaboration in key areas such as the environment, critical minerals, and regulatory practices.

    The Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, welcomes the adoption of the Mutual Recognition Agreement for professional qualifications of architects (MRAA) under CETA, which was signed today in Brussels, Belgium.

    Once the Agreement becomes binding, the MRAA will further strengthen Canada-EU commercial ties and benefit the Canadian architecture sector and related activities, such as engineering and construction. It will expand investment, grow our economy, and help create jobs. By making it easier to recognize Canadian and European architects’ professional qualifications, it will also expand access to new business opportunities in both economies.   

    This is the first time that a mutual recognition agreement for professional services will become binding under a Canadian free trade agreement. 

    Huzaif Qaisar
    Press Secretary
    Office of the Minister of Export Promotion, International Trade and Economic Development
    343-575-8816
    Huzaif.Qaisar@international.gc.ca

    MIL OSI Canada News

  • MIL-OSI Security: Attorney General Merrick B. Garland Delivers Remarks Announcing TD Bank’s Guilty Plea for Bank Secrecy Act and Money Laundering Conspiracy Violations in $1.8B Resolution

    Source: United States Attorneys General 2

    Remarks as Delivered

    Good afternoon everyone. Before we get started today, I want to extend my sympathy to the millions of Americans who’ve had their lives turned upside down by Hurricane Milton and Hurricane Helene.

    I know I speak for all of us in expressing my gratitude to the first responders on the ground who are carrying out rescue missions. And I want to thank all of the volunteers who are helping their neighbors get through these storms.

    And now to the subject of today’s announcement.

    Today, TD Bank pled guilty to multiple felonies, including conspiring to violate the Bank Secrecy Act and commit money laundering. TD Bank has also agreed to a $1.8 billion criminal penalty. Combined with civil enforcement actions announced today by other agencies, the United States will be imposing a total [penalty] of approximately $3 billion against TD Bank.

    TD Bank created an environment that allowed financial crime to flourish. By making its services convenient for criminals, it became one.

    Today, TD Bank became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures and the first U.S. bank in history to plead guilty to conspiracy to commit money laundering.

    This is also the largest-ever penalty under the Bank Secrecy Act and the first time the Justice Department has assessed a daily fine against a bank.

    As part of the plea agreement, TD Bank will fundamentally restructure its corporate compliance program at its U.S.-based bank, which is the 10th largest in the United States.

    The bank has also agreed to the imposition of a three-year monitorship and a five-year term of probation. While the bank has started its remediation, it will continue to remediate and improve its anti-money laundering compliance program to ensure that the bank operates lawfully and safely moving forward.

    In addition to obtaining today’s corporate felony pleas, the Justice Department has also prosecuted two dozen individuals for their involvement in money laundering schemes that moved over $670 million in illicit funds through TD Bank accounts. So far, the Justice Department has charged two TD Bank employees for their involvement in one of these schemes.

    Pursuant to the plea agreement, TD Bank is required to fully cooperate with the Justice Department’s investigation of the bank and any of its officers, directors, and employees. If the bank fails to do so, it will again be subject to criminal prosecution, in which the statement of facts that are part of the plea agreement may be used as evidence against it.

    Our criminal investigations into individual employees at every level of TD Bank are active and ongoing.

    As is the case in all corporate criminal matters, no one involved in TD Bank’s illegal conduct will be off limits. We will follow the evidence wherever it leads.

    Federal anti-money laundering laws are designed to prevent criminals from using U.S. banks to fuel their crimes.

    Our laws dictate that the narcotics traffickers who flood our communities with deadly drugs cannot use American financial institutions to move their money.

    And our anti-money laundering laws dictate that a bank that willfully fails to protect against criminal schemes is also a criminal.

    That is what TD Bank was, because it failed to maintain an adequate anti-money laundering program between January 2014 and October 2023.

    Over a six-year period, TD Bank failed to monitor $18.3 trillion in customer activity.

    As TD Bank admitted in its plea agreement, this allowed three money laundering networks to transfer over $670 million through TD Bank accounts. At least one of those schemes involved five TD Bank employees.

    The bank maintained an automated transaction monitoring system that was supposed to detect and generate alerts on suspicious transactions and activities. But that system was willfully deficient.

    As the bank admitted in the statement of facts, which it filed today, at various times high-level executives, including the person who became the bank’s chief anti-money laundering officer, knew there were serious problems with the bank’s anti-money laundering program. But the bank failed to correct them.

    Three money laundering networks took advantage of TD Bank’s failed anti-money laundering system.

    First, over the course of a three-year period, a person who TD Bank employees knew as David moved over $470 million in illicit funds through TD Bank branches in the United States.

    David has separately pled guilty to laundering drug proceeds through the bank.

    David had attempted to launder money through numerous financial institutions. But he found that TD Bank had the most permissive policies and procedures and chose to launder most of his funds there.

    He also bribed TD Bank employees with more than $57,000 in gift cards in furtherance of his scheme.

    David’s illegal conduct was obvious, to say the least. On more than one occasion, he deposited more than $1 million in cash in a single day. He then immediately moved the funds out of the bank using official bank checks and wire transfers.

    TD Bank employees at many levels understood and acknowledged the likely illegality of David’s activity.

    In August 2020, one TD Bank store manager emailed another store manager and remarked, “You guys really need to shut this down LOL.”

    In late 2020, another store manager implored his supervisors — several TD Bank regional managers — to act, noting that “[i]t is getting out of hand and my tellers are at the point that they don’t feel comfortable handling these transactions.”

    In February 2021, one TD Bank store employee saw that David’s network had purchased more than $1 million in official bank checks with cash in a single day. The employee asked: “How is that not money laundering.” A back-office employee responded, “oh it 100% is.”

    In a second, separate money laundering scheme, five TD Bank employees conspired with criminal organizations to open and maintain accounts at the bank that were used to launder $39 million to Colombia, including drug proceeds.

    That money laundering organization reused the same Venezuelan passports to open multiple accounts at TD Bank. It sometimes used the same passport to obtain multiple debit cards for a single account.

    Despite significant internal red flags, the bank did not identify that its own employees were conspiring to launder tens of millions of dollars to Colombia, until law enforcement arrested one of them.

    In yet a third scheme, outlined in today’s charges, a money laundering network maintained accounts at TD Bank for at least five shell companies. It used those accounts to move over $100 million in illicit funds through the bank.

    Even though retail employees flagged suspicious activity connected to those accounts, the bank did not file a suspicious activity report until law enforcement alerted the bank to the money laundering network’s activity. By that time, the accounts had been open for over 13 months and had been used to transfer nearly $120 million.

    On multiple occasions, bank employees openly joked about the bank’s enabling of criminal activity.

    In one instance a compliance employee asked a manager what “the bad guys” thought about the bank. The manager replied: “Lol. Easy target.”

    Other employees consistently joked on the bank’s instant messaging platform about the bank’s motto, “America’s Most Convenient Bank.” They linked it to the bank’s approach to combating money laundering.

    For example, a compliance employee asked a colleague why “all the really awful ones bank here lol.”

    The colleague replied: “because … we are convenient.”

    There is nothing wrong with a bank that tries to make its services convenient for its honest customers.

    But there is something terribly wrong with a bank that knowingly makes its services convenient for criminals.

    The Bank Secrecy Act requires financial institutions like TD Bank to establish and maintain compliance programs that guard against money laundering.

    But TD Bank chose profits over compliance, in order to keep its costs down.

    That decision is now costing the bank billions of dollars in criminal and civil penalties.

    Less than a year ago, the Justice Department secured felony guilty pleas from Binance, the world’s largest cryptocurrency exchange, and from its founder and CEO. We also obtained one of the largest corporate penalties in U.S. history.

    The Department’s actions against both Binance and TD Bank are a reminder that financial institutions in this country have an obligation to guard against criminals exploiting their services.

    The Justice Department will aggressively prosecute any company that fails to do so.

    I want to express my gratitude to the public servants of the Justice Department’s Criminal Division, the U.S. Attorney’s Office for the District of New Jersey, and the DEA for their extraordinary work on this case. We are also grateful to IRS Criminal Investigation, the FDIC’s Office of Inspector General, FinCEN, and our other federal, state, and local partners for their work.

    I am proud of them.

    I will now turn the podium over to Deputy Attorney General Monaco.

    MIL Security OSI

  • MIL-OSI Security: Update 254 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) has restored its connection to a 150 kilovolt (kV) power line that could be used as a back-up option for the plant, although the supplies of electricity needed for reactor cooling and other essential functions remain fragile, Director General Rafael Mariano Grossi of the International Atomic Energy Agency (IAEA) said today.

    The 150 kV line was reportedly damaged in shelling late last month, further limiting the potential availability of power supplies for the ZNPP as this line connects the site to the switchyard of the nearby Zaporizhzhya Thermal Power Plant. However, the IAEA team stationed at the ZNPP was informed this week that the repairs had been completed and the line was once again available, if needed.

    During the military conflict, the ZNPP has been relying on two power lines – one 750 kV and one 330 kV – for off-site electricity but both have suffered repeated disconnections as a result of the fighting, underlining the potential importance of any additional source of electricity. Before the conflict, the ZNPP had ten power lines available.

    During the past week, the IAEA team has continued to hear explosions, including some blasts close to the ZNPP, although no damage to the plant was reported.

    The IAEA team conducted regular walkdowns across the ZNPP, including by the sprinkler ponds and in the turbine halls of two units, and observed ongoing maintenance activities of one main transformer as well as testing of one emergency diesel generator pertaining to part of the safety system.

    The IAEA teams present at the Khmelnytskyy, Rivne and South Ukraine NPPs and the Chornobyl site reported that nuclear safety and security is being maintained despite the effects of the ongoing conflict, including air raid alarms for several days over the past week.

    At the Rivne NPP, reactor unit 2 has been reconnected to the grid following planned outage. Following an air raid alert, the IAEA team deployed at Khmelnytskyy NPP took shelter in the morning of 7 October.

    MIL Security OSI

  • MIL-OSI Security: IAEA Concludes Long Term Operation Safety Review at Sweden’s Oskarshamn Nuclear Power Plant

    Source: International Atomic Energy Agency – IAEA

    An International Atomic Energy Agency (IAEA) team of experts today completed a review of long term operational safety of the Oskarshamn Nuclear Power Plant (NPP) Unit 3 in Sweden.

    The Safety Aspects of Long Term Operation (SALTO) review mission was requested by the plant’s operator, OKG Aktiebolag. Oskarshamn Unit 3, situated roughly 300 kilometers south of Stockholm, was put into commercial operation in 1985 with a design life of 40 years. It is equipped with one boiling water reactor and has a net electrical output of 1400 MW(e). The plant operator is preparing to extend the operating lifetime to 60 years. Two other units at the power station are in permanent shutdown. Nuclear power accounts for more than a quarter of Sweden’s electricity production.

    During the ten-day mission from 1 to 10 October, the team reviewed the plant’s preparedness, organization and programmes for safe long term operation (LTO), which built upon an initial IAEA pre-SALTO mission held at the plant in 2022. The mission was conducted by an eleven-person team consisting of experts from Argentina, Belgium, Brazil, Pakistan, Spain, and the United States, as well as three observers from Hungary and the Netherlands, and two IAEA staff members. The team met and discussed topics in depth with staff from the Oskarshamn NPP and conducted site walkdowns during the review.    

    “The team observed that OKG is preparing for safe long term operation and the plant staff are cooperative, professional, and open to suggestions for improvement,” said team leader and IAEA Nuclear Safety Officer Bryce Lehman. “We encourage the plant to address the review findings and implement the remaining activities for safe long term operation as planned.”

    The team identified good performances that will be shared with the nuclear industry globally, including:

    • Reconstitution of design documentation in cooperation with the original equipment manufacturer (OEM) and securing access to the OEM archives for the period of long term operation.
    • Development of a user-friendly database that shows each user their assigned maintenance activities.
    • Regular meetings of experts from different plant departments to share experience, including international experience, and to discuss improvements to the plant for long term operation.

    The team also provided recommendations and suggestions to further improve safe LTO, the most significant are the following:

    • The plant should fully justify LTO through a periodic safety review, or alternative process.
    • The plant should fully establish a comprehensive programme to identify ageing management activities for long term operation.  
    • The plant should properly implement a comprehensive process to identify components requiring ageing management (a scoping process).

    The plant management expressed a determination to maintain the level of preparedness for safe LTO and further cooperate with the IAEA in this field.

