Europe

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    AML / KYC

    EBA Calls Out Ineffective AML Risk Management in Payments Sector

    By Sanday Chongo Kabange | 21/06/2023

    The EBA says money laundering and terrorist financing risks are “not managed effectively” at EU payment institutions.

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    Capital / Liquidity

    BOE to Include Hedge Funds, Pension Funds in Scenario Exercises

    By Editors | 20/06/2023

    The system-wide exploratory scenario will encompasses hedge funds and pension funds alongside large banks, insurers, and CCPs for the first time.

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    Sanctions

    US, UK Prepare to Use Frozen Russian Assets to Help Ukraine

    By Manesh Samtani | 19/06/2023

    New US law would allow frozen Russian assets to be confiscated and used to finance Ukraine’s reconstruction.

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    Enforcement

    UK FCA Imposes Restrictions on Odey Asset Management

    By Mark Johnston | 19/06/2023

    The restrictions are intended to facilitate an orderly breakup of Odey Asset Management, after its founder was accused of sexual misconduct.

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    Market Infrastructure

    EU Proposes New Rules to Address Cum-Ex Tax Dodge Schemes

    By Mark Johnston | 19/06/2023

    The proposals aim to make withholding tax procedures more efficient and secure for investors, banks and tax authorities.

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    Crypto / Digital Assets

    Global Consortium Executes First “Quantum-Secure” Trade Transaction

    By Sanday Chongo Kabange | 19/06/2023

    The trade parties utilised IMDA’s ‘TradeTrust framework’ and placed a quantum-secure ‘seal’ on the electronic trade documents.

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    Enforcement

    UK MPs Demand Re-examination of LIBOR Rigging Convictions

    By Mark Johnston | 18/06/2023

    UK MPs say crucial evidence was withheld from the LIBOR manipulation inquiry and that the UK is now alone in treating the actions of the traders involved as criminal.

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    Big Picture

    Banque de France Says Second Version of MiCA is Needed

    By Editors | 17/06/2023

    Francois Villeroy de Galhau highlighted that MiCA currently does not cover crypto conglomerates, crypto lending, DeFi and NFTs.

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    AML / KYC

    TSB Calls on Meta to Take Responsibility for Social Media Frauds

    By Editors | 16/06/2023

    TSB says Meta should take five steps to protect consumers, including issuing a commitment to investigating and removing fraudulent content within 24 hours.

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    AML / KYC

    UK Unveils Measures to Increase Corporate Accountability for Crime

    By Editors | 16/06/2023

    Under the reform plan, businesses involved in fraud, money laundering, and bribery will be subject to stricter scrutiny.

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