Europe

AML / KYC

Germany to Establish New Financial Intelligence Bureau

By Editors | 26/07/2023

The new Federal Bureau of Financial Intelligence will introduce a new investigations procedure and offer specialised AML training courses.

Crypto / Digital Assets

Banque de France Releases New Findings from CBDC Experiments

By Editors | 25/07/2023

Banque de France has determined that wholesale CBDC would improve cross-border payments, settlement finality, and security for a “vast range of financial assets”.

Capital / Liquidity

UBS Penalised $388m Over Credit Suisse’s Archegos Failings

By Editors | 25/07/2023

US, UK, and Swiss regulators took coordinated action to punish the “unsafe and unsound” risk management practices at Credit Suisse.

Market Infrastructure

EU Reaches Agreement on Rule Enhancements for Investment Funds

By Editors | 25/07/2023

AIMA’s deputy CEO Jiri Krol said some restrictions are “difficult to justify” but that AIMA has worked with policymakers to ensure they are “better defined and calibrated”.

Sanctions

EU Imposes Seventh Round of Sanctions on Myanmar

By Editors | 25/07/2023

The EU imposed sanctions on six individuals and one entity for “continuing escalation of violence” and human rights violations.

Capital / Liquidity

EBA Initiates Consultation on Climate Risk Data Collection

By Editors | 24/07/2023

EBA initiates climate data consultation with EU banks for Fit-for-55 climate risk analysis in collaboration with ESAs, ECB, and ESRB.

Crypto / Digital Assets

UK Rejects Proposal to Regulate Crypto as Gambling

By Mark Johnston | 21/07/2023

The UK government and Treasury have rejected a parliamentary committee’s suggestion to regulate crypto trading and investment as gambling.

AML / KYC

BaFin Appoints Special Monitor to Oversee AML Improvements at N26

By Mark Johnston | 21/07/2023

BaFin fined N26 in 2021 but says it still has deficiencies. N26 will be restricted to onboarding no more than 50,000 new customers per month until the deficiencies are resolved.

Sanctions

Western Allies Announce New Sanctions to Deter Russia

By Manesh Samtani | 21/07/2023

US sanctions include Russian metal producers and financial institutions. Canada targeted Russia’s military-industrial complex. UK, Australia and EU also have new targets.