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Europe
Sanctions
US Pressure Forces Austria’s Raiffeisen to Back Out of Russia Deal
By Editors | 22/03/2024
The deal would have helped to reduce Raiffeisen Bank’s exposure to Russia, but it would have involved a transaction with a sanctioned Russian oligarch.
AML / KYC
UK Gov, Banks Disagree on Suspended Accounts Scheme
By Editors | 21/03/2024
The scheme would allow banks to transfer funds that have been suspended due to criminal suspicions to the government to finance its efforts to crack down on financial crime.
Crypto / Digital Assets
ECB Establishes Seven New Digital Euro Rulebook Workstreams
By Editors | 20/03/2024
The workstreams are aimed at developing rulebook proposals covering UX standards, a certification and approval framework, risk management, and implementation specifications.
ESG / Sustainability
EU Corporate Sustainability Due Diligence Directive Passes Key Committee
By Editors | 20/03/2024
Compared to the initial proposal, the number of companies in scope has been scaled back, and the financial industry is excluded, among other changes.
Big Picture
US Move to T+1 Settlement Poses Systemic Risk to Europe
By Mark Johnston | 20/03/2024
EFAMA says in a policy paper that the US move to a T+1 settlement cycle could dmea European fund managers would be unable to meet CLS cut-off times.
ECB, EBA Form Joint Committee to Streamline Bank Reporting
By Mark Johnston | 19/03/2024
The committee will create a common data dictionary, which will standardise concepts and definitions across new and existing reports.
AML / KYC
EU Commission Revises List of High Risk Third Countries
By Nithya Subramanian | 19/03/2024
Barbados, Gibraltar, Panama, Uganda and UAE have been removed from the list, while Kenya and Namibia were added.
Fintech / Regtech
Microsoft, Amazon Suspend Russian Access to Cloud Products
By Editors | 18/03/2024
The move is a response to the EU’s 12th package of Russia sanctions, which prohibits companies from supplying enterprise or design software to companies in Russia.
AML / KYC
UK Drafts ‘Debanking’ Law in Wake of NatWest Controversy
By Mark Johnston | 18/03/2024
HM Treasury has proposed legislation that aims to protect consumers from arbitrary financial exclusion based on political views.
Sanctions
G7 Warns of Sanctions if Iran Delivers Missiles to Russia
By Editors | 17/03/2024
If Iran delivers ballistic missiles to Russia, Iran Air flights to European cities could be suspended, among other unspecified measures.
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