Europe

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.

ESG / Sustainability

EU to Simplify ESG Rules Amid Criticism of Over-Regulation

By Nithya Subramanian | 29/11/2024

The European Commission plans to reduce compliance burdens on businesses by streamlining existing ESG frameworks.

Big Picture

UK FCA Faces Criticism Over Consumer Protection Shortfalls

By Thisanka Siripala | 29/11/2024

A parliamentary group released a report based on testimony from 174 respondents collected over two and a half years.

FCA Revises Whistleblowing Policies Following Independent Review

By Thisanka Siripala | 28/11/2024

The updated policies clarify the channels available for raising concerns, extend applicability to former employees, and outline expectations during the grievance process.

Enforcement

UK FCA Fines Macquarie Unit £13m for Control Failures

By Mark Johnston | 28/11/2024

The FCA said serious control failures allowed a junior trader to conceal over 400 fictitious trades to hide trading losses.

Crypto / Digital Assets

UK FCA Unveils Plans for Crypto Regulation, Tokenisation

By Manesh Samtani | 28/11/2024

Several discussion papers and consultations will be issued between now and early 2026. The new crypto regime will go live within 2026.