    “We appreciate the IAEA’s support to our plant in ageing management and preparation for safe LTO,” said Johan Lundberg, President of OKG. “It is very important for us to get an external view on our business. The competencies and experience of the IAEA team enable it to effectively identify our areas for improvements.  The results of this mission will help us to improve our activities for safe LTO and to further align them with IAEA safety standards.”

    The team provided a draft report to the plant management and to the Swedish Radiation Safety Authority (SSM), the country’s nuclear regulatory authority, at the end of the mission. The plant management and SSM will have an opportunity to make factual comments on the draft. A final report will be submitted to the plant management, SSM and the Swedish Government within three months.

    Background

    General information about SALTO missions can be found on the IAEA Website. A SALTO peer review is a comprehensive safety review addressing strategy and key elements for the safe long term operation of nuclear power plants. They complement OSART missions, which are designed as a review of programmes and activities essential to operational safety. Neither SALTO nor OSART reviews are regulatory inspections, nor are they design reviews or substitutes for an exhaustive assessment of a plant’s overall safety status.

    LTO of nuclear power plants is defined as operation beyond an established time frame determined by the license term, the original plant design, relevant standards, or national regulations. As stated in IAEA safety standards, to maintain a plant’s fitness for service, consideration should be given to life limiting processes and features of systems, structures, and components (SSC), as well as to reasonably practicable safety upgrades to enhance the safety of the plant to a level approaching that of modern plants.

    MIL Security OSI

  • MIL-OSI Security: Two Russian Nationals Charged for Their Participation in an Illicit Procurement Network That Exported to Russia Sensitive U.S.-Sourced Microelectronics with Military Applications in Violation of U.S. Export Controls

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    Damian Williams, the United States Attorney for the Southern District of New York, James E. Dennehy, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), and Jonathan Carson, the Special Agent in Charge of the Office of Export Enforcement of the New York Field Office of the Bureau of Industry and Security of the U.S. Department of Commerce, announced today that ZHANNA SOLDATENKOVA and RUSLAN ALMETOV, both Russian nationals, were indicted along with ARTHUR PETROV, a dual Russian and German national, for export control violations, smuggling, wire fraud, and money laundering in connection with their alleged participation in a scheme to procure U.S.-sourced microelectronics subject to U.S. export controls on behalf of a Russia-based supplier of critical electronics components for manufacturers supplying weaponry and other equipment to the Russian military.  PETROV, previously charged in a criminal Complaint, was arrested on August 26, 2023, in the Republic of Cyprus at the request of the U.S. and was extradited from the Republic of Cyprus earlier this year.  He arrived in the Southern District of New York on August 8, 2024, and was ordered detained.  SOLDATENKOVA and ALMETOV are at large.  The case is assigned to U.S. District Judge Alvin K. Hellerstein.

    The indictment can be read here.

    U.S. Attorney Damian Williams said: “Zhanna Soldatenkova and Ruslan Almetov are now charged, alongside previously charged Arthur Petrov, for conspiring to smuggle microelectronics with military applications from U.S. distributors to a Russian company that supplies manufacturers for the Russian military.  This Office is committed to exposing the full breadth of such illicit procurement networks and protecting our national security.”

    Assistant Director in Charge James E. Dennehy said: “Zhanna Soldatenkova and Ruslan Almetova, along with Arthur Petrov, allegedly conspired to evade export laws as members of an illegal international procurement network to help aid the Russian defense industry.  As alleged, by deliberately concealing the true nature of their business, they not only violated the law but ultimately put the national security of our country at risk.  The FBI, in concert with our partners, is determined to protect the United States and will hold accountable anyone attempting to harm our nation.”

    Special Agent in Charge Jonathan Carson said: “As this action demonstrates, we will work with our domestic and international law enforcement partners to charge alleged violators wherever they may be worldwide. Illegal global procurement networks that prop up the Russian war machine will not be tolerated. That’s why we and our law enforcement partners are working nonstop to ensure that those operating such networks face American justice.”

    According to the allegations contained in the Indictment returned in Manhattan federal court:[1]

    PETROV is a dual Russian-German national who previously resided in Russia and Cyprus and worked for LLC Electrocom VPK (“Electrocom”), a Russia-based supplier of critical electronics components for manufacturers supplying weaponry and other equipment to the Russian military.  SOLDATENKOVA is a Russian national who has resided in Russia and worked for Electrocom.  ALMETOV is also a Russian national who has resided in Russia and was the co-founder and served as General Director of Electrocom.

    PETROV, SOLDATENKOVA, and ALMETOV operated an illicit procurement network in Russia and elsewhere overseas.  More specifically, they fraudulently procured from U.S. distributors large quantities of microelectronics subject to U.S. export controls on behalf of Electrocom.  To carry out the scheme, PETROV, SOLDATENKOVA, and ALMETOV used shell companies and other deceptive means to conceal that the electronics components were destined for Russia.  The technology that the defendants procured in contravention of export controls had significant military applications and included various types of electronics components of the sort that have been recovered in Russian military hardware on the battlefield in Ukraine, such as Russian guided missiles, drones, and electronic warfare and communications devices.

    To perpetrate the scheme, PETROV first acquired the controlled microelectronics from U.S.-based electronics exporters using a Cyprus-based shell company, Astrafteros Technokosmos LTD (“Astrafteros”), which he operated.  PETROV procured these sensitive electronics components by falsely representing to the U.S. exporters that Astrafteros was purchasing the items for fire security systems, among other commercial uses, and that the ultimate end-users and destinations of the electronics are companies in Cyprus or other third countries — when in fact the components were destined for Electrocom in Russia, which supplies manufacturers for the Russian military.  The microelectronics that PETROV procured as part of the conspiracy included, among other things, microcontrollers and integrated circuits on the Commerce Control List maintained by the Commerce Department and which could not lawfully be exported or reexported to Russia without a license from the Commerce Department.  Invoices provided to PETROV by the U.S. distributors expressly noted that these microcontrollers and integrated circuits were subject to U.S. export controls.

    To evade these controls, PETROV, SOLDATENKOVA, and ALMETOV worked together to transship the controlled items procured by PETROV using pass-through entities operated by SOLDATENKOVA and ALMETOV in third countries.  SOLDATENKOVA and ALMETOV then caused the items to be shipped, sometimes through yet another country, to the ultimate destination: Electrocom in Saint Petersburg, Russia.  At all times, PETROV, SOLDATENKOVA, and ALMETOV concealed from the U.S. distributors that they were procuring the controlled electronics components on behalf of Electrocom and that the items were destined for Russia.  During the course of the conspiracy, PETROV, SOLDATENKOVA, and ALMETOV procured from U.S. distributors and shipped to Russia more than $225,000 worth of controlled electronics components with military applications.

    *                *                *

    A table containing the charges and maximum penalties for PETROV, 35, of Russia and Cyprus, SOLDATENKOVA, 36, of Russia, and ALMETOV, 43, of Russia, is set forth below.  The maximum penalties are prescribed by Congress and are provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.

    Charge

    Defendants

    Maximum Penalties

    Count One:  Conspiracy to defraud the United States (18 U.S.C. § 371) PETROV, SOLDATENKOVA, and ALMETOV 5 years’ imprisonment
    Count Two:  Conspiracy to violate the Export Control Reform Act (“ECRA”) (50 U.S.C. §§ 4819(a)(1), 4819(a)(2)(A)-G), and 4819(b); 15 C.F.R. §§ 736.2(b)(1), 746.8(a)(1), and 764.2) PETROV, SOLDATENKOVA, and ALMETOV 20 years’ imprisonment
    Count Three:  Violation of ECRA (50 U.S.C. §§ 4819(a)(1), 4819(a)(2)(A)-G), and 4819(b); 15 C.F.R. §§ 736.2(b)(1), 746.8(a)(1), and 764.2) PETROV and SOLDATENKOVA 20 years’ imprisonment
    Count Four:  Violation of ECRA (50 U.S.C. §§ 4819(a)(1), 4819(a)(2)(A)-G), and 4819(b); 15 C.F.R. §§ 736.2(b)(1), 746.8(a)(1), and 764.2) PETROV and SOLDATENKOVA 20 years’ imprisonment
    Count Five:  Violation of ECRA (50 U.S.C. §§ 4819(a)(1), 4819(a)(2)(A)-G), and 4819(b); 15 C.F.R. §§ 736.2(b)(1), 746.8(a)(1), and 764.2) PETROV, SOLDATENKOVA, and ALMETOV 20 years’ imprisonment
    Count Six:  Conspiracy to smuggle goods from the United States (18 U.S.C. § 371) PETROV, SOLDATENKOVA, and ALMETOV 5 years’ imprisonment
    Count Seven:  Smuggling goods from the United States (18 U.S.C. §§ 554(a) and 2) PETROV and SOLDATENKOVA 10 years’ imprisonment
    Count Eight:  Smuggling goods from the United States (18 U.S.C. §§ 554(a) and 2) PETROV and SOLDATENKOVA 10 years’ imprisonment
    Count Nine:  Smuggling goods from the United States (18 U.S.C. §§ 554(a) and 2) PETROV, SOLDATENKOVA, and ALMETOV 10 years’ imprisonment
    Count Ten:  Conspiracy to commit wire fraud (18 U.S.C. § 1349) PETROV, SOLDATENKOVA, and ALMETOV 20 years’ imprisonment
    Count Eleven:  Conspiracy to commit money laundering (18 U.S.C. §§ 1956(h), 1956(f)) PETROV, SOLDATENKOVA, and ALMETOV 20 years’ imprisonment

    Mr. Williams praised the outstanding investigative work of the FBI and its New York Field Office, Counterintelligence Division and the New York Field Office of the Bureau of Industry and Security of the Department of Commerce.  Mr. Williams also thanked the FBI’s Legal Attaché offices in Poland, Germany, and Athens, Greece; the Department of Justice’s National Security Division, Counterintelligence and Export Control Section; the Department of Justice’s Office of International Affairs; the Republic of Cyprus Ministry of Justice and Public Order; and the Law Office of the Republic for their assistance.  The Republic of Cyprus National Police also provided critical assistance in effecting the defendant’s arrest and detention at the request of the U.S.

    This prosecution is coordinated through the Justice Department’s Task Force KleptoCapture and the Justice and Commerce Departments’ Disruptive Technology Strike Force.  Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions, and economic countermeasures that the U.S. has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine.  The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation states.

    This case is being handled by the Office’s National Security and International Narcotics Unit.  Assistant U.S. Attorney Kevin Sullivan is in charge of the prosecution, with assistance from Trial Attorney Maria Fedor of the Counterintelligence and Export Control Section.

    The charges in the Indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.


    [1] As the introductory phrase signifies, the entirety of the text of the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described should be treated as an allegation.

    MIL Security OSI

  • MIL-OSI USA: TD Bank Pleads Guilty to Bank Secrecy Act and Money Laundering Conspiracy Violations in $1.8B Resolution

    Source: US State of Vermont

    WASHINGTON — TD Bank N.A. (TDBNA), the 10th largest bank in the United States, and its parent company TD Bank US Holding Company (TDBUSH) (together with TDBNA, TD Bank) pleaded guilty today and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and money laundering. 

    TDBNA pleaded guilty to conspiring to fail to maintain an anti-money laundering (AML) program that complies with the BSA, fail to file accurate Currency Transaction Reports (CTRs), and launder money. TDBUSH pleaded guilty to causing TDBNA to fail to maintain an AML program that complies with the BSA and to fail to file accurate CTRs.

    TD Bank’s guilty pleas are part of a coordinated resolution with the Board of Governors of the Federal Reserve Board (FRB), as well as the Treasury Department’s Office of the Comptroller of the Currency (OCC) and Financial Crimes Enforcement Network (FinCEN).

    “By making its services convenient for criminals, TD Bank became one,” said Attorney General Merrick B. Garland. “Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering. TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. Let me be clear: our investigation continues, and no individual involved in TD Bank’s illegal conduct is off limits.”

    “For years, TD Bank starved its compliance program of the resources needed to obey the law. Today’s historic guilty plea, including the largest penalty ever imposed under the Bank Secrecy Act, offers an unmistakable lesson: crime doesn’t pay — and neither does flouting compliance,” said Deputy Attorney General Lisa Monaco. “Every bank compliance official in America should be reviewing today’s charges as a case study of what not to do. And every bank CEO and board member should be doing the same. Because if the business case for compliance wasn’t clear before — it should be now.”

