Europe

Fintech / Regtech

Denmark Introduces Mandatory Data Ethics Disclosure Rule

By Editors | 08/07/2020

From 1 January 2021, large and listed Danish companies will disclose information about their data ethics policy, AI tools and algorithms in annual reports.

AML / KYC

UK Imposes First Sanctions Over Human Rights Abuses

By Editors | 07/07/2020

The UK has designated 25 Russians, 20 Saudi Arabians, two Myanmar generals, and two North Korean organisations. Their UK assets will be frozen.

Capital / Liquidity

BOE Sets Deadline for UK Firms to Embed Climate Risk

By Editors | 07/07/2020

By end-2021, financial firms will have to be able to demonstrate that their approaches to managing climate-related financial risk have been implemented and embedded in their organisations.

Market Infrastructure

Singapore Regulator Raises Concerns Over LSEG-Refinitiv Deal

By Editors | 06/07/2020

Singapore’s competition regulator has concerns about whether Refinitiv’s widely used WM/Reuters FX benchmarks would be offered to rival providers at fair and reasonable terms.

Market Infrastructure

16 Banks Announce Initiative to Digitalise Payments Across EU

By Editors | 06/07/2020

The unified payment solution for consumers and merchants across Europe will encompass a payment card, digital wallet, and online and P2P payments.

AML / KYC

Spanish Court Penalises Four ICBC Employees for AML Violations

By Editors | 06/07/2020

Criminal groups deposited millions of euros cash into accounts at ICBC Spain using split payments, in-house accounts and false identity documents to evade detection.

Market Infrastructure

Industry Bodies Call on EU to Reform Benchmarks Regulation

By Editors | 30/06/2020

The majority of third-country benchmarks pose no systemic risk but could nevertheless be barred from use in the EU due to a costly and burdensome third-country benchmark regime.

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Market Infrastructure

UK to Grant FCA Additional Powers to Facilitate LIBOR Retirement

By Editors | 23/06/2020

Legislative amendments will empower the FCA to prohibit or limit the use of LIBOR, or to direct a change in its methodology, to address the issue of ‘tough legacy’ contracts.