Europe

Crypto / Digital Assets

ESMA Consults on New Guidelines for MiCA Regime

By Editors | 30/01/2024

Third-country crypto firms will be prohibited from soliciting EU clients unless the client is the “exclusive initiator” of the crypto-asset service.

Sanctions

US, UK Target Iranian Assassinations Network With Sanctions

By Editors | 30/01/2024

The sanctioned individuals carried out “numerous acts of transnational repression including assassinations and kidnappings across multiple jurisdictions”.

AML / KYC

Italy Busts $1.9bn Tax Fraud Scheme Involving Chinese Shadow Banks

By Mark Johnston | 30/01/2024

Italian police uncover a tax fraud involving false invoices and Chinese underground banks, seizing assets worth EUR 350 million.

Sanctions

UK Warns of Sanctions Evasