Europe

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.

ESG / Sustainability

EU Lawmakers Agree on Enhancements to Carbon Market

By Editors | 22/12/2022

The agreement, which still needs formal endorsement, will accelerate the pace at which energy-intensive companies are obligated to reduce emissions.

Enforcement

UK Regulators Fine TSB Bank Over IT Upgrade Failures

By Editors | 22/12/2022

An IT system upgrade in April 2018 resulted in nearly 2 million TSB Bank customers being unable to access banking services.

Market Infrastructure

ESMA Publishes Final Guidelines, Validation Rules for EMIR Refit

By Editors | 22/12/2022

ESMA published its final guidelines for reporting under EMIR, the final validation rules, and reporting instructions for outgoing and incoming messages.

ECB Bars Officials from Making Short Term Trades

By Editors | 21/12/2022

High-level ECB officials can only invest in publicly listed, broadly diversified funds with a medium to long-term perspective.

Enforcement

Former German Tax Inspector Jailed Over Cum-Ex Tax Fraud

By Mark Johnston | 20/12/2022

Hanno Berger, considered a Cum-Ex mastermind, was sentenced to eight years in jail and ordered to repay EUR 13.7 million.

Market Infrastructure

EU Council Agrees to Implement Global Minimum Tax

By Editors | 19/12/2022

The 15% corporate minimum tax rate is expected to be transposed into EU wide rules by end-2023 and prompt other countries to speed up efforts to implement the measure.