Europe

Fintech / Regtech

First Set of Rules Under the EU AI Act Enter into Force

By Nithya Subramanian | 04/02/2025

The rules cover key definitions, AI literacy requirements, and a limited set of prohibited AI use cases deemed to pose unacceptable risks.

Enforcement

Swiss Court Convicts Trafigura and Senior Exec for Bribery

By Nithya Subramanian | 04/02/2025

This is the first time Switzerland’s Federal Criminal Court has ruled on a company’s liability for bribing of a foreign official.

Sanctions

EU Circulates Draft Proposal for 16th Russia Sanctions Package

By Editors | 03/02/2025

The proposed package targets more regional banks, shadow-fleet vessels, and non-Russia companies that facilitate sanctions circumvention.

Market Infrastructure

EU Extends Equivalence for UK CCPs for Three Years

By Mark Johnston | 03/02/2025

The extension will ensure financial stability and provide clarity to EU market participants, the European Commission said.

Enforcement

FCA Issues First Fine for Reporting Failures Under UK MiFIR

By Thisanka Siripala | 03/02/2025

Infinox was found to have relied on a single individual to manually identify reportable financial instruments without adequate checks or scrutiny.

Securities / Derivatives

HSBC to Wind Down Investment Banking Operations in Europe, US

By Nithya Subramanian | 02/02/2025

The bank said in an internal memo that it will retain more focused M&A and equity capital markets capabilities in Asia and the Middle East

Market Infrastructure

UK Confirms 11 October 2027 Target Date for Adoption of T+1

By Nithya Subramanian | 02/02/2025

Andrew Douglas, Chairman of the UK Accelerated Settlement Taskforce, said the UK, EU and Switzerland are now aiming for the same implementation date

AML / KYC

UK Sentence Operators of Website that Enabled Account Takeover Fraud

By Thisanka Siripala | 02/02/2025

The operators provided tools including a “spoof call bot”, a ‘free text to speech’ service, and pre-scripted calls specifically designed to target customers.

Sanctions

ING, Goldman Advance Efforts to Sell Russian Subsidiaries

By Editors | 01/02/2025

ING expects to complete the sale of its operations in Russia in Q3. The sale of Goldman’s Russia unit received presidential approval.