Europe

Enforcement

Paris Court Orders Crédit Lyonnais to Compensate Scam Victim

By Editors | 28/07/2024

Crédit Lyonnais, a subsidiary of Crédit Agricole, was ordered to pay compensation to a customer who was scammed with fraudulent invoices.

Market Infrastructure

France Advocates for Coordinated Approach to T+1 Transition

By Ranamita Chakraborty | 28/07/2024

AMF and Banque de France call for a “two-phased approach” to the transition, emphasising close cooperation with the UK and Switzerland.

Sanctions

EU Disburses First Funds Generated from Frozen Russian Assets

By Editors | 27/07/2024

The €1.5bn instalment will be used to support Ukraine, in line with an EU-wide agreement on how profits generated from frozen Russian central bank assets can be used.

Enforcement

UK CMA Orders HSBC to Remedy Breaches of Open Banking Rules

By Editors | 27/07/2024

The CMA said Lloyds, TSB and AIB also breached the open banking rules, but the breaches were less extensive and are being addressed.

Capital / Liquidity

EU Adopts Delegated Act to Postpone FRTB Implementation

By Manesh Samtani | 26/07/2024

FRTB will be postponed in the EU to “preserve the global level playing field” for internationally active European banks in respect of their trading activities.

Crypto / Digital Assets

UK FCA Fines Coinbase Unit for ‘Repeated’ Regulatory Breaches

By Editors | 26/07/2024

The Coinbase payments subsidiary provided payment services to more than 13,000 “high-risk” customers, despite being subject to restrictions imposed by the FCA.

AML / KYC

US, UK, South Korea Warn of DPRK Espionage Campaign

By Editors | 26/07/2024

Joint advisory says North Korean hacker group ‘Andariel’ is a threat to entities in the US, UK, South Korea, Japan and India.

Sanctions

UniCredit Drops Part of Appeal Against ECB’s Russia Exit Orders

By Editors | 25/07/2024

UniCredit said it has received “sufficient clarity” from the ECB on certain parts of its application to the GCEU.

Sanctions

ECB to Develop Framework for Geopolitical Risk Assessments

By Editors | 25/07/2024

The ECB is working to develop a framework that it can use to deal with the impacts of geopolitical risks such as sanctions on EU banks.