Europe

AML / KYC

Credit Suisse Attempts to Conceal Records on Russian Clients – Report

By Editors | 04/03/2022

Credit Suisse reportedly asked investors to destroy documents relating to a loan securitisation backed by “jets, yachts, real estate and/or financial assets”.

Fintech / Regtech

EU Delays Vote on MiCA Legislation Following Backlash

By Mark Johnston | 03/03/2022

A vote on the EU’s regulatory framework for crypto-assets was delayed due to outcry over wording that would ban proof-of-work consensus protocols in 2025.

Market Infrastructure

ESMA Consults on Climate Risk Stress Testing Approach for CCPs

By Sanday Chongo Kabange | 02/03/2022

ESMA has identified four elements of climate risk that may adversely impact CCPs – physical risk, rapid transition risk, business risk, and collateral replacement risk.

AML / KYC

Russia SWIFT Ban Still Being Finalised; China Urges Dialogue

By Manesh Samtani | 02/03/2022

Seven Russian banks will likely be cut off from SWIFT; Japan will freeze Russia’s yen reserves; Korea will suspend transactions with seven Russian banks and their subsidiaries.

AML / KYC

New EU-Wide AML Authority Expected to Oversee Crypto Firms

By Mark Johnston | 01/03/2022

A group of EU member states led by Germany is seeking to make the inclusion of cryptocurrency firms under the AMLA’s remit more explicit.

AML / KYC

UK Fast-Tracks Property Ownership Transparency Bill

By Manesh Samtani | 01/03/2022

The Economic Crime (Transparency and Enforcement) Bill first promised in 2016 has been introduced in Parliament and will be fast-tracked through the legislature.

ESG / Sustainability

UK, Singapore Bolster Cooperation on Data Flows, Financial Services

By Editors | 01/03/2022

The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.

AML / KYC

Western Leaders Pledge to Remove Russian Banks from SWIFT

By Manesh Samtani | 28/02/2022

Western leaders have committed to removing “selected Russian banks” from the SWIFT financial messaging system to harm their ability to operate globally.

AML / KYC

EC Adopts Proposal on Corporate Sustainability Due Diligence

By Manesh Samtani | 28/02/2022

The proposal requires companies, including certain non-EU companies, to address negative human rights and environmental impacts in their supply chains.