Europe

Enforcement

FCA Fines HSBC for Failures in Treatment of Customers

By Editors | 24/05/2024

The bank was fined GBP 6.3 million, on top of investing GBP 94 million to correct the issues and paying redress worth GBP 185 million.

Market Infrastructure

SIX and Korea Securities Depository Announce New MoU

By Mark Johnston | 23/05/2024

The collaboration, facilitated through SIX’s subsidiary SIX SIS, aims to enhance securities depository and settlement services.

Enforcement

UK Regulators Fine Citi Over Trader’s Mistake, Control Failings

By Editors | 22/05/2024

A trader inadvertently placed sell orders worth $444bn instead of $58 million. Citi’s electronic trading system generated additional erroneous orders.

Enforcement

LIBOR Convictions to be Raised With UK Supreme Court

By Editors | 22/05/2024

The Court of Appeal opened the door for Tom Hayes and Carlo Palombo to directly apply to the Supreme Court for permission to appeal their convictions.

Fintech / Regtech

AI Act Gets Final Approval from European Council

By Nithya Subramanian | 22/05/2024

The AI Act provides for increased transparency regarding the development and use of high-risk AI systems, while also encouraging innovation.

Sanctions

Russia Seizes Assets of Deutsche Bank, Commerzbank, UniCredit

By Editors | 22/05/2024

The banks were among the guarantor lenders under a contract for the construction of a gas processing plant which was terminated due to sanctions.

Fintech / Regtech

Top Tech firms Commit to AI Safety at Seoul Summit

By Nithya Subramanian | 22/05/2024

Google, Meta, Microsoft, OpenAI and others have pledged to not develop or deploy AI models if the risks cannot be sufficiently mitigated.

Sanctions

Australia, UK Join Allies in Targeting DPRK-Russia Arms Trade

By Editors | 18/05/2024

Australia targeted six entities while the UK targeted three companies and one individual for their involvement in North Korea-Russia arms trade.

Fintech / Regtech

StanChart Completes First EUR Transactions on Partior

By Nithya Subramanian | 17/05/2024

The bank completed the transactions between Hong Kong and Singapore involving Siemens and iFAST Financial.