Europe

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    AML / KYC

    EU Enters Trilogue Discussions on Proposed New AML Authority

    By Mark Johnston | 17/05/2023

    The new Anti-Money Laundering Authority would directly supervise high-risk financial entities and coordinate national authorities and FIUs.

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    Enforcement

    ECB Fines Goldman Sachs for Miscalculating RWA

    By Editors | 17/05/2023

    Goldman’s European unit reported lower RWA for credit risk than it should have done for eight consecutive quarters.

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    ESG / Sustainability

    Stewardship Dialogue Must be Ongoing – FCA

    By ESG Investor | 13/05/2023

    UK regulator seeks evidence of barriers to collaborative engagement, expects consultation responses to feed into review of ‘macro’ stewardship.

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    Fintech / Regtech

    Key Committees in EU Parliament Vote to Adopt “AI Act”

    By Editors | 13/05/2023

    The rules are aimed at supporting AI innovation while also protecting rights, strengthening oversight, and ensuring mature governance and enforcement.

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    EU Backtracks on Financial Advice Inducement Ban – Report

    By Editors | 13/05/2023

    The new plan is to limit the proposed ban on inducement payments to “execution-only” sales of investment products where no financial advice is delivered.

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    Sanctions

    EU Commission Proposes Sanctions Against Chinese Companies

    By Editors | 09/05/2023

    The proposals also include sanctions on Iranian companies, measures to restrict sales of certain products to third countries, and powers to ban oil tankers that conceal their location.

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    Fintech / Regtech

    BIS to Test Quantum Resistant IT Environments for Financial System

    By Editors | 09/05/2023

    “Project Leap” will test the ability of a quantum-resistant algorithm to maintain the confidentiality of payment messages transmitted between Banque de France and Deutsche Bundesbank.

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    Enforcement

    UK FCA Fines Banque Havilland for Alleged Manipulative Trading

    By Sanday Chongo Kabange | 06/05/2023

    Banque Havilland employees including the CEO created and distributed a document containing “manipulative trading strategies” aimed at harming Qatar’s economy.

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    Fintech / Regtech

    UK CMA Commences Review of AI Models

    By Sanday Chongo Kabange | 05/05/2023

    The CMA’s initial review will explore the opportunities and risks AI models could bring for competition and consumer protection.

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    AML / KYC

    UK Government Announces New National Fraud Strategy

    By Editors | 04/05/2023

    Cold calls for financial products will be banned. Banks may be given more time to process payments to allow suspicious payments to be investigated.

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