    “For nearly a decade, TD Bank failed to update its anti-money laundering compliance program to address known risks. As bank employees acknowledged in internal communications, these failures made the bank an ‘easy target’ for the ‘bad guys.’ These failures also allowed corrupt bank employees to facilitate a criminal network’s laundering of tens of millions of dollars,” said Principal Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “U.S. financial institutions are the first line of defense against money laundering and illicit finance. When they participate in crime rather than prevent it, we will not hesitate to hold them accountable to the fullest extent of the law.” 

    “TD Bank prioritized growth and convenience over following its legal obligations,” said U.S. Attorney Philip R. Sellinger for the District of New Jersey. “As a result of staggering and pervasive failures in oversight, it willfully failed to monitor trillions of dollars of transactions – including those involving ACH transactions, checks, high-risk countries, and peer-to-peer transactions – which allowed hundreds of millions of dollars from money laundering networks to flow through the bank, including for international drug traffickers. The bank was aware of these risks and failed to take steps to protect against them, including for two networks prosecuted in New Jersey and elsewhere – one that dumped piles of cash on the bank’s counters and another that allegedly withdrew amounts from ATMs 40 to 50 times higher than the daily limit for personal accounts.”

    According to court documents, between January 2014 and October 2023, TD Bank had long-term, pervasive, and systemic deficiencies in its U.S. AML policies, procedures, and controls but failed to take appropriate remedial action. Instead, senior executives at TD Bank enforced a budget mandate, referred to internally as a “flat cost paradigm,” requiring that TD Bank’s budget not increase year-over-year, despite its profits and risk profile increasing significantly over the same period. Although TD Bank maintained elements of an AML program that appeared adequate on paper, fundamental, widespread flaws in its AML program made TD Bank an “easy target” for perpetrators of financial crime.

    Over the last decade, TD Bank’s federal regulators and TD Bank’s own internal audit group repeatedly identified concerns about its transaction monitoring program, a key element of an appropriate AML program necessary to properly detect and report suspicious activities. Nonetheless, from 2014 through 2022, TD Bank’s transaction monitoring program remained effectively static, and did not adapt to address known, glaring deficiencies; emerging money laundering risks; or TD Bank’s new products and services. For years, TD Bank failed to appropriately fund and staff its AML program, opting to postpone and cancel necessary AML projects prioritizing a “flat cost paradigm” and the “customer experience.”

    Throughout this time, TD Bank intentionally did not automatically monitor all domestic automated clearinghouse (ACH) transactions, most check activity, and numerous other transaction types, resulting in 92% of total transaction volume going unmonitored from Jan. 1, 2018, to April 12, 2024. This amounted to approximately $18.3 trillion of transaction activity. TD Bank also added no new transaction monitoring scenarios and made no material changes to existing transaction monitoring scenarios from at least 2014 through late 2022; implemented new products and services, like Zelle, without ensuring appropriate transaction monitoring coverage; failed to meaningfully monitor transactions involving high-risk countries; instructed stores to stop filing internal unusual transaction reports on certain suspicious customers; and permitted more than $5 billion in transactional activity to occur in accounts even after the bank decided to close them.

    TD Bank’s AML failures made it “convenient” for criminals, in the words of its employees. These failures enabled three money laundering networks to collectively transfer more than $670 million through TD Bank accounts between 2019 and 2023. Between January 2018 and February 2021, one money laundering network processed more than $470 million through the bank through large cash deposits into nominee accounts. The operators of this scheme provided employees gift cards worth more than $57,000 to ensure employees would continue to process their transactions. And even though the operators of this scheme were clearly depositing cash well over $10,000 in suspicious transactions, TD Bank employees did not identify the conductor of the transaction in required reports. In a second scheme between March 2021 and March 2023, a high-risk jewelry business moved nearly $120 million through shell accounts before TD Bank reported the activity. In a third scheme, money laundering networks deposited funds in the United States and quickly withdrew those funds using ATMs in Colombia. Five TD Bank employees conspired with this network and issued dozens of ATM cards for the money launderers, ultimately conspiring in the laundering of approximately $39 million. The Justice Department has charged over two dozen individuals across these schemes, including two bank insiders. TD Bank’s plea agreement requires continued cooperation in ongoing investigations of individuals.

    As part of the plea agreement, TD Bank has agreed to forfeit $452,432,302.00 and pay a criminal fine of $1,434,513,478.40, for a total financial penalty of $1,886,945,780.40. TD Bank has also agreed to retain an independent compliance monitor for three years and to remediate and enhance its AML compliance program. TD Bank has separately reached agreements with the FRB, OCC, and FinCEN, and the Justice Department will credit $123.5 million of the forfeiture toward the FRB’s resolution.

    The Justice Department reached its resolution with TD Bank based on a number of factors, including the nature, seriousness, and pervasiveness of the offenses, as a result of which TD Bank became the bank of choice for multiple money laundering organizations and criminal actors and processed hundreds of millions of dollars in money laundering transactions. Although TD Bank did not voluntarily disclose its wrongdoing, it received partial credit for its strong cooperation with the Department’s investigation and the ongoing remediation of its AML program. TD Bank did not receive full credit for its cooperation because it failed to timely escalate relevant AML concerns to the Department during the investigation. Accordingly, the total criminal penalty reflects a 20% reduction based on the bank’s partial cooperation and remediation.

    IRS Criminal Investigation, the Federal Deposit Insurance Corporation Office of Inspector General, and Drug Enforcement Administration investigated the case. The Morristown Police Department, U.S. Attorney’s Office for the District of Puerto Rico, Homeland Security Investigations, U.S. Customs and Border Protection, and New York City Police Department provided substantial assistance.

    Trial Attorneys D. Zachary Adams and Chelsea R. Rooney of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S. Attorneys Mark J. Pesce and Angelica Sinopole for the District of New Jersey prosecuted the case.

    MLARS’ Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system. Since its creation in 2010, the Bank Integrity Unit has prosecuted financial institutions for violations of the BSA, money laundering, sanctions, and other laws, imposing total penalties of over $25 billion.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    MIL OSI USA News

  • MIL-OSI USA: Transcript: World Mental Health Day Festival

    Source: US State of New York

    Earlier today, Governor Kathy Hochul participated in a fireside chat at The Project Healthy Minds World Mental Health Day Festival. World Mental Health Day was established on October 10, 1992 by the World Federation for Mental Health. Since then, it has been observed every year with the aim of raising awareness in the global community about critical mental health agendas through collaboration with various partners to take action and create lasting change.

    VIDEO of the event is available on YouTube here and available in TV quality (h.264, mp4) format here.

    AUDIO of the Governor’s remarks is available here.

    PHOTOS of the event are available on the Governor’s Flickr page.

    A rush transcript of the Governor’s remarks is available below:

    Linsey Davis, ABC News: Good morning, everyone. Good morning, and thank you so much for joining us on this World Mental Health Day. We are excited to have this conversation with regard to mental health — America’s fraying social fabric — which is such a necessary and worthwhile conversation to have. And we are so glad to have with us Kathy Hochul, the 57th Governor of New York — first female Governor of New York.

    Governor Hochul: Yes. Thank you, everybody.

    Linsey Davis, ABC News: And not only do we have in her an advocate when it comes to mental health reform, but also with abortion rights and gun safety and beyond. But in particular, today we’re going to really talk about the status of mental health when it comes to our youth both in the State of New York and beyond, because a number of the initiatives that you’ve actually started are really a model that the rest of the country is looking at and implementing. And so, we just thank you so much for taking the time to have this really critical and necessary conversation.

    You know, it’s been said that if you’re not afraid, you’re not paying attention. And I think that is certainly true of these times when we think about — whether it’s natural disasters or the global conflict in Ukraine or Israel, and the slightly contentious election for President that we’re in the midst of — but all of these have ramifications when it comes to our young people. And I want to get to that larger crisis that’s taking place, but first I want to talk about — further compounding all of this — is that there are still lingering effects from COVID-19.

    Governor Hochul: That’s exactly right. I would put that at the top of the list of what maybe precipitated this unusual time in our history where we’re finding that childhood is no longer a time of joy. It is enormously stressful. And to see kids in middle school and high school in particular that are really devolving into a dark place — and this is not from me reading books. This is from me spending two years on the road convening young people in libraries and classrooms and different community centers all over the State, and asking them what’s going on. Why are these statistics that we’re seeing about — particularly young women contemplating suicide and actually following through with it — happening? The depression, the anxiety — all these parallel factors are going on at a time when people are not recovered from the pandemic.

    And I say that to adults and they don’t even think about it anymore because their resiliency was baked into them. As adults, you’ve been through a lot. When you are a 12-year-old or a 16-year-old, you don’t have those natural coping skills. And those kids today are still talking about the pandemic that we have put in the rear view mirror.

    But parallel with that was the rise in social media algorithms that are addictive. So, this was the imperfect storm that — the collision of which — has affected the mental health of our kids, and we have to do something about it because we’re the adults in the room, we’re the adults in their lives and they’re asking us, as one young woman said to me, “You have to save us from ourselves. We cannot put down the phones, we cannot break the addiction.” And I have to do something. I’m the first woman governor, but also I’m the first mom governor whose kids have gone through this, and I see so many family members and so, I applaud you. And also Project Healthy Mind for putting a spotlight on something that four or five years ago I don’t think there would have been as much interest in, but now even the Surgeon General has declared this a crisis. And we, in leadership positions, have no option but to act, and I’ve been doing this for years.

    Linsey Davis, ABC News: And when you talk about the stress, anxiety, uncertainty in particular that kids are feeling — give us an idea of some of the initiatives, some of the specific steps that your administration is taking.

    Governor Hochul: Well, number one, when I first became governor three years ago, I knew that there’s still a stigma about seeking help. I mean, I’ve been working on this in the addictive space — opioid addiction — and so people don’t want to get help. Mental health, it seems like you’re admitting a weakness if you seek help. I’m glad to see there’s been an evolution where more people are open about it and talking about it on social media platforms and podcasts, and programs like this that allow people to feel more comfortable with the fact that we’re all imperfect. Sometimes we need help at different points in our lives. But when it came down to what I could do as governor — $1 billion I put on the table. I said, “This means we’re serious.” The whole array of services, whether it’s in schools — which I think is one of the most important places [for there to be] mental health services and clinics inside our schools — to help kids who are starting to show signs of fraying from the stress. If we help them now, we don’t have to commit them to a lifetime of needing services and help later. So, it’s right in the classroom, all the way to dealing with the challenge of homelessness and mental health challenges on our subways — we have embedded teams that are professionals, they’re caring, I’ve met with them so many times, I’ve been there with them — they meet individuals who others may walk by and be afraid of and say, “You know, that person could do harm to myself or my baby in the stroller. I’m a senior citizen going to a doctor’s appointment.” There’s a fear that’s embedded in all of us when you see something that is unknown to you.

    So, let’s get people help. They do not deserve to live on the subways and in our streets; we get them supportive housing so there’s money involved in that as well; opening up more mental health beds.

    During the pandemic — people don’t know this — thousands of beds dedicated for providing mental health services in our hospitals were converted to COVID beds. And then afterward I said, “Well, why aren’t they all back online? I’m tracking the numbers. Why do we have such a shortage in places like New York City? Why is there a shortage of hospital beds available to treat people who need these services?” Well, it turns out that the reimbursement rates were higher for a hospital, more profit could be made if you kept them as non-psychiatric beds because those costs are higher.

    So I said, “That’s not okay.” I closed the gap so they can make the money they need to make on Medicaid provided beds, so that was taken care of. And also making those — bringing them back online. So it’s everything from the classroom to reducing the stigma in countless ways, programs like this, money for programming and supportive services.

    Everything we can think of, we’re trying to do. But my job is to make sure we don’t start another whole generation of young people who are held captive to these algorithms. We have nation leading legislation, and I’ll tell you, taking on the tech companies is not the easiest thing in life to do, but we forced them to adhere to what we’re saying in New York.

    In New York State, as a result of laws that I enacted just a few months ago and with the support of Common Sense Media and other great organizations and our advocates, no longer can social media companies unsolicited — and bombard young people with addictive algorithms without them asking for it. Their parents have to be okay with that. I don’t think too many parents are going to say that’s okay.

    They also cannot send notifications all night long to our kids who need a good night’s sleep. They’re exhausted. You don’t function at a high level as an adult, but certainly not a young person supposed to sit for eight hours a day and be paying attention when you haven’t slept at night because you cannot put down that addictive feature, which is your phone.

