Europe

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    Sanctions

    FCA Unveils Findings from Sanctions System Testing in Financial Sector

    By Manesh Samtani | 07/09/2023

    The FCA used a “new analytics-based tool” developed in-house that tests how effective firms are at identifying sanctioned individuals and entities.

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    AML / KYC

    UK FCA Launches Review of Treatment of PEPs

    By Editors | 07/09/2023

    The FCA said it will take “prompt action” if any significant deficiencies are identified in the arrangements of any firm assessed in the review.

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    Market Infrastructure

    RBI, ESMA Close to Resolving Stand-Off Over CCPs – Report

    By Manesh Samtani | 07/09/2023

    Discussions regarding MoUs between the RBI and ESMA are reported to be progressing more smoothly and regularly.

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    Crypto / Digital Assets

    UK Completes Discovery Phase of ‘Regulated Liability Network’

    By Editors | 06/09/2023

    In the next phase, a PoC will continue testing the Regulated Liability Network for consumer domestic payments involving retail CBDC.

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    Fintech / Regtech

    UK House of Commons Report Calls for Dedicated Bill on AI Governance

    By Manesh Samtani | 06/09/2023

    Key committee outlines 12 challenges related to AI governance, calls for the introduction of a “tightly-focused” AI Bill in the next King’s Speech.

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    Crypto / Digital Assets

    LSEG to Push Forward Plans to Develop Digital Markets Business

    By Editors | 05/09/2023

    LSEG has been exploring a possible blockchain-powered trading venue for about a year and has now reached an “inflection point”.

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    Germany’s BaFin Suffering DDoS Attack Since Friday

    By Editors | 04/09/2023

    BaFin apologised for the inconvenience and said it is working “intensively” to restore full access to its website.

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    Fintech / Regtech

    Fragility of Deep Learning Models May Present Systemic Risk: BOE

    By Manesh Samtani | 04/09/2023

    New paper says the “underlying fragility” of deep learning frameworks used by FIs increases risks for individual firms and the financial system.

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    AML / KYC

    Crypto Travel Rule Comes into Force in the UK

    By Editors | 04/09/2023

    The UK is now one of several jurisdictions to have now implemented the travel rule for the crypto sector.

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    AML / KYC

    Cayman Islands Proposes Beneficial Ownership Transparency Bill

    By Manesh Samtani | 04/09/2023

    Public access to the beneficial ownership register will be enabled, but only after there is clarity on the effect of the CJEU’s November 2022 ruling.

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