Europe

Crypto / Digital Assets

ESMA Addresses Risk of MiCA Breaches by Global Crypto Firms

By Nithya Subramanian | 02/08/2024

ESMA issued an Opinion to help crypto firms avoid breaching MiCA regulations when doing business via overseas partners.

AML / KYC

Details Revealed on Chinese Scam Operated from Isle of Man

By Manesh Samtani | 01/08/2024

The case is the first known where Chinese nationals operated a pig-butchering scam from a Western country to con victims in China.

Enforcement

UK Supreme Court Agrees to Hear LIBOR Rigging Appeals

By Manesh Samtani | 31/07/2024

Former traders Tom Hayes and Carlo Palombo allowed to appeal convictions for interest rate rigging at the UK’s highest court.

Japan, Netherlands Sign MoC on Banking Supervision

By Editors | 31/07/2024

Japan’s FSA and the Dutch central bank agree to cooperate and exchange information necessary for the supervision of banks that operate in both jurisdictions.

Sanctions

Austria’s Raiffeisen Working to Sell 60pc of Russian Unit

By Editors | 31/07/2024

Raiffeisen is trying to coordinate with Russian, European and US authorities to sell a 60% stake in its Russian unit.

Big Picture

Stablecoins Weaken Liquidity Ratios of Banks: ECB Paper

By Editors | 31/07/2024

Banks that issue their own stablecoins or collect deposits from stablecoin issuers would see their liquidity ratios decline.

Enforcement

UK Court Rules in Mozambique’s Favour in ‘Tuna Bonds’ Case

By Editors | 30/07/2024

The court awarded Mozambique around $825mn, along with an indemnity for over $1bn in debt owed to lenders and bondholders.

AML / KYC

FINMA Examines UBS Process for Vetting Credit Suisse Clients

By Editors | 30/07/2024

UBS has reportedly been providing updates to FINMA on the types of wealth management clients it is on-boarding from Credit Suisse post-acquisition.

Enforcement

UK Secures First Forfeiture from Sanctions Evasion Case

By Editors | 30/07/2024

Around $1mn was forfeited after being frozen since 2022. The funds were held by the wife of Petr Aven, a sanctioned Russian oilgarch.