    And so that’s where we are now, and again, talking about what’s happening in schools. Stood up to the social media companies. We are a tech society. We are a tech state. We’re a tech city. I welcome the tech companies. This is not an ‘us against them,’ it is saying, “You know better. You are all executives who probably have children. Do you really want your kids to be seeing these dark images and being drawn into places?”

    You put in the word ‘suicide,’ it’s not teaching you how to get help and supportive and uplifting messages to help you heal, it teaches you how to commit suicide. That’s what I’m talking about. There are messages that are not appropriate for young people.

    They can, on their own, go to social media sites, but don’t be taking personal information you have collected about a child that you have gathered, and now use that to hold them captive. That’s the cycle we’re going to break here in the State of New York, and I hope every other state follows suit.

    Linsey Davis, ABC News: And these are, as you’ve said — yes, there’s applause there — first in the nation social media laws that you are taking to protect our children. But beyond that, you just finished a listening tour with regard to — I guess, that has informed some of your decisions to try to have this initiative to ban cell phones in schools. I’m curious what made you decide, “You know what, we have to do this,” and what has been the reaction, the feedback that you’ve been getting?

    Governor Hochul: Great question. Again, I wanted to hear from parents, teachers, students themselves, administrators, school boards, principals, everybody. So, these are the people I’ve been gathering.

    And what I have universally heard is that school districts and school boards don’t want to be the heavies. They know this should happen, and those who are courageous enough to go forward already, and some school districts have, I know Lackawanna in Western New York, where I was born in the City of Lackawanna, they’ve done it; there’s a number in Westchester; Schoharie County was the first that I could think of that had a widespread unveiling of this. They said it was hard at first, and parents were resistant. Teachers didn’t know what would happen, they didn’t want to be the cell phone police, they wanted to just teach. But they are the happiest school district in our state — I’m going to go out on a limb here. Because the school superintendent said to me, “We heard something we haven’t heard in years, children’s voices – children’s voices at lunch, physical education, in the hallways.”

    Linsey Davis, ABC News: They’re actually interacting with each other.

    Governor Hochul: They’re talking, they’re sometimes yelling at each other. Sometimes there’s things — he says, “They’re not always friendly.” But he says, “And they’re making eye contact with each other.” I mean, think about what happens when you spend your day like this. You lose those human interaction skills that we expect young people to graduate from school having developed. And what happens to an 18-year-old, who does not have that because we’ve allowed this phenomenon and this distraction all day long. And they don’t develop that. When they go to a workplace, they want to get a job at Hudson Yards and be part of a team and, and the creative collisions that come up with the brilliant ideas that New York City is known for. It’s not going to happen because we’ve not allowed them to emerge as fully functioning adults by letting this distraction – And teachers, I’ll tell you, when I say distraction — 74 percent of teachers in the United States of America say this is such a distraction they want them gone because they’re in competition. One teacher said, “I don’t even want to teach anymore. I’m in competition with this cell phone, and they’re not looking at me, they’re not paying attention. I’m trying to create a bond and a relationship with them. And I, by the end of this school year, I’ve thrown in the towel, I can’t do this anymore.” So the teachers want it. School districts want me to be the heavy. I said, “I get blamed for everything anyhow, just add it to the list, right?” It’s like, “I can take it, don’t worry about me.” So I said, “I’ll be the heavy because this is right.”

    The parents are the ones you worry about, right? And I’m a mom. My kids were in middle school during Columbine. So that shapes how you feel, that insecurity when the most, you know, your most precious person in the world to you is your child going off to kindergarten. And again, I still sometimes think about how I cried for days when my kid’s going off to kindergarten. Then they go off to college, it’s like, bye, give us a call once in a while.

    So, but, it’s hard. And when you see this — the shootings, the mass shootings, we did an event with Gabby Giffords yesterday on gun violence, and thank you for raising that. We have the toughest gun laws in the country, by the way, and the lowest — third lowest homicide rate by the — third lowest in the nation. So that’s another focus, but it ties into anxiety that parents have and they feel now that because they have to be connected with their kids all day long and, and especially if there’s a crisis on the school grounds. There’s the worst nightmare of all: a school shooter on the loose near your child. I also was thinking, well, maybe this is going be too hard for parents because, you know, it’s a lot to ask and they’re going to be worried.

    When I talk to law enforcement, and they said to me, “Tell the parents and we’ll tell them — if there is an active shooter on the grounds, in the building — the last thing you want your child to be doing is looking for their cell phone, starting to record things, talking to their friends, calling their parents.” He said, “They need to be focused on the adult in the room who will lead them to safety.” And that was my aha moment. I said, “You’re right. Parents need to know that.” So, there’s that safety issue, but also, my kids are adults now. They didn’t have cellphones in school. They’re — it did not happen during their era. Our job is not to raise kids. Our job is to raise adults. Fully functioning adults who know how to interact with others, who are not so attached to their parents every hour of the day throughout school. At some point, you do have to cut the cord. The apron strings as they used to say. No one knows what an apron is anymore, so I don’t say that. I had to make one at Home Ec because they wouldn’t teach us real skills, okay? I wanted to work on cars, with the guys in the shop, but they didn’t let us, okay? So, you have to cut the ties at some point.

    And one first grade teacher said to me, and I love talking to teachers, she says, “I’m fed up with the fact that every child, every six-year-old in my first grade class, has a smartwatch on that the parents send so they can be in touch with their child throughout the day, and they’re like, ‘Oh, the teacher was mean to me, Mommy.’”

    They said they’re getting phone calls from parents: “‘I just got sent to the office.’ Why are you sending my little girl to the office?” So, it’s not functioning. And so, parents, I know it’s hard because you need to go back to a time when you grew up, your parents did not keep track of you all day long. You did not have them as a crutch. And my God, if you forgot your lunch, two options: Borrow one of your friends, see if you can share a sandwich, or the next day, don’t forget. And you won’t forget the next day, right? Oh, because I hear that. “What if they forget their lunch? What if they have to make their after school plans?” Well, we’ll give them the phone back after school and maybe they’ll learn the skill of pre-planning their day. So, I want them to learn coping skills, resiliency and emerge as part of our New York State workforce — fully functioning — and we are the barriers because we’re not being the heavies and saying no, and that’s the path I’m on. I have to work with our Legislature. I have to do a lot more education on this because it’s a change. But, none of us had it and we turned out okay, right?

    Linsey Davis, ABC News: I want to switch gears here for a minute because we are talking about — obviously, in the news — the devastation from Hurricane Milton, and when it comes to national disaster relief, quite often we’re talking about money to build homes and jobs back again, food and all of that. But, when it comes to mental health assistance, what do you think the role of the state and federal government is at that point?

    Governor Hochul: They’re absolutely right about the devastation — so many New Yorkers have a connection to Florida, right? My father’s home, my sister’s home, my brother’s home and my aunt’s home — all in St. Petersburg, heavily damaged. My aunt’s home was already demolished two weeks ago. So, we have connections that are tighter than most other states, so I immediately sent our resources. I said, “Tell the governor we’re on our way.” And, we sent helicopters, search and rescue — 65 people are down there now, we’ll send more.

    So, there’s that side of it, but the trauma inflicted on a community after an event like this is something we cannot overlook. This is like a community that has gone through a mass shooting. I refer back to Buffalo again. We had to provide mental health services to the survivors of the Tops shooting when ten people were gunned down and slaughtered in a grocery store in 2022 because of the color of their skin, and that’s what that white supremacist 18-year-old said he was going to do.

    That community is trying to heal, but you need to provide services so we went in, our mental health teams went in to help them heal. The same thing should happen in communities where you see these people sobbing, standing their whole — everything they’ve built their whole lives, the baby pictures are in a puddle on the street and their wedding album and their clothes.

    It is so hard to see your whole life wiped away, and if we don’t think that has an effect on your mental health and your sense of security forever, then we are wrong. So, we need to be more intentional and provide resources to local social service agencies and say, “Once the storm is cleaned up, don’t assume their lives are cleaned up — that they’re back to normal.” And so, being sensitive to that in government is the smart way to do it. These people need our help and that’s what government is there to do.

    Linsey Davis, ABC News: And we’re just about out of time, but I do want to ask one last question — which I think is a large overarching issue — which is, how do you destigmatize the idea of mental health? Because, a lot of people still — there is a fear or an embarrassment that I need a little help. I need to talk to somebody about this.

    Governor Hochul: That’s when you get the validators that people trust. It’s the hip hop artists, it’s the athletes, it’s the people that, people are watching their — I watch “Only Murders in the Building.” I mean, is that building actually here? I can’t find it. I keep walking around.

    Linsey Davis, ABC News: I think it’s on the Upper West Side.

    Governor Hochul: Okay, I keep walking around trying to find it. I walk around the City all the time. No one knows it’s me, because I can put on a baseball hat and jeans and no one knows who I am, so it’s great. So, I’m always walking around doing things.

    But, more people who do that — I think because we are a society that’s impacted by influencers— Taylor Swift talks about it. I think that’s an important part of it because it’s really hard to break out of that, especially for men, I believe. But I’m really proud of even family members who say, “I have my weekly check in telehealth services with my therapist.” like, thank you. That’s smart, and tell your other friends you’re doing that.

    And I do think that the telehealth services help destigmatize. You don’t have to get up and go into an office and sit in a waiting room, and you might know somebody and you’re all kind of like — I think that’s a brilliant innovation that creates accessibility, even on your cell phone. I’ve got my appointment, I can talk to somebody.

    So, it has gotten much easier and stigma is a powerful negative force on people who should be seeking help. Whether it’s from fentanyl addiction, or opioid addiction. I did commercials on this when I was Lieutenant Governor, trying to destigmatize getting help for those addictions and services that are provided.

    Same thing with mental health. So, there’s not one answer, but forums like this, sharing information — I just talked about mental health on a podcast not long ago, and it’s getting out there. So, I will do my role. Anything I can do in state government, you know. Whether it’s public awareness campaigns, we always are doing this, but I’m open to ideas. I really am.

    We don’t have all the answers, and I want to be helpful. I want to be not just investing, the government investing the most money ever, but having the best results. And it is my state where people dealt with the epicenter of the pandemic, we have to recognize that.

    And we’re the ones who are very anxious about crime. I can tell everybody in the whole City that the crime rates, the murder rate in New York City is almost as low as it was in the 1960s. We have plummeted. Shootings are way down — but I can’t tell you to feel good about that. And that’s what we wrestle with. I want to change the psychology around this and it’s hard, but we have to take it on and say, “I want people to feel good about the City.” Not just, “I’m supposed to feel better because the numbers are down.” I don’t expect that. What I want to do is make people feel that they’re safer, that their kids are going to be okay. And just try to remove some of the stress that is part of everyday life here, because this is an extraordinary place.

    And the benefits so outweigh the negative, and we have to keep focusing on the positive — because life is good. And people sometimes just need a little bit of help, and pulling them upwards and letting them grow. Letting them just really flourish, you know? And mental health is such an important part, it’s the foundation of everything. It’s everything.

    Linsey Davis, ABC News: Well, I think that forums like this, conversations like this, are so helpful. And step one, two three, right? Just to talk about it.

    And we appreciate so much you taking this time — your leadership and the initiatives that you have in order to try to make things better in particular, not just for us, but for our youth. And by extension of our youth, for all of us as the adults. So, we thank you so much. And we thank all of you for being such very intensive listeners today.

    And we do want to remind everybody here — I say it to you as I say it to myself as well, that we have to keep mental health top of mind, right? That is just as important as any other aspect of our wellness.

    And so, again, on this mental health day. We just thank you all so much for taking the time to be together.

    MIL OSI USA News

  • MIL-OSI Security: TD Bank Pleads Guilty to Bank Secrecy Act and Money Laundering Conspiracy Violations in $1.8B Resolution

    Source: United States Department of Justice Criminal Division

    WASHINGTON — TD Bank N.A. (TDBNA), the 10th largest bank in the United States, and its parent company TD Bank US Holding Company (TDBUSH) (together with TDBNA, TD Bank) pleaded guilty today and agreed to pay over $1.8 billion in penalties to resolve the Justice Department’s investigation into violations of the Bank Secrecy Act (BSA) and money laundering. 

    TDBNA pleaded guilty to conspiring to fail to maintain an anti-money laundering (AML) program that complies with the BSA, fail to file accurate Currency Transaction Reports (CTRs), and launder money. TDBUSH pleaded guilty to causing TDBNA to fail to maintain an AML program that complies with the BSA and to fail to file accurate CTRs.

