Europe

AML / KYC

GLEIF Confirms Utility of Embedding LEI in eSeals

By Editors | 14/12/2022

In a PoC, GLEIF demonstrated that embedding LEIs in eSeals allowed Japanese and European entities to transact digitally with greater trust.

Enforcement

UK FCA Fines Metro Bank for Incorrect RWA Disclosure

By Sanday Chongo Kabange | 14/12/2022

The bank published incorrect information concerning its risk-weighted assets and did not disclose the error to investors despite knowing it was wrong.

Capital / Liquidity

ECB to Raise UniCredit Capital Requirement Due to Russia Risks

By Editors | 14/12/2022

UniCredit still has some cross-border exposure to Russia and operates in some markets that are reliant on disrupted supplies of natural gas.

AML / KYC

Wirecard Trial Begins With Defendants Blaming Each Other

By Mark Johnston | 14/12/2022

Former CEO Markus Braun and his co-defendants face up to 15 years in jail, though a verdict is not expected until at least 2024.

AML / KYC

UK FCA Fines Santander for “Persistent Gaps” in AML Controls

By Editors | 13/12/2022

The FCA said Santander did not manage business banking accounts correctly and did not promptly deal with automated monitoring alerts.

Enforcement

UK Court Convicts Three for Defrauding Libyan Sovereign Fund

By Mark Johnston | 13/12/2022

The fund managers structured investments in a way that generated finder fees that they funnelled through offshore shell companies, causing around $46mn to Libya.

Crypto / Digital Assets

EU Commission Proposes New Tax Transparency Rules for Crypto

By Editors | 13/12/2022

New requirements to report crypto-asset, e-money and digital currency transactions are expected to enter into force on 1 January 2026.

Enforcement

EU Commission Accuses Two Banks of Cartel Conduct

By Editors | 12/12/2022

Deutsche Bank and Rabobank traders allegedly exchanged commercially sensitive information and coordinated pricing and trading strategies on government bonds.

Sanctions

EU Commission Proposes Ninth Russia Sanctions Package

By Editors | 12/12/2022

The package covers almost 200 individuals and entities, including three more Russian banks. More export controls, mining investments, and Russian TV channels also targeted.