Europe

Sanctions

EBA Proposes New Reporting Requirements for Payments Firms

By Editors | 04/08/2024

PSPs would have to report on the share of instant transfers, both domestic and cross-border, that were rejected due to the application of sanctions.

Enforcement

UK SFO Charges Ex-Glencore Employees Over Bribery Scheme

By Editors | 03/08/2024

Five former Glencore employees are charged with conspiring to make corrupt payments to benefit the company’s oil operations in West Africa.

Crypto / Digital Assets

ESMA Addresses Risk of MiCA Breaches by Global Crypto Firms

By Nithya Subramanian | 02/08/2024

ESMA issued an Opinion to help crypto firms avoid breaching MiCA regulations when doing business via overseas partners.

AML / KYC

Details Revealed on Chinese Scam Operated from Isle of Man

By Manesh Samtani | 01/08/2024

The case is the first known where Chinese nationals operated a pig-butchering scam from a Western country to con victims in China.

Enforcement

UK Supreme Court Agrees to Hear LIBOR Rigging Appeals

By Manesh Samtani | 31/07/2024

Former traders Tom Hayes and Carlo Palombo allowed to appeal convictions for interest rate rigging at the UK’s highest court.

Japan, Netherlands Sign MoC on Banking Supervision

By Editors | 31/07/2024

Japan’s FSA and the Dutch central bank agree to cooperate and exchange information necessary for the supervision of banks that operate in both jurisdictions.

Sanctions

Austria’s Raiffeisen Working to Sell 60pc of Russian Unit

By Editors | 31/07/2024

Raiffeisen is trying to coordinate with Russian, European and US authorities to sell a 60% stake in its Russian unit.

Big Picture

Stablecoins Weaken Liquidity Ratios of Banks: ECB Paper

By Editors | 31/07/2024

Banks that issue their own stablecoins or collect deposits from stablecoin issuers would see their liquidity ratios decline.

Enforcement

UK Court Rules in Mozambique’s Favour in ‘Tuna Bonds’ Case

By Editors | 30/07/2024

The court awarded Mozambique around $825mn, along with an indemnity for over $1bn in debt owed to lenders and bondholders.