    TD Bank’s guilty pleas are part of a coordinated resolution with the Board of Governors of the Federal Reserve Board (FRB), as well as the Treasury Department’s Office of the Comptroller of the Currency (OCC) and Financial Crimes Enforcement Network (FinCEN).

    “By making its services convenient for criminals, TD Bank became one,” said Attorney General Merrick B. Garland. “Today, TD Bank also became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first US bank in history to plead guilty to conspiracy to commit money laundering. TD Bank chose profits over compliance with the law — a decision that is now costing the bank billions of dollars in penalties. Let me be clear: our investigation continues, and no individual involved in TD Bank’s illegal conduct is off limits.”

    “For years, TD Bank starved its compliance program of the resources needed to obey the law. Today’s historic guilty plea, including the largest penalty ever imposed under the Bank Secrecy Act, offers an unmistakable lesson: crime doesn’t pay — and neither does flouting compliance,” said Deputy Attorney General Lisa Monaco. “Every bank compliance official in America should be reviewing today’s charges as a case study of what not to do. And every bank CEO and board member should be doing the same. Because if the business case for compliance wasn’t clear before — it should be now.”

    “For nearly a decade, TD Bank failed to update its anti-money laundering compliance program to address known risks. As bank employees acknowledged in internal communications, these failures made the bank an ‘easy target’ for the ‘bad guys.’ These failures also allowed corrupt bank employees to facilitate a criminal network’s laundering of tens of millions of dollars,” said Principal Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “U.S. financial institutions are the first line of defense against money laundering and illicit finance. When they participate in crime rather than prevent it, we will not hesitate to hold them accountable to the fullest extent of the law.” 

    “TD Bank prioritized growth and convenience over following its legal obligations,” said U.S. Attorney Philip R. Sellinger for the District of New Jersey. “As a result of staggering and pervasive failures in oversight, it willfully failed to monitor trillions of dollars of transactions – including those involving ACH transactions, checks, high-risk countries, and peer-to-peer transactions – which allowed hundreds of millions of dollars from money laundering networks to flow through the bank, including for international drug traffickers. The bank was aware of these risks and failed to take steps to protect against them, including for two networks prosecuted in New Jersey and elsewhere – one that dumped piles of cash on the bank’s counters and another that allegedly withdrew amounts from ATMs 40 to 50 times higher than the daily limit for personal accounts.”

    According to court documents, between January 2014 and October 2023, TD Bank had long-term, pervasive, and systemic deficiencies in its U.S. AML policies, procedures, and controls but failed to take appropriate remedial action. Instead, senior executives at TD Bank enforced a budget mandate, referred to internally as a “flat cost paradigm,” requiring that TD Bank’s budget not increase year-over-year, despite its profits and risk profile increasing significantly over the same period. Although TD Bank maintained elements of an AML program that appeared adequate on paper, fundamental, widespread flaws in its AML program made TD Bank an “easy target” for perpetrators of financial crime.

    Over the last decade, TD Bank’s federal regulators and TD Bank’s own internal audit group repeatedly identified concerns about its transaction monitoring program, a key element of an appropriate AML program necessary to properly detect and report suspicious activities. Nonetheless, from 2014 through 2022, TD Bank’s transaction monitoring program remained effectively static, and did not adapt to address known, glaring deficiencies; emerging money laundering risks; or TD Bank’s new products and services. For years, TD Bank failed to appropriately fund and staff its AML program, opting to postpone and cancel necessary AML projects prioritizing a “flat cost paradigm” and the “customer experience.”

    Throughout this time, TD Bank intentionally did not automatically monitor all domestic automated clearinghouse (ACH) transactions, most check activity, and numerous other transaction types, resulting in 92% of total transaction volume going unmonitored from Jan. 1, 2018, to April 12, 2024. This amounted to approximately $18.3 trillion of transaction activity. TD Bank also added no new transaction monitoring scenarios and made no material changes to existing transaction monitoring scenarios from at least 2014 through late 2022; implemented new products and services, like Zelle, without ensuring appropriate transaction monitoring coverage; failed to meaningfully monitor transactions involving high-risk countries; instructed stores to stop filing internal unusual transaction reports on certain suspicious customers; and permitted more than $5 billion in transactional activity to occur in accounts even after the bank decided to close them.

    TD Bank’s AML failures made it “convenient” for criminals, in the words of its employees. These failures enabled three money laundering networks to collectively transfer more than $670 million through TD Bank accounts between 2019 and 2023. Between January 2018 and February 2021, one money laundering network processed more than $470 million through the bank through large cash deposits into nominee accounts. The operators of this scheme provided employees gift cards worth more than $57,000 to ensure employees would continue to process their transactions. And even though the operators of this scheme were clearly depositing cash well over $10,000 in suspicious transactions, TD Bank employees did not identify the conductor of the transaction in required reports. In a second scheme between March 2021 and March 2023, a high-risk jewelry business moved nearly $120 million through shell accounts before TD Bank reported the activity. In a third scheme, money laundering networks deposited funds in the United States and quickly withdrew those funds using ATMs in Colombia. Five TD Bank employees conspired with this network and issued dozens of ATM cards for the money launderers, ultimately conspiring in the laundering of approximately $39 million. The Justice Department has charged over two dozen individuals across these schemes, including two bank insiders. TD Bank’s plea agreement requires continued cooperation in ongoing investigations of individuals.

    As part of the plea agreement, TD Bank has agreed to forfeit $452,432,302.00 and pay a criminal fine of $1,434,513,478.40, for a total financial penalty of $1,886,945,780.40. TD Bank has also agreed to retain an independent compliance monitor for three years and to remediate and enhance its AML compliance program. TD Bank has separately reached agreements with the FRB, OCC, and FinCEN, and the Justice Department will credit $123.5 million of the forfeiture toward the FRB’s resolution.

    The Justice Department reached its resolution with TD Bank based on a number of factors, including the nature, seriousness, and pervasiveness of the offenses, as a result of which TD Bank became the bank of choice for multiple money laundering organizations and criminal actors and processed hundreds of millions of dollars in money laundering transactions. Although TD Bank did not voluntarily disclose its wrongdoing, it received partial credit for its strong cooperation with the Department’s investigation and the ongoing remediation of its AML program. TD Bank did not receive full credit for its cooperation because it failed to timely escalate relevant AML concerns to the Department during the investigation. Accordingly, the total criminal penalty reflects a 20% reduction based on the bank’s partial cooperation and remediation.

    IRS Criminal Investigation, the Federal Deposit Insurance Corporation Office of Inspector General, and Drug Enforcement Administration investigated the case. The Morristown Police Department, U.S. Attorney’s Office for the District of Puerto Rico, Homeland Security Investigations, U.S. Customs and Border Protection, and New York City Police Department provided substantial assistance.

    Trial Attorneys D. Zachary Adams and Chelsea R. Rooney of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S. Attorneys Mark J. Pesce and Angelica Sinopole for the District of New Jersey prosecuted the case.

    MLARS’ Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system. Since its creation in 2010, the Bank Integrity Unit has prosecuted financial institutions for violations of the BSA, money laundering, sanctions, and other laws, imposing total penalties of over $25 billion.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at http://www.justice.gov/OCDETF.

    MIL Security OSI

  • MIL-OSI USA: Speaker Johnson on the Ground in Storm Damaged Western North Carolina

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    Asheville, NC — Today, Speaker Johnson joined Representative Chuck Edwards (NC-11) and Senators Thom Tillis (R-NC) and Ted Budd (R-NC) in Western North Carolina to meet with first responders and families impacted by Hurricane Helene, which devastated communities in the Southeast last week. The delegation received multiple on-the-ground tours of the hurricane damage, and afterwards gave remarks to assembled local media.

    “I think it’s important for the Speaker of the House to come,” Speaker Johnson said to reporters. “It’s symbolic to show that it’s the whole of Congress that has our eyes and our attention, our prayers on the community here and those who are affected. We want them to know they will not be forgotten and that we will get recovery dollars to these communities as is needed.”

    “Before we left Congress two Wednesdays ago — we’re on day 13 post-storm here — but the day before Helene made landfall, Congress passed an appropriations, a continuing resolution to fund the government, and we included $20 billion to go to FEMA so that they would have what was necessary for the emergent needs, the urgent needs that followed the hurricane,” Speaker Johnson continued.

    “We supplied FEMA with the resources that it needed to respond directly,” Speaker Johnson concluded. “As of Monday, only 1% of those funds had actually been distributed. There’s concern that the federal response was too slow, and that needs to be addressed. But FEMA and the administration have the resources necessary right now to address the immediate needs.”

    “What happens next after a storm like this is that the states then do their individual assessments and calculations of the damages and then they submit that need to the federal government. Then Congress acts. So as soon as those calculations are prepared, Congress will act in a bipartisan fashion to supply what is needed to help these communities recover, the appropriate amount that the federal government should do.”

    Below are Speaker Johnson’s full remarks: 

    Well, we want to thank you all for being here. We took what really was a heart-breaking tour of the disaster area here. Helene did real damage across six states. Of course, over the last week or so, I’ve been in Georgia to see some of the devastation there. I went to Florida on the coast where the hurricane made landfall and devastated communities there. 

    But I think some of the worst devastation is probably right here in North Carolina, and that may be surprising to people. We don’t think of North Carolina and the mountains here in terms of hurricanes and floods normally, but this probably has been what they refer to as a thousand-year event. It’s devastating, and it’s heartbreaking to see the families, the small business owners, just the communities that are quite literally digging out from debris and all the terrible things that have been left behind the floods. 

    We went to Swannanoa and to Biltmore Village, and we’ve seen some of the most disaster I’ve seen in my life, and that’s saying a lot. 

    I’m from Louisiana where we know hurricanes, we know disasters of this magnitude. Katrina was almost 20 years ago. We’re still recovering in some ways from that in South Louisiana. So, we know these situations well, but it’s hard to see. What is encouraging is the spirit of the people. And we were at the First Baptist Church in Swannanoa there, and it’s become sort of a hub of a community activity where people and organizations and volunteers from all over the nation have come in to lend supplies and support and diapers and baby formula and medicine. 

    They set up what is effectively a makeshift hospital in the parking lot, and they have done such extraordinary work of serving and reaching people up into the hills and the mountains who were unreachable because bridges and roadways have been washed out. Some of the estimates we heard today that there may be as many as 615 roads and major thoroughfares in the state in western North Carolina that are severely damaged, and many will need to be rebuilt and replaced.

    You have bridges out all over the place. You’ve seen the devastation here in Biltmore Village where we are today. Historic levels of flooding and up to 20 feet in some places in these buildings and it will take a long, long time to recover. But the people are very resilient, and they remind us of what is best about America. And that’s the encouraging thing. 

    I came here, we wanted to be here to let them know that not only do they have extraordinary leadership in Congress, Congressman Chuck Edwards here and the Senators Ted Budd and Thom Tillis, also you have Virginia Foxx and Richard Hudson and Patrick McHenry, everyone who has anything to do with Western North Carolina has had all hands on deck working to serve the needs of their constituents and to be on the ground and deeply involved in what’s happening here. 

    But I think it’s important for the Speaker of the House to come as well. It’s symbolic to show that it’s the whole of Congress that has our eyes and our attention, our prayers on the community here and those who are affected. We want them to know they will not be forgotten and that we will get recovery dollars to these communities as is needed. 

    I want to point out that before we left Congress two Wednesdays ago, we’re on day 13 post-storm here, but the day before Helene made landfall, Congress passed an appropriations, a continuing resolution to fund the government, and we included $20 billion to go to FEMA so that they would have what was necessary for the emergent needs, the urgent needs that followed the hurricane. We knew that it would be a large one. Of course, we saw it. We had more than a week’s notice that that would happen. 

    And so, we supplied FEMA with the resources that it needed to respond directly. When I last checked, as of Monday, only 1% of those funds had actually been distributed. There’s concern that the federal response was a little too slow, and that needs to be addressed. But FEMA and the administration have the resources necessary right now to address the immediate needs. 

    What happens next after a storm like this is that the states then do their individual assessments and calculations of the damages and then they submit that need to the federal government. Then Congress acts. So as soon as those calculations are prepared, Congress will act in a bipartisan fashion to supply what is needed to help these communities recover, the appropriate amount that the federal government should do. 

