Europe

AML / KYC

UK to Allow Banks to Pause Payments if Fraud is Suspected

By Manesh Samtani | 14/03/2024

Proposed legislation will allow banks to pause payments for up to 72 hours while they contact customers and relevant third parties like the police.

Sanctions

EU Parliament Approves Rules Criminalising Sanctions Violations

By Editors | 14/03/2024

Sanctions violations and circumvention will be punished with up to five years in jail for individuals and fines for companies.

Sanctions

Russia Importing UK Luxury Cars via Azerbaijan – Reports

By Editors | 13/03/2024

Azerbaijan received £273mn in vehicle imports from the UK in 2023, a 1,860% increase from the five-year period preceding 2022.

Sanctions

Switzerland Opens First Russia Sanctions-related Criminal Probe

By Editors | 13/03/2024

The company being probed is understood to be a commodity trading firm that used a UAE subsidiary to circumvent Swiss sanctions against Russia.

Enforcement

Italy: UniCredit, NTT Data Fined Over 2018 Data Breach

By Editors | 13/03/2024

UniCredit failed to adopt technical and security measures capable of effectively countering cyberattacks, the Italian Data Protection Authority said.

EU to Streamline Reporting Obligations for Financial Sector

By Editors | 12/03/2024

MEPs voted to adopt new rules to streamline reporting obligations and reduce the administrative burden for the EU’s financial sector.

Market Infrastructure

EU Sets Out Roadmap to Achieve Capital Markets Union

By Editors | 12/03/2024

The roadmap includes measures to harmonise stock exchange listing requirements, reduce listing costs, and make equity and bond financing more attractive.

AML / KYC

HM Treasury Consults to Ways to Enhance AML/CFT Regime

By Nithya Subramanian | 12/03/2024

The consultation seeks views on ways to make CDD checks more proportionate and effective, and how to ensure information sharing and collaboration gateways are open and useful.

AML / KYC

Swiss Authorities Convict BSI Bank for Money Laundering

By Nithya Subramanian | 12/03/2024

Switerland’s Office of the Attorney General has imposed a fine of CHF 4.5 million for violations between August 2010 and June 2014.