Europe

Capital / Liquidity

EU Reaches Provisional Agreement on Basel III Implementation

By Manesh Samtani | 28/06/2023

Elements of the final Basel III reforms would be phased in starting in January 2025, two years after the globally agreed deadline.

ESG / Sustainability

EU ESG Ratings Rules Risk Regulatory Fragmentation

By ESG Investor | 28/06/2023

Proposed framework aims to tackle conflict of interest concerns, but fails to address “quality of raw ESG data”.

AML / KYC

UK Banks to Pilot AML Data Sharing from October – Report

By Editors | 26/06/2023

One pilot will allow banks to share data if they suspect financial crime. Another pilot will involve the launch of a database for suspected economic crime.

AML / KYC

US, EU Push for UAE Removal from FATF Gray List

By Editors | 23/06/2023

Some officials have reportedly been pushing for UAE to be removed from the FATF’s grey list. The country could be removed in as soon as a few months.

Crypto / Digital Assets

Upper House of UK Parliament Approves Financial Services and Markets Bill

By Editors | 23/06/2023

The bill will give regulators powers to regulate stablecoins and crypto activities and enable the PSR to force banks to reimburse APP fraud victims.

Enforcement

Swedbank to Pay $3.4m to Settle Liability for Sanctions Violations

By Mark Johnston | 23/06/2023

Swedbank Latvia sent send payments to persons in Crimea through US correspondent banks in violation of OFAC sanctions.

Big Picture

SNB Calls for Regulatory Changes to Prevent Future Banking Crises

By Mark Johnston | 23/06/2023

The SNB says Credit Suisse AT1 bonds should have been wiped out earlier, and that a review of the too-big-to-fail framework is needed.

Sanctions

EU Ambassadors Agree On 11th Russia Sanctions Package

By Manesh Samtani | 23/06/2023

The package includes a new mechanism that will allow the EU to target third countries that are helping Russia to circumvent existing sanctions.

Big Picture

French Regulator Calls for Global Approach to DeFi Regulation

By Editors | 21/06/2023

The AMF seeks a “balanced regulatory framework that will help support the sound development of decentralised finance in the long run”.