Europe

ESG / Sustainability

BOE Commences Climate Risk Stress Tests for Banks, Insurers

By Ranamita Chakraborty | 10/06/2021

The end result will be more robust management of climate-related financial risks across the sector, said BOE governor Andrew Bailey.

Big Picture

BOE Issues Paper Exploring New Forms of Digital Money

By Sanday Chongo Kabange | 09/06/2021

The BOE seeks feedback on the discussion paper as it examines how CBDCs and stablecoins could impact the financial system and wider economy.

AML / KYC

European Commission Proposes European Digital Identity Regulation

By Sanday Chongo Kabange | 08/06/2021

To expedite the initiative, the European Commission has issued a recommendation for member states to establish a common toolbox by September 2022.

AML / KYC

FCA Extends Temporary Registrations Regime for Cryptoasset Firms

By Sanday Chongo Kabange | 04/06/2021

A “significantly high number” of cryptoasset businesses are not meeting AML/CTF standards, a key part of obtaining registration with the FCA.

ESG / Sustainability

FINMA to Require Banks, Insurers to Disclose Climate Risks

By Editors | 02/06/2021

New disclosure rules will enter into force on 1 July, requiring large banks and insurers to disclose climate-related financial risks.

AML / KYC

DOJ Settles Julius Baer Money Laundering Probe for $80m

By Sanday Chongo Kabange | 28/05/2021

Julius Baer admitted it conspired to launder over $36mn in bribes through the US to soccer officials with FIFA and other soccer federations.

ESG / Sustainability

BOE Explores Options for Greening Bond Purchase Programme

By Sanday Chongo Kabange | 26/05/2021

The BOE is exploring tools to incentivise companies whose debt it holds to take decisive action to achieve net zero in meaningful and lasting ways.

Market Infrastructure

EU Ramps Up Regulatory Scrutiny Over Foreign Bank Branches

By Editors | 25/05/2021

New rules will require foreign banks operating in the EU to consolidate their operations under an “intermediate parent undertaking”.

ESG / Sustainability

EBA Publishes Results of Pilot Exercise on Climate Risk

By Sanday Chongo Kabange | 25/05/2021

The first gauge of the EU aggregated green asset ratio was estimated at 7.9%. Over half of banks’ overall exposures are to sectors that might be sensitive to transition risk.