    But it will take some time, sadly and unfortunately, for those calculations to be made. In the meantime, again, literally billions of dollars are sitting in accounts at FEMA with the administration to address the immediate needs. So, we’re hopeful that that can be done. I’ll just say this, and I want to yield to my colleagues here to say a word here to give the local perspective. 

    I want to tell you that one of the encouraging things is to see these valiant, heroic first responders, to see volunteers from churches and private organizations. Samaritan’s Purse has been on the ground, of course. Mercury One, there’s all these outside organizations. We saw the Red Cross here. There’s a lot of really good people, a lot of great Americans doing a lot of important work here. We saw people hugging one another and just leaning on one another and that’s what reminds you about what’s great about our country. We do this better than anybody. The private sector, neighbors, communities are the best in sticking together at a time like this. I was heartened to see state police troopers from Louisiana, my home state, who are here and those friends, they know hurricanes and disaster recovery really well. But there’s law enforcement from all around the country. There’s over a thousand troops deployed right now out of Fort Liberty and out of Kentucky that are out here in the mountains and doing what they do, recovery and rescue and removal of debris and anything that’s needed. So, we’ve seen the best of America. That’s what’s encouraging. We will rebuild, and better days are ahead.

    MIL OSI USA News

  • MIL-OSI Video: Vice President Harris Travels to Georgia and North Carolina in the Aftermath of Hurricane Helene

    Source: United States of America – The White House (video statements)

    While traveling to Georgia and North Carolina in the aftermath of Hurricane Helene, Vice President Harris reaffirmed that she, President Biden, and the entire Biden-Harris Administration will be with the southeast as they rebuild and recover.

    https://www.youtube.com/watch?v=azroswL1xP8

    MIL OSI Video

  • MIL-OSI USA: SBA Adds More Counties to Florida Disaster Declaration  

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) announced today the addition of seven primary counties and ten adjacent counties to the disaster declaration for Hurricane Helene that began on Sept. 23, giving more businesses and residents eligibility to apply for SBA’s low-interest disaster loan program.  

    The declaration covers Alachua, Baker, Bradford, Charlotte, Citrus, Collier, Columbia, Dixie, Duval, Franklin, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Leon, Levy, Madison, Manatee, Pasco, Pinellas, Putnam, Sarasota, Suwannee, Taylor, Union and Wakulla counties which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Bay, Broward, Calhoun, Clay, DeSoto, Flagler, Gadsden, Glades, Hardee, Hendry, Highlands, Liberty, Marion, Miami-Dade, Monroe, Nassau, Polk, St. Johns, Sumter, Volusia in Florida; Brooks, Charlton, Clinch, Echols, Grady, Lowndes, Thomas and Ware in Georgia. 

    Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan. 

    Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.   

    For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage. 

    Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property. 

    Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 

    Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future disasters.  

    “SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” said Sánchez. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.” 

    With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover.  FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition.  Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.  

    Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Nov. 27, 2024. The deadline to return economic injury applications is June 30, 2025.

    ###

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov. 

    MIL OSI USA News

  • MIL-OSI USA: Readout of Secretary of Defense Lloyd J. Austin III’s Call With NATO Secretary General Mark Rutte

    Source: United States Department of Defense

    Deputy Pentagon Press Secretary Sabrina Singh provided the following readout:

    Secretary of Defense Lloyd J. Austin III spoke on October 8th with new NATO Secretary General Mark Rutte to underscore the enduring U.S. commitment to the NATO Alliance.

    The Secretary welcomed Secretary General Rutte to his new position and both look forward to a positive and productive relationship.

    Secretary Austin discussed U.S. priorities for NATO and the upcoming NATO Defense Ministerial. These include implementing the agreements that leaders have made at recent NATO Summits, continuing to strengthen the Alliance’s deterrence and defense efforts, maintaining robust support for Ukraine, and boosting the transatlantic defense industrial base.

    MIL OSI USA News

  • MIL-OSI USA: FEMA Extends Renewal Period for Flood Insurance Policyholders in Seven States Affected by Helene

    Source: US Federal Emergency Management Agency

    Headline: FEMA Extends Renewal Period for Flood Insurance Policyholders in Seven States Affected by Helene

    FEMA Extends Renewal Period for Flood Insurance Policyholders in Seven States Affected by Helene

    Flood insurance policyholders can receive advance payments to receive up to $20,000 for their recovery 

    WASHINGTON – FEMA’s National Flood Insurance Program is taking immediate actions to help policyholders throughout the seven states recently affected by Helene. 

    While renewal dates have passed for some National Flood Insurance Program policyholders in states affected by Helene may be able to take steps that will renew their policy and receive immediate help. 

    Policyholders who received flood damage from Helene should be sure to ask their insurance agent or company about advance claims payments to help start their recovery. Advance payments may be available of up to $20,000 prior to a visit from an adjuster.

    Certain policyholders in seven states impacted by Helene now have a limited opportunity to renew their policies without a consequence of a lapse in coverage. Policyholders in Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia who had flood damage now have until Nov. 26, 2024, to renew their policies, an increase from the standard 30-day renewal grace period.

    “I am deeply committed to helping our policyholders prioritize financial resources to help speed their recovery efforts in the wake of Hurricane Helene’s destruction,” said Jeff Jackson, the interim Senior Executive of the program. “By extending the grace period for renewing policies, we are giving our policyholders some breathing room and demonstrating that the National Flood Insurance Program stands with them at time of tremendous heartache and difficulty.”

    The extension applies to policies with policy expiration dates beginning Aug. 28, 2024, as follows: 

    If the policy term ended on: The grace period would have ended: But now runs until:
    Aug. 28, 2024 Sept. 26, 2024 Nov. 26, 2024
    Sept. 26, 2024 Oct. 25, 2024 Nov. 26, 2024
    Oct. 15, 2024 Nov. 13, 2024 Nov. 26, 2024
    Nov. 1, 2024 Nov. 30, 2024 Nov. 30, 2024
    Nov. 15, 2024 Dec. 14, 2024 Dec. 14, 2024

    Policyholders whose policy renewal date is within this range should contact their agent or insurance company.

    For example, if the original policy expiration date was Aug. 28, 2024, the policy may be renewed on or before Nov. 26, 2024. Holders of active policies can file claims for damage received from Helene if premium is paid. 

    Other Actions to Help Policyholders

    The program has extended the proof of loss requirement for policyholders who suffered flood damage from Hurricane Helene from the standard 60 days to 120 days from the date of loss.

    FEMA also authorized its Write Your Own insurance company partners and the direct to pay claims based on the adjuster’s report without requiring policyholders to sign a proof of loss. When a policyholder seeks additional payment for any reason or disagrees with the adjuster report, they may still submit a signed proof of loss to the insurer along with supporting documentation, such as a contractor’s estimate, bills, receipts, photographs and other related documents. 

    Anyone affected by Helene who has a National Flood Insurance Program flood insurance policy and has suffered flood damage should begin filing their claim now. Evacuated policyholders can still start their claim and provide specifics later once local officials say it’s safe to return home.

    Policyholders who wish to take advantage of the grace period should contact their agent or insurance company. Those who don’t have their insurance agent or company’s contact information should call 877-336-2627 for assistance.

    To learn more about how to file a flood insurance claim visit floodsmart.gov.

    amy.ashbridge

    MIL OSI USA News

  • MIL-OSI: TrustCo to Release Third Quarter 2024 Results on October 21, 2024; Conference Call on October 22, 2024

    Source: GlobeNewswire (MIL-OSI)

    GLENVILLE, N.Y., Oct. 10, 2024 (GLOBE NEWSWIRE) — TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) today announced that it will release third quarter 2024 results after the market close on October 21, 2024. Results are released on the 21st of the reporting months (January, April, July and October), or on the next day that equity markets are open if the 21st falls on a Friday, weekend or holiday. A conference call to discuss the results will be held at 9:00 a.m. Eastern Time on October 22, 2024. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 034120.   A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 285814.

    The call will also be audio webcast at https://events.q4inc.com/attendee/854762065, and will be available for one year. The earnings press release will be posted on the Company’s Investor Relations website at: https://trustcobank.q4ir.com/corporate-overview/corporate-profile/default.aspx. Other information, including the Company’s most recent annual report, proxy statement and filings with the Securities and Exchange Commission can also be found at this website.

    TrustCo Bank Corp NY is a $6.1 billion savings and loan holding company and through its subsidiary, Trustco Bank, operates 138 offices in New York, New Jersey, Vermont, Massachusetts, and Florida. For more information, visit http://www.trustcobank.com.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services.

    The common shares of TrustCo are traded on The NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future developments, results or periods. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements. Examples of these include, but are not limited to: volatility in financial markets and the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; changes in interest rates; the effects of inflation and inflationary pressures and changes in monetary and fiscal policies and laws, including changes in the Federal funds target rate by, and interest rate policies of, the Federal Reserve Board; ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas); the risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q; the other financial, operational and legal risks and uncertainties detailed from time to time in TrustCo’s cautionary statements contained in its filings with the Securities and Exchange Commission; and the effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

    Subsidiary: Trustco Bank NASDAQ — TRST

    Contact:    Robert Leonard
    Executive Vice President
    (518) 381-3693
         

    The MIL Network

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 10.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    10 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 10.10.2024

    Espoo, Finland – On 10 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,175,833 4.07
    CEUX 783,381 4.06
    BATE
    AQEU
    TQEX
    Total 1,959,214 4.07

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 10 October 2024 was EUR 7,966,948. After the disclosed transactions, Nokia Corporation holds 163,555,435 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI: VINCENT GELLE APPOINTED DEPUTY CHIEF EXECUTIVE OFFICER OF MOBILIZE FINANCIAL SERVICES, RCI BANQUE’S COMMERCIAL BRAND

    Source: GlobeNewswire (MIL-OSI)

    October 10th, 2024

    PRESS RELEASE

    VINCENT GELLE APPOINTED DEPUTY CHIEF EXECUTIVE OFFICER OF MOBILIZE FINANCIAL SERVICES, RCI BANQUE’S COMMERCIAL BRAND

    Mobilize Financial Services announces the appointment of Vincent Gellé as Deputy Chief Executive Officer, effective October 4 th.

    This appointment is part of the new organization sought by Martin Thomas to ensure that Mobilize Financial Services, the financial arm of the Renault Group brands, meets the challenges of the sector and strengthens its position as market leader.

    Martin Thomas, CEO, Mobilize Financial Services: “Mobilize Financial Services is giving itself the means to write a new chapter in its development in a particularly demanding context. I’m delighted that Vincent Gellé, who has worked his way up through the Group in a variety of positions both in France and internationally, can continue to bring us his expertise in this new role.”

            

    Born in 1978, Vincent Gellé graduated from ESSEC business school in 2000. He joined RCI Banque in 2001, holding a number of financial and commercial positions in France and abroad.
    He began his career in the UK in 2001 with Renault Financial Services, before joining RCI Banque’s head office in 2005 as Financial Controller. From 2008, Vincent Gellé successively held the positions of Administrative and Financial Director in South Korea, then Group Performance Control Director. In 2016, he continued his career in Japan with Nissan’s Finance Department, then in Russia as Sales & Martketing Director of RN Bank.
    He then joined Mobilize Financial Services headquarters in France, where he has held the role of VP, Accounting and Group Performance Control since August 2023. He is a member of the RCI Banque Executive Committee.

    About Mobilize Financial Services  
    Attentive to the needs of all its customers, Mobilize Financial Services, a subsidiary of Renault Group, creates innovative financial services to build sustainable mobility for all. Mobilize Financial Services, which began operations nearly 100 years ago, is the commercial brand of RCI Banque SA, a French bank specializing in automotive financing and services for customers and networks of Renault Group, and also for the brands Nissan and Mitsubishi in several countries.  
    With operations in 35 countries and nearly 4,000 employees, Mobilize Financial Services financed more than 1,2 million contracts (new and used vehicles) in 2023 and sold 3,9 million services. At the end of June 2024, average earning assets stood at 54,9 billion euros of financing and pre-tax earnings at 553 million euros.   
    Since 2012, the Group has deployed a deposit-taking business in several countries. At the end of June 2024, net deposits amounted to 29,4 billion euros, or 50 % of the company’s net assets.   
    To find out more about Mobilize Financial Services: http://www.mobilize-fs.com/  
    Follow us on Twitter: @Mobilize_FS 

    Attachment

    The MIL Network

  • MIL-OSI: Publication of a Circular – Notice of General Meeting

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

    HARGREAVE HALE AIM VCT PLC

    LEI: 213800LRYA19A69SIT31

    10 October 2024

    Publication of a circular

    On 9 October 2024, Hargreave Hale AIM VCT plc (the “Company“) launched an offer for subscription to raise up to £20 million (the “Offer“).

