Europe

AML / KYC

UK FCA Grants Revolut Approval to Offer Crypto Services

By Editors | 01/10/2022

Revolut was allowed to remain on a temporary register after a March deadline for approvals until its application was fully processed.

AML / KYC

Turkish Banks to Stop Using Russia’s Mir Payment System

By Editors | 30/09/2022

Three Turkish state banks will stop using the Mir system in response to guidance issued by OFAC earlier this month. Two others stopped last week.

Crypto / Digital Assets

BIS Innovation Hub Nordic Centre Launches Retail CBDC Project

By Editors | 30/09/2022

The central banks of Israel, Norway and Sweden will develop a “hub” to which they will connect their domestic proof-of-concept CBDC systems.

AML / KYC

G7 Nations Imposing New Russia Sanctions Over “Sham” Referendums

By Manesh Samtani | 30/09/2022

The EU package includes an oil price cap and a complete ban on providing crypto services to Russians. UK targets include Gazprombank, Sberbank and Sovcombank board members.

ESG / Sustainability

ESMA Publishes Final Guidelines on MiFID II Suitability Requirements

By Editors | 28/09/2022

Firms will need to help clients understand the concept of sustainability preferences and explain differences between products with and without sustainability features.

BOE, FCA to Consult on Removing Banker Bonus Cap

By Editors | 26/09/2022

The cap, which limits bonuses to twice basic salary, was introduced in the EU in 2014 to curb excessive risk-taking.

AML / KYC

UK Introduces Economic Crime Bill to Parliament

By Editors | 26/09/2022

The Bill targets beneficial ownership transparency and will also make it easier for law enforcement to seize and recover cryptoassets.

Securities / Derivatives

LME Faces More Lawsuits Over Cancelled Nickel Trades

By Editors | 25/09/2022

AQR Capital Management, DRW Commodities, Flow Traders, Capstone Investment Advisors and Winton Capital Management filed legal action against the LME.

Big Picture

AFME Considers Implications of an EU Move to T+1 Settlement

By Editors | 23/09/2022

AFME acknowledges the benefits of T+1 settlement but calls for an industry task force to be set up to conduct a detailed assessment.