Europe

Enforcement

Global Operation Takes Down ‘LabHost’ Cybercrime Service

By Mark Johnston | 25/04/2024

LabHost offered a service since 2021 that enabled over 10,000 cybercriminals to create fake websites and conduct phishing campaigns.

Enforcement

US Hedge Fund Sues Over Credit Suisse AT1 Bond Losses

By Mark Johnston | 25/04/2024

The lawsuit accuses Credit Suisse’s CEO and former Chairman of misrepresenting the bank’s liquidity position while it was facing a deposit run.

ESG / Sustainability

UK FCA Proposes to Extend SDR Rules to Portfolio Managers

By Nithya Subramanian | 25/04/2024

The FCA is consulting on extending the SDR rules until 14 June and concurrently published anti-greenwashing guidance which takes effect on 31 May 2024.

Fintech / Regtech

UK FCA Outlines Plans for Big Tech, Artificial Intelligence

By Manesh Samtani | 24/04/2024

The FCA will work with Big Tech firms to examine the value their data can bring to retail financial markets, with a view to potentially incentivising more data sharing.

AML / KYC

Commerzbank Fined in Germany for AML Violations

By Mark Johnston | 24/04/2024

BaFin said Commerzbank was slow to update customer data and inadequately applied enhanced due diligence requirements.

Sanctions

Data is Key to Making Sanctions Work – RUSI Report

By Editors | 23/04/2024

Banks would be able to better identify red flags and stop illicit transactions if certain fields in SWIFT such as HS trade codes were made mandatory.

Enforcement

Germany’s APAS Finds EY Violated Professional Duties in Wirecard Audits

By Nithya Subramanian | 23/04/2024

APAS said EY had insufficient audit reporting, poor internal quality controls, and poor handling of red flags that pointed to irregularities.

Enforcement

ECB to Order UniCredit, Raiffeisen to Cut Russia Business – Reports

By Editors | 22/04/2024

Italy’s UniCredit and Austria’s Raiffeisen Bank International are expected to be ordered by the ECB to  pare back their Russia business.

Sanctions

US, EU Issue New Sanctions Over Settler Violence in West Bank

By Editors | 21/04/2024

OFAC’s sanctions target two entities that helped raise funds for two already-designated Israeli settlers. The EU sanctions target four individuals and two entities.