    The Company has also published a circular convening a general meeting (the “General Meeting“) to be held at 9.30 a.m. on 12 November 2024 at the offices of Canaccord Genuity Asset Management Limited, 88 Wood Street, London EC2V 7QR (the “Circular“). At the General Meeting, shareholders will be asked to approve: (i) share issuance authorities in relation to the Offer; and (ii) amendments to the Company’s articles of association in order to extend the date of the next continuation vote to the annual general meeting of the Company to be held in 2031.

    The Circular is available to download from the Company’s website, http://www.hargreaveaimvcts.co.uk, subject to certain access restrictions and will also shortly be available for inspection at the National Storage Mechanism, https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

    For further information please contact:
    Oliver Bedford, Canaccord Genuity Asset Management Limited
    Tel: 020 7523 4837

    Important Information
    This announcement and the information contained herein is not intended to, and does not, constitute or form part of any offer, invitation, or the solicitation of an offer, to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction.

    The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of the Offer to persons who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom will need to inform themselves about, and observe, any applicable requirements.

    The MIL Network

  • MIL-OSI: Societe Generale: shares and voting rights as of 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 30 SEPTEMBER 2024

    Regulated Information

    Paris, 10 October 2024

    Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations.

    Date Number of shares composing current share capital Total number of
    voting rights

    30 September 2024

    800,316,777

    Gross: 886,278,991

    Press contact:

    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

    Societe Generale

    Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for nearly 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Attachment

    The MIL Network

  • MIL-OSI: TSplus Wraps Up Another Successful Quarter with Major Developments and New Product Enhancements

    Source: GlobeNewswire (MIL-OSI)

    LYON, France, Oct. 10, 2024 (GLOBE NEWSWIRE) — TSplus recently held its quarterly meeting in Lyon, where the entire headquarters gathered to celebrate milestones, strategize for the future, and share some exciting product updates. The company, known for its innovation and affordable alternatives to Citrix, is on track to expand its presence globally and further strengthen its offerings.

    Dominique Benoit, CEO of TSplus, opened the meeting by highlighting the company’s rapid growth, with about 600,000 clients and 8,000 resellers across the world. He emphasized TSplus’ position as the “French Citrix-Killer,” with upcoming subscription models for TSplus Remote Access poised to capture more market shares.

    We’re building towards an exciting future,” Dominique said. “By 2030, we aim to grow from 80 employees to 500, and we’re already laying the groundwork with new strategic developments.”

    Powering the Future of Remote Access

    This quarter has seen remarkable growth, with invoice numbers doubling and a projected 15% revenue increase by year-end. The company’s flagship product, Remote Access Enterprise, has emerged as a best-seller, and key markets like India, France, and the USA are hosting the largest customers. Additionally, TSplus is proud to announce the official launch of TSplus China, located near Shanghai, marking an important milestone in expanding its presence in the Asia-Pacific region.

    Advanced Security, Remote Access and Beyond

    The Development Team has been hard at work, with the upcoming release of Advanced Security 7.1 taking center stage. This release, still in beta version, will introduce a completely revamped user interface, providing a smoother and more intuitive experience. New features will be included too, to increase risk awareness and protection performance.

    In other product news, Remote Access has seen over 30 updates and 40 fixes, such as improvements to the Universal Printer and a sleek new Web Portal. Remote Support now boasts 2FA protection, cross-platform compatibility over macOS and Windows devices, and a soon-to-be-released Android app.

    Leader To Be in Secure Remote Access Solutions

    TSplus has also focused on enhancing its digital presence, with a complete redesign of TSplus.net. The revamped website has significantly boosted traffic generating a 20% sales growth. Meanwhile, the Licensing Portal has been simplified, making it easier for resellers to navigate.

    As AI continues to shape the marketing landscape and Google ranking algorithm, TSplus is staying ahead to create high-quality videos, blog posts, and website enhancements, further expanding the company’s visibility everywhere on the Web.

    With ambitious plans on the horizon, TSplus is set to roll out additional updates, including a full overhaul of all their showcase websites. These developments will further solidify TSplus’ position as a global leader in secure remote access solutions.

    Try any TSplus software for free today with a 15-day trial by visiting http://www.tsplus.net.

    Media Contact:
    Floriane Mer
    Marketing Manager at TSplus
    floriane.mer@tsplus.net

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/03affb29-cb02-4102-8792-863ea0b86f83

    The MIL Network

  • MIL-OSI: YY Group Holdings Limited Successfully Regains NASDAQ Compliance

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 10, 2024 (GLOBE NEWSWIRE) — YY Group Holding Limited (NASDAQ: YYGH) (“YY Group”, “YYGH”, or the “Company”), is pleased to announce that the company has regained compliance with NASDAQ’s Minimum Bid Price Rule, maintaining a consistent stock price above $1.00 for more than 12 consecutive business days.

    This achievement marks a key milestone in YYGH’s continued growth and recovery, after experiencing a low of $0.71 two months ago. The stock has risen by over 70%, to reach a peak at $1.295, averaging at $1.20 for the past 2 weeks, representing a significant improvement over the past 60 days. This growth highlights the market’s renewed confidence in the Company’s vision and the strength of its business model.

    Investor Support Key to Recovery

    The Company attributes this success to the unwavering support of its investors. In a market characterized by volatility, YYGH’s ability to stabilize and grow its stock price would not have been possible without the trust and confidence of its shareholders. The Company’s leadership recognizes the importance of its investor relationships and is committed to delivering long-term value through strategic initiatives and operational excellence.

    Chief Executive Officer and Executive Director, Mike Fu, expressed his gratitude, stating: “We are incredibly grateful for the support of our investors during this crucial time. Their confidence in YY Group’s future has been a vital component of our ability to regain compliance with NASDAQ’s standards. As we look ahead, our commitment to innovation, excellence, and shareholder value remains stronger than ever.”

    Looking Ahead

    As part of its forward strategy, YYGH is dedicated to driving sustainable growth by leveraging technological advancements and exploring opportunities in new markets. The recent expansions into the UAE have resulted in positive outcomes with contracts signed with 5-star hotels such as Sofitel Al Hamra and DoubleTree by Hilton. Excitedly, the company has also expanded into the European market, with the United Kingdom as its first point of entry.

    About YY Holdings Limited:
    YY Group Holding Limited is a Singapore-based data and technology-driven company that specializes in creating enterprise intelligent labor matching services and smart cleaning solutions. Rooted in innovation and a commitment to user-centric experiences, YY Circle leverages app-based technology to optimize the labor sourcing market and the Internet of Things to revolutionize the cleaning industry.

    For more information on the Company, please log on to https://yygroupholding.com/.

    Investor Contact:
    Phua Zhi Yong, Chief Financial Officer
    YY Group
    Enquiries@yygroupholding.com

    The MIL Network

  • MIL-OSI Russia: Financial news: 10.10.2024, 10-31 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A105666 (Sber Sb40R) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10.10.2024 10:31

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 10.10.2024, 10-31 (Moscow time), the values of the upper limit of the price corridor (up to 105.7) and the range of market risk assessment (up to 1132.96 rubles, equivalent to a rate of 9.38%) of the security RU000A105666 (Sber Sb40R) were changed

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73882

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 10.10.2024, 12-08 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JW6P7 (VEB PBO1R1) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10.10.2024 12:08

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 10.10.2024, 12-08 (Moscow time), the values of the upper limit of the price corridor (up to 102.35) and the range of market risk assessment (up to 1140.26 rubles, equivalent to a rate of 9.38%) of the security RU000A0JW6P7 (VEB PBO1R1) were changed

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73886

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: 10.10.2024, 10-44 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JVYG8 (ROSEXIMB1) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    10.10.2024 10:44

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 10.10.2024, 10-44 (Moscow time), the values of the upper limit of the price corridor (up to 101.83) and the range of market risk assessment (up to 1126.21 rubles, equivalent to a rate of 10.0%) of the security RU000A0JVYG8 (ROSEXIMB1) were changed

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73884

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: Three Federal Treasury deposit auctions will take place on 11.10.2024

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 10/11/2024
    Unique identifier of the application selection 22024518
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 670,000
    Placement period, in days 4
    Date of deposit 10/11/2024
    Refund date 10/15/2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 18.14
    Basic floating interest rate for placement of funds
    Minimum spread, % per annum
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Pre-applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 11:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 11:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 10/11/2024
    Unique identifier of the application selection 22024519
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 30,000
    Placement period, in days 91
    Date of deposit 10/14/2024
    Refund date 01/13/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 15:30 to 15:40
    Preliminary applications: from 15:30 to 15:35
    Applications in competition mode: from 15:35 to 15:40
    Formation of a consolidated register of applications: from 15:40 to 15:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 15:40 to 16:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 16:00 to 17:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:00 to 17:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a publication of the RUONIA rate value on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 10/11/2024
    Unique identifier of the application selection 32024021
    Deposit currency rubles
    Type of funds funds of the Social Fund of Russia (ROPS)
    Maximum amount of funds placed in bank deposits, million monetary units 3 300
    Placement period, in days 66
    Date of deposit 10/11/2024
    Refund date 12/16/2024
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Special
    Minimum amount of funds placed for one application, million monetary units 1
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:30 to 12:40
    Pre-applications: from 12:30 to 12:35
    Applications in competition mode: from 12:35 to 12:40
    Formation of a consolidated register of applications: from 12:40 to 12:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:40 to 13:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 13:00 to 14:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 13:00 to 14:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a publication of the RUONIA rate value on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Contact information for media 7 (495) 363-3232PR@moex.com

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n73897

    MIL OSI Russia News

  • MIL-OSI Russia: Financial News: The autumn cycle of webinars “Fintrek” for students and teachers will begin on October 23

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    In the new season, participants will have 5 webinars with representatives of the Bank of Russia and financial market experts. “Fintrek” is a unique opportunity to learn first-hand why inflation occurs, what generative artificial intelligence is, who are drops and what should a person do who is involved in droppering. They will also tell you where to start your career path and how to achieve success. The topics were selected taking into account the feedback from participants of the last season of “Fintrek”.

    Alexander Auzan, Dean of the Faculty of Economics at Lomonosov Moscow State University, speaker of the 2023 Fintrek fall season, notes: “The financial market is a puzzle of a thousand pieces that can only be assembled by understanding how these pieces are interconnected. The Fintrek webinar series will help students discover these connections with the help of experts who see every detail from the inside, find common ground between them, and assemble them into a single picture.”

    Classes will be held on Wednesdays at 10:00 Moscow time. It is no longer necessary to adjust your plans to the webinar schedule – the recordings will be posted on the Fintrek platform, and you can watch them at any convenient time. You only need to register onproject website.

    Every week, registered participants will be given away a prize of branded merch.

    Upon completion of the classes, students will be able to receive a personal certificate, which will be useful for a personal portfolio. To do this, you need to pass the entrance test until October 23 inclusive, watch all the webinars and successfully pass the final test.

    The autumn season will last until November 20. All information will be posted in the project community VKontakteAndtelegram channelHere you can also send a question to the speakers and receive an answer.

    Students from 1,500 universities from 89 regions of Russia took part in the last season of Fintrek, which took place in the spring of 2024. The most popular topics were “Investment Trends 2024”, “Loans and Installments”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21072

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: Bank of Russia lifts PSC limit on mortgages until March 31, 2025 (10.10.2024)

    MILES AXLE Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    The Board of Directors of the Bank of Russia adopted solution from October 10, 2024 to March 31, 2025, there will be no restrictions for credit institutions total cost of credit (TCC) for mortgage consumer loans for the purchase (construction) of housing or land.

    This decision will allow banks to reflect in mortgage rates the latest changes in the situation in the main segments of the financial market, including those that have developed under the influence of decisions on the key rate, without the risk of violating the requirements of the law on the maximum level of the APR. Thus, the possibility of obtaining mortgage loans by borrowers will remain – albeit at higher rates, but without an additional increase in the cost of housing.

    The risks of increasing the debt burden of mortgage borrowers will be limited by the macroprudential surcharges already in effect.

    To enable mortgage lenders to better adapt to changing market conditions, the Bank of Russia is considering the possibility of permanently lifting the limit on the APR in mortgages.

    For other products of credit institutions and all loans of microfinance institutions, credit consumer cooperatives (including agricultural ones) and pawnshops, the limitation of the APR remains.

    When using the material, a link to the Press Service of the Bank of Russia is required.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/PR/?file=63864183471356979shBANK_SECTOR.htm

    MIL OSI Russia News

  • MIL-OSI United Kingdom: Press release: Tidalwave of clean energy investment worth billions unlocked ahead of Investment Summit

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.

    • Thousands of jobs in energy sector to be created across the UK up to £24 billion worth of investment secured ahead of International Investment Summit.
    • Boost for clean energy industries demonstrates vote of confidence in UK and government’s growth mission.
    • Comes as Prime Minister puts investment and growth at heart of first Council of Nations and Regions meeting in Scotland today.

    Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.        

    The investments confirmed by private investors today will deliver growth in the clean energy sector across our nations and regions, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.       

    Driven by the government’s clear path to growth creating the conditions for businesses to thrive, the billions worth of investments from leading companies include Iberdrola – one of the biggest energy companies in Europe – doubling their investment in the UK, Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms, and SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.   

    In only 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.     

    Prime Minister Keir Starmer said:    

    Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.

    Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.

    Today I’m convening the first ever Council of Nations and Regions, because it is when we work together in the spirit of genuine partnership, that we can deliver the real change people want to see and improve opportunities for all.  

    Iberdrola Executive Chairman Ignacio Galán said:    

    After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.

    This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.

    The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.    

    It also comes as the Prime Minister today convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates. Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.    

    The Prime Minister will also hold bilateral meetings and a joint meeting with the Devolved Government First Ministers and Deputy First Minister focussed on supporting intergovernmental relations as we continue to reset our relationship and work together to deliver for people across the UK.     

    Today’s investments include:    

    • Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan has also today confirmed that the UK has become their largest Investment destination.
    • Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
    • SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
    • Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
    • BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
    • Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.     

    Mads Nipper, CEO of Ørsted A/S said:    

    The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.

    Lord Nicol Stephen, Chief Executive of Flotation Energy said:  

    Green Volt is a trailblazing, multibillion pound floating offshore wind project which will kickstart jobs and investment by companies right across the UK offshore supply chain. The choice of our HQ in Aberdeen is clear evidence of our strong commitment to support local jobs and businesses wherever possible.

    Chris Sohn, Chief Executive of SeAH Wind, said:    

    With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.

    Andreas Sohmen-Pao, Chairman of BW Group, said:     

    BW Group is delighted to announce that its subsidiary BW ESS intends to shortly begin construction on two large battery projects in the Midlands – Hams Hall and Berkswell – with a combined capacity of 600 MW. These projects represent a major step forward in enhancing the UK’s energy infrastructure and supporting the transition to renewables.

    I am encouraged by the UK government’s commitment to the clean energy transition and our announcement today highlights BW Group’s commitment to strengthening our presence in the UK and contributing to the growth of the clean energy sector.

    Shemara Wikramanayake, Chief Executive Officer of Macquarie Group, said:   

    We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.

    Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities, said:   

    Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward government missions on clean energy and economic growth.

    Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.

    The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.

    This follows the announcement earlier this week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet including. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.    

    Yesterday, the Department for Energy Security & Net Zero gave the green light for a new scheme to help unlock billions in investment in energy storage infrastructure. This could see the first significant long duration energy storage facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.    

    And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Security: Defense News: Readout of Chief of Naval Operations Adm. Lisa Franchetti’s Meeting with Chief of the Royal Danish Navy Rear Adm. Henrik Ryberg

    Source: United States Navy

    VENICE, Italy – Chief of Naval Operations Adm. Lisa Franchetti met Admiral Danish Fleet Rear Adm. Henrik Ryberg for a formal bilateral engagement during the 14th Trans-Regional Seapower Symposium in Venice, Italy, today.

    During the meeting the leaders expressed their shared commitment to maritime security in the High North, Baltic Sea, Red Sea, and Atlantic region. They discussed future opportunities to strengthen their naval partnership and increase interoperability with an emphasis on anti-submarine warfare.

    Franchetti thanked Ryberg for the Royal Danish Navy’s support to recent U.S. Navy submarine and destroyer visits to ports within the Kingdom of Denmark, as well as Royal Danish Navy participation in multilateral exercises, including Steadfast Defender.   

    The CNO also discussed her recently-released strategic guidance: the Navigation Plan for America’s Warfighting Navy, specifically stressing capability development for long-term advantage and the integrated warfighting ecosystem. The leaders noted the importance exchange opportunities to train together in the future.

    The U.S. and Denmark are founding members of NATO, and the alliance between the two nations is critical to the security and stability in Europe and across the globe.

    MIL Security OSI

  • MIL-OSI Security: Defense News: CNO Strengthens Partnerships at 14th Trans-Regional Seapower Symposium

    Source: United States Navy

    VENICE, Italy – Chief of Naval Operations, Adm. Lisa Franchetti, attended the 14th Trans-Regional Seapower Symposium (TRSS) in Venice, Italy, Oct. 8-10, 2024.

    This year’s TRSS brought together Heads of Navy and Coast Guard from 67 countries with experts and professionals from around the world to discuss critical maritime issues and foster collaboration. The symposium, themed “A Spotlight on the Depths: the Underwater as a New Frontier for Humankind,” aimed to address the growing importance of the underwater through panel discussions, presentations, and interactive sessions that allowed participants to explore innovative approaches and strategies for maritime cooperation.

    “It is great to be here among friends who are united by our shared values, our shared commitment, and our shared stake in the continued stability, security, and prosperity of the entire global maritime commons, especially in the undersea domain,” said Franchetti.  “We’ve all scanned the horizon and see the forces that are threatening to make the world more unstable and more dangerous. And we’ve witnessed the vulnerabilities of our critical undersea infrastructure, like gas pipelines, fiber optic cables, which are so critical to our economies, our shared security, our prosperity, and our peoples’ way of everyday life.”

    During the symposium, Franchetti participated in a panel titled “Safeguarding the Underwater: New Solutions and Technologies for new Challenges,” where she discussed how U.S. Navy is leveraging modern technology, like robotic autonomous systems, underwater command and control networks, and sensing and detection systems; is integrating these systems into the fleet and adopting the new technology, getting the innovation into the hands of Sailors as quickly as possible; and building relationships and having conversations with Allies and partners.

    “Integrating robotic and autonomous systems into the daily business of our operations is a critical part of my recently released Navigation Plan for America’s War Fighting Navy,” said Franchetti.  “It’s one of my seven Project 33 targets, areas where I will invest my personal time and my resources, where I’m going to put my thumb on the scale to raise the baseline level of readiness of the American Navy in the fastest time possible.”

    She went on to say, “we are continuing to closely collaborate with you, all of our allies and partners, and your respective innovation bases to advance our capabilities in the undersea domain.  And I see us doing this together as part of a broader warfighting ecosystem.  It’s another component in my Navigation Plan, which is fundamental to my vision of how we will deter and, if necessary, fight and win future wars.”

    While at the symposium Franchetti also held bilateral engagement with her counterparts from Denmark, Germany, Greece, Italy, Nigeria, Portugal, Romania, Spain, and Sweden; and conducted over 40 meaningful discussions with TRSS Head of Navy participants about the importance of increasing interoperability with Allies and partners.

    Franchetti also conducted her second trilateral meeting with her Australian and United Kingdom counterparts as part of the AUKUS partnership. Their first meeting occurred earlier this summer at HMAS Stirling in Perth, Australia.

    “In three years of  the AUKUS agreement we have made significant progress in integrating the exceptional undersea capabilities of Australia, the United Kingdom and the United States,” said Franchetti. “Our navies will continue to build on our relationships, strengths, and interchangeability to provide security and stability, and maintain the rules-based international order in the Indo-Pacific and around the globe.

    The CNO wrapped up her time at TRSS with a multilateral meeting with Heads of Navy from the Group of Seven (G7: U.S., Canada, France, Germany, Italy, Japan and the United Kingdom) and a meeting with the chiefs of carrier strike group navies.

    MIL Security OSI

  • MIL-OSI United Kingdom: Tidalwave of clean energy investment worth billions unlocked ahead of Investment Summit

    Source: United Kingdom – Executive Government & Departments

    Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.

    • Thousands of jobs in energy sector to be created across the UK up to £24 billion worth of investment secured ahead of International Investment Summit.
    • Boost for clean energy industries demonstrates vote of confidence in UK and government’s growth mission.
    • Comes as Prime Minister puts investment and growth at heart of first Council of Nations and Regions meeting in Scotland today.

    Thousands of jobs in green industries announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.        

    The investments confirmed by private investors today will deliver growth in the clean energy sector across our nations and regions, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.       

    Driven by the government’s clear path to growth creating the conditions for businesses to thrive, the billions worth of investments from leading companies include Iberdrola – one of the biggest energy companies in Europe – doubling their investment in the UK, Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms, and SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.   

    In only 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.     

    Prime Minister Keir Starmer said:    

    Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.

    Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.

    Today I’m convening the first ever Council of Nations and Regions, because it is when we work together in the spirit of genuine partnership, that we can deliver the real change people want to see and improve opportunities for all.  

    Iberdrola Executive Chairman Ignacio Galán said:    

    After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.

    This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.

    The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.    

    It also comes as the Prime Minister today convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates. Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.    

    The Prime Minister will also hold bilateral meetings and a joint meeting with the Devolved Government First Ministers and Deputy First Minister focussed on supporting intergovernmental relations as we continue to reset our relationship and work together to deliver for people across the UK.     

    Today’s investments include:    

    • Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan has also today confirmed that the UK has become their largest Investment destination.
    • Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
    • SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
    • Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
    • BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
    • Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.     

    Mads Nipper, CEO of Ørsted A/S said:    

    The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.

    Lord Nicol Stephen, Chief Executive of Flotation Energy said:  

    Green Volt is a trailblazing, multibillion pound floating offshore wind project which will kickstart jobs and investment by companies right across the UK offshore supply chain. The choice of our HQ in Aberdeen is clear evidence of our strong commitment to support local jobs and businesses wherever possible.

    Chris Sohn, Chief Executive of SeAH Wind, said:    

    With the proactive support of UKEF, our project is progressing smoothly. As we approach the completion of the factory construction, we are committed to ensuring its successful finalization. We aim to become the first monopile manufacturing company in the UK and make a significant contribution to the UK economy.

    Andreas Sohmen-Pao, Chairman of BW Group, said:     

    BW Group is delighted to announce that its subsidiary BW ESS intends to shortly begin construction on two large battery projects in the Midlands – Hams Hall and Berkswell – with a combined capacity of 600 MW. These projects represent a major step forward in enhancing the UK’s energy infrastructure and supporting the transition to renewables.

    I am encouraged by the UK government’s commitment to the clean energy transition and our announcement today highlights BW Group’s commitment to strengthening our presence in the UK and contributing to the growth of the clean energy sector.

    Shemara Wikramanayake, Chief Executive Officer of Macquarie Group, said:   

    We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities. We are fully invested in the UK’s success and look forward to playing our part in delivering the investment the country needs.

    Dr Rick Springman, Holtec’s President of Global Clean Energy Opportunities, said:   

    Holtec has been part of the UK’s nuclear fabric for over 30 years. We recognise the UK’s long-term commitment to nuclear energy to drive forward government missions on clean energy and economic growth.

    Our planned advanced manufacturing factory in South Yorkshire will bring thousands of skilled, highly-paid engineering jobs to the region while supporting tens of thousands more in the UK’s wider manufacturing supply chains.

    The potential size of the prize of this investment is significant. Depending on future SMR order books it could open up a £30bn export market over ten years adding billions of pounds to the UK economy. Over the coming months Holtec will be finalising its full factory plans and designs based on its UK and international order book.

    This follows the announcement earlier this week that up to 500 UK manufacturing jobs are set to be supported as bus operator Go Ahead confirms a major £500 million investment to decarbonise its fleet including. This includes creating a new dedicated manufacturing line and partnership with Northern Ireland-based UK bus manufacturer Wrightbus.    

    Yesterday, the Department for Energy Security & Net Zero gave the green light for a new scheme to help unlock billions in investment in energy storage infrastructure. This could see the first significant long duration energy storage facilities in nearly 4 decades, helping to create back up renewable power and bolster the UK’s energy security.    

    And it also builds on the Government confirming funding to launch the UK’s first carbon capture sites in Teesside and Merseyside. Two new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, in a boost for the economy and British industry, helping remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.

    Updates to this page

    Published 10 October 2024

    MIL OSI United Kingdom