Europe

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.

Enforcement

BaFin Efficacy Called into Question for Wirecard Handling

By Manesh Samtani | 22/06/2020

Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.

Market Infrastructure

What CSDR’s Settlement Discipline Regime Means for Asia’s Buy-side

By Matt Johnson | 22/06/2020

CSDR’s Settlement Discipline Regime could expose Asian firms to settlement failure penalties on their trades with EU counterparties, writes DTCC’s Matt Johnson.

Fintech / Regtech

European Fintechs Launch New Industry Association

By Editors | 19/06/2020

The European FinTech Association will seek to remove cross-border barriers in financial services, including to streamline fragmented AML rules and address IBAN discrimination.

AML / KYC

UK FCA Fines Commerzbank $47m for 5 Years of AML Failures

By Editors | 19/06/2020

Commerzbank’s London Branch failed to conduct periodic due diligence on clients, address transaction monitoring weaknesses, and to have adequate CDD policies and procedures in place.

Securities / Derivatives

China Pacific Insurance Lists GDRs in London

By Editors | 17/06/2020

The issuance is the largest capital raising on the LSE in three years, even at a 10% discount to China Pacific Insurance’s corresponding A-shares in Shanghai.