Europe

AML / KYC

US, UK Target Major Russian Sanctions Evasion Network

By Editors | 05/12/2024

OFAC sanctioned five individuals and five entities associated with the network. The NCA said 84 arrests have been made and $25mn has been seized.

Market Infrastructure

CME Group Launches Beta Term €STR Reference Rates

By Editors | 05/12/2024

The beta reference rates are based on a waterfall methodology that builds on €STR futures and OTC swap market data.

AML / KYC

UK FCA Finalises Updates to Financial Crime Guide

By Editors | 04/12/2024

The financial crime guide is updated to provide additional guidance on sanctions, proliferation financing, transaction monitoring and cryptoassets.

Enforcement

Swiss Court Commences Trial Against Trafigura Over Angola Bribes

By Nithya Subramanian | 03/12/2024

This is the first time Switzerland’s Federal Criminal Court will have to rule on a company’s liability for alleged bribery of a foreign official.

Crypto / Digital Assets

Permissionless Blockchains Can Enhance Traditional Financial Services

By Editors | 03/12/2024

European Commission report says public permissionless blockchains represent a promising alternative to permissioned platforms.

AML / KYC

Lombard Odier, Ex-Banker Indicted in Swiss Money Laundering Case

By Nithya Subramanian | 03/12/2024

Swiss prosecutors alleged that Lombard Odier and one of its former RMs concealed dirty funds and engaged in “aggravated money laundering”.

Fintech / Regtech

UK Launches AI Security Research Lab to Defend Against Cyber Threats

By Thisanka Siripala | 02/12/2024

The Lab will seek collaboration with the Five Eyes members to defend against the use of AI for malicious purposes, including attempts by Russia and North Korea.

AML / KYC

Wise Tightens AML Compliance Following Regulatory Review in Europe

By Thisanka Siripala | 30/11/2024

The National Bank of Belgiumreportedly found in 2022 that Wise lacked proof of address for hundreds of thousands of customers.

AML / KYC

FCA Unveils New 5-year Strategy to Boost Trust in UK Market

By Editors | 29/11/2024

FCA chief operating officer Emily Shepperd said tackling financial crime is one of four pillars of the new strategy.