Europe

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    ESG / Sustainability

    Bangladesh, UK Signs Pact to Tackle Climate Change

    By Sanday Chongo Kabange | 18/03/2023

    Bangladesh and the UK stressed the need to work to increase access to climate finance by climatically vulnerable countries and secure greater funding for adaptation.

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    Capital / Liquidity

    Credit Suisse to Borrow Over $50b from Central Bank Facilities

    By Editors | 17/03/2023

    The bank will also repurchase some of its senior debt securities as part of efforts to manage its liability composition and optimise interest expense.

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    Enforcement

    Swedbank Fined for IT Incident Which Impacted 1m Customers

    By Editors | 16/03/2023

    Swedbank made a change to a business-critical IT system without following its internal procedures and processes.

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    AML / KYC

    US, German Authorities Coordinate on Takedown of Crypto Mixer

    By Editors | 16/03/2023

    Authorities dismantled ChipMixer’s infrastructure and seized four servers, about USD 46 million worth of bitcoin, 7 TB of data, two domains, and a Github account.

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    Capital / Liquidity

    Swiss Regulators Offer Credit Suisse a Show of Support

    By Editors | 16/03/2023

    FINMA said Credit Suisse meets capital and liquidity requirements applicable to systemically important banks. SNB will provide liquidity to the bank if necessary.

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    AML / KYC

    UK to Start Collecting New Economic Crime Levy from July

    By Editors | 15/03/2023

    The economic crime levy will apply to financial firms, auditors, tax advisers, crypto firms, and other regulated entities.

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    ESG / Sustainability

    European Banks to Undergo Climate, Cyber Stress Tests

    By Mark Johnston | 15/03/2023

    European regulators have been asked to conduct a one-off climate risk scenario analysis. The ECB separately plans to launch a thematic stress test on cyber resilience.

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    Capital / Liquidity

    FIs’ Climate-related Risk Capture Incomplete, says BoE

    By ESG Investor | 15/03/2023

    Existing capability and regime gaps “create uncertainty” over whether financial institutions are adequately capitalised for future climate-related losses, says the Bank of England.

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    Capital / Liquidity

    Credit Suisse Identifies “Material” Financial Reporting Weaknesses

    By Editors | 15/03/2023

    The weaknesses related to a “failure to design and maintain an effective risk assessment process to identify and analyse the risk of material misstatements”.

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    Capital / Liquidity

    HSBC Acquires Silicon Valley Bank’s UK Unit for £1

    By Editors | 14/03/2023

    HSBC expects the deal to be profitable, strengthen its commercial banking franchise, and enhance its ability to serve innovative firms.

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