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Sanctions
Russia, Iran Spend Billions on New Trade Route – Report
By Sanday Chongo Kabange | 28/12/2022
Russia and Iran are investing an estimated USD 25 billion in the new 3,000 km trade route. The existing route is 14,000 km long.
Crypto / Digital Assets
UK ASA Orders Removal of “Misleading” Crypto.com Ad
By Editors | 27/12/2022
The ASA said the ad was misleading because “it failed to illustrate the risk of investing in NFTs” and “it didn’t make clear that fees would apply”.
Market Infrastructure
EU Member States Agree on Revisions to CSDR
By Editors | 27/12/2022
The mandatory buy-in regime would be used as a “measure of last resort”, activated only in the case where the “level of settlement fails would be substantial in the EU.”
Fintech / Regtech
EU Commission Approves Pilot Use Cases for Digital ID Wallet
By Editors | 27/12/2022
The approved pilots cover payments, travel, and business compatibility. The EU Digital Identity Wallet is expected to go live in 2024.
BOE Proposes to Remove Cap on Bankers Bonuses
By Editors | 27/12/2022
Removing the cap will increase the proportion of compensation that can be set by tools such as deferral, payments in instruments, and risk adjustment.
Sanctions
EU Facing Legal Challenge Over Anti-Russia Sanctions
By Editors | 26/12/2022
One company and 61 individuals are seeking to challenge what they view as a violation of their rights, and the freezing of their assets by EU authorities.
Capital / Liquidity
BaFin Imposes Capital Charge on StanChart’s German Unit
By Editors | 23/12/2022
The regulator said the bank’s internal organisation did not meet legal requirements, without disclosing further details.
AML / KYC
Head of German FIU Resigns Over Secret SAR Backlog – Report
By Editors | 22/12/2022
The German FIU was sitting on more than 100,000 unprocessed SARs which it did not disclose to the FATF during its mutual evaluation.
Sanctions
UK Ban on Providing Trust Services to Russia Takes Effect
By Editors | 22/12/2022
Professional services ban expanded from accounting, consulting and PR services to include trust, advertising, auditing, engineering and IT consultancy and design services.
Crypto / Digital Assets
ESMA Issues Guidelines for Operators of DLT Market Infrastructure
By Editors | 22/12/2022
The guidelines include templates firms can use to apply for permission to operate DLT market infrastructure under the EU’s DLT Pilot Regulation.
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