Europe

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    Capital / Liquidity

    EU Faces Industry Opposition on Proposed Commission Ban

    By Mark Johnston | 24/01/2023

    Financial industry associations say a ban on commissions paid to financial advisers for selling financial products would harm consumers.

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    AML / KYC

    US SEC Fines Crypto Firm Nexo for Unregistered Securities Offering

    By Manesh Samtani | 20/01/2023

    Nexo settled charges from US regulators for $45mn. The company was separately raided by Bulgarian authorities last week.

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    AML / KYC

    German Prosecutors Search Norton Rose Offices in Cum-Ex Probe

    By Editors | 20/01/2023

    A former staff member of Norton Rose Fulbright is said to be a suspect in the tax fraud probe, which dates back more than a decade.

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    ESG / Sustainability

    EU Commission Launches Net Zero Industry Act

    By ESG Investor | 19/01/2023

    The act aims to increase funding for clean energy technologies across EU member states, including through a new European Sovereignty Fund.

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    AML / KYC

    Authorities Dismantle Russia-Linked Crypto Firm Bitzlato

    By Manesh Samtani | 18/01/2023

    Bitzlato facilitated $700mn in crypto transfers for Hydra users and received more than $15mn in ransomware proceeds.

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    Capital / Liquidity

    ECB Identifies Weak Risk Management at EU Banks

    By Editors | 18/01/2023

    The ECB identified “material shortcomings” in how banks manage counterparty credit risks. Banks should “promptly address weaknesses”.

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    AML / KYC

    UK Linked ‘Golden Visas’ to Crime Years Ago

    By Editors | 18/01/2023

    A review commissioned in 2018 and “kept secret for years” found a disproportionate number of golden visa applicants were from countries identified as high risk.

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    Crypto / Digital Assets

    EU: MiCA Vote Delayed Again Until April 2023 – Report

    By Editors | 18/01/2023

    The delay is reported to be due to technical issues associated with translating the English text into the EU’s 24 official languages.

    Market Infrastructure

    ESMA Adds TAIFEX to List of Recognised Third Country CCPs

    By Editors | 18/01/2023

    The recognition allows European financial institutions to apply the minimum risk weight of 2 percent for exposures to TAIFEX derivatives.

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    EU Regulators to Scrutinise Financial Product Marketing

    By Editors | 17/01/2023

    A review will be undertaken this year to assess whether marketing and advertising comply with MiFID II disclosure rules.

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