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Europe
Enforcement
US, UK Sanction Bulgarian Nationals for Corruption Offences
By Editors | 19/02/2023
The UK issued sanctions under its Global Anti-Corruption Sanctions Regime. The US sanctions were imposed under the Magnitsky Act.
Market Infrastructure
UK CCPs Directed to Update Outsourcing Agreements by Feb 2024
By Mark Johnston | 19/02/2023
New supervisory statement requires UK CCPs to update legacy outsourcing agreements by by 9 February 2024.
AML / KYC
All Crypto ATMs Operating in the UK Are Illegal: FCA
By Editors | 18/02/2023
No crypto ATM operators currently have FCA registration, but the locations of several such machines have been established by authorities.
Crypto / Digital Assets
Siemens Issues First Blockchain-based Digital Bond
By Editors | 17/02/2023
Siemens said it sold the bond directly to investors without engaging CSDs, and the transaction was completed within two days.
Fintech / Regtech
UK Proposes Draft Legislation to Regulate BNPL Products
By Editors | 15/02/2023
The legislation will bring BNPL products under the FCA’s regulatory remit, and require BNPL providers to conduct affordability checks.
Crypto / Digital Assets
EU Commission Launches Regulatory Sandbox for DLT Innovators
By Editors | 15/02/2023
The sandbox establishes a pan-European framework for regulatory dialogue to increase legal certainty for innovative blockchain solutions.
AML / KYC
EU Adds Four Countries to List of Uncooperative Tax Jurisdictions
By Editors | 15/02/2023
BVI, Costa Rica, Marshall Islands and Russia were added to the list. Hong Kong and Malaysia were granted an extension to complete reforms.
Big Picture
ECB Concerned with Russia Exposures, Bad Debt Risks
By Editors | 14/02/2023
The ECB says it would welcome more exits from Russia by eurozone banks, and that higher borrowing costs could lead to a build-up of bad loans.
Market Infrastructure
Japan, EU Establish Cooperation Framework on Insurance Supervision
By Editors | 14/02/2023
The cooperation framework promotes mutual understanding, exchange of information and technical assistance between the FSA and EIOPA.
AML / KYC
FCA Investigating Barclays for KYC and AML Incidents
By Editors | 14/02/2023
The FCA reportedly directed Barclays to undergo an independent review due to concerns about a large volume of KYC and AML incidents.
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