Europe

Sanctions

Australia, UK Join US in Imposing New Myanmar Sanctions

By Editors | 02/02/2024

The sanctions come three years after the military coup in Myanmar. Australia and the UK targeted a combined nine entities.

Market Infrastructure

EU, Japan Sign Protocol on Cross-border Data Flows

By Editors | 01/02/2024

The protocol provides legal certainty that data flows between the EU and Japan will not be hampered by data localisation requirements.

AML / KYC

UK Trial Commences in £5bn Bitcoin Money Laundering Case

By Editors | 01/02/2024

Woman is charged for laundering GBP 5 billion stolen from more than 128,000 investors in China on behalf of her former employer.

Enforcement

UK PRA Fines HSBC Over Deposit Protection Rule Breaches

By Editors | 31/01/2024

HSBC incorrectly marked eligible accounts as “ineligible” for depositor protection. The fine is the second highest ever imposed by the PRA.

Sanctions

EU Announces Human Rights Sanctions Against Russians

By Editors | 31/01/2024

Russia’s internet censorship agency and its chairperson were sanctioned, along with two judges and a prosecutor.

Crypto / Digital Assets

ESMA Consults on New Guidelines for MiCA Regime

By Editors | 30/01/2024

Third-country crypto firms will be prohibited from soliciting EU clients unless the client is the “exclusive initiator” of the crypto-asset service.

Sanctions

US, UK Target Iranian Assassinations Network With Sanctions

By Editors | 30/01/2024

The sanctioned individuals carried out “numerous acts of transnational repression including assassinations and kidnappings across multiple jurisdictions”.

AML / KYC

Italy Busts $1.9bn Tax Fraud Scheme Involving Chinese Shadow Banks

By Mark Johnston | 30/01/2024

Italian police uncover a tax fraud involving false invoices and Chinese underground banks, seizing assets worth EUR 350 million.

Sanctions

UK Warns of Sanctions Evasion Through Art Storage Sector

By Editors | 29/01/2024

Art market participants should have the ability to conduct regular due diligence checks and identify any change in a client’s circumstances or suspicious activity.