Europe

Market Infrastructure

ECB Concludes First Cyber Resilience Stress Test for Banks

By Manesh Samtani | 29/07/2024

The ECB said the results will help raise awareness about existing cyber risks and “the need for investment to further enhance cyber resilience”.

AML / KYC

France Restricts Access to Beneficial Ownership Register

By Editors | 29/07/2024

Competent authorities, professionals subject to AML/CFT obligations, and certain other individuals and entities will still be able to access the data.

AML / KYC

UK Launches Data Sharing Project to Tackle Organised Crime

By Editors | 29/07/2024

Seven UK banks will share information on customers with the NCA if certain markers of potential criminal behaviour are met.

Sanctions

RUSI Publishes Findings from 1st Meeting of New Sanctions Taskforce

By Manesh Samtani | 29/07/2024

The taskforce participants identified several deficiencies that undermine the effectiveness of UK sanctions and “require government attention”.

Crypto / Digital Assets

Swiss FINMA Publishes New Guidance on Stablecoins

By Editors | 29/07/2024

The guidance sets out new rules on deposit guarantees, which stablecoin issuers can obtain from banks instead of obtaining their own banking licences.

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.