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Enforcement
UK Regulator Fines Barclays Over Non Transparent Card Fees
By Editors | 04/12/2022
Barclays was fined by the PSR for failing to give retailers full information about the costs of its card services for three years.
AML / KYC
G7 Powers Set to Implement Oil Price Cap on Russian Crude
By Editors | 04/12/2022
EU ban on seaborne crude oil imports from Russia to take effect. G7 oil price cap will only insurers to cover vessels carrying Russian crude sold under USD 60.
Sanctions
EU Proposes to Use Russian Assets to Rebuild Ukraine
By Editors | 04/12/2022
Frozen Russian assets would be actively managed to generate a “stable and fair net return” to help fund reconstruction efforts in Ukraine.
AML / KYC
UK Sanctions 22 Russian Officials for Conscription Efforts
By Editors | 04/12/2022
The sanctions target officials who have promoted and enforced the conscription of citizens to fight in Russia’s “illegal war in Ukraine”.
AML / KYC
FCA Fines Julius Baer UK Unit for Over ‘Corrupt’ Finders Fees
By Editors | 03/12/2022
Julius Baer improperly paid “corrupt” finder’s fees to a Yukos Group employee in exchange for business from the now-defunct Russian conglomerate.
Fintech / Regtech
EU’s Digital Operational Resilience Act Wins Final Approval
By Manesh Samtani | 01/12/2022
All financial entities and the third parties that provide them ICT-related services will have to adhere to DORA requirements from around the end of 2024.
Capital / Liquidity
BOE Confirms Planned Approach to Basel III Implementation
By Manesh Samtani | 30/11/2022
The BOE says its approach is consistent with the “vast majority” of major financial jurisdictions, with “appropriate but limited” adjustments for the UK market.
AML / KYC
UK Crypto Fraud Increased 32pc Over One Year Period
By Editors | 30/11/2022
UK police unit Action Fraud said crypto-related fraud losses from October 2021 to September 2022 amounted to $270mn.
AML / KYC
EU to Gain Legal Authority to Punish Sanctions Circumvention
By Editors | 30/11/2022
The move will make it easier for EU authorities to take action against anyone who helps Russia avoid its sanctions.
Capital / Liquidity
ECB to Impose Capital Charges for Leveraged Finance Risk – Report
By Editors | 29/11/2022
The ECB is reportedly planning to impose higher capital requirements on banks to address risk in their leveraged finance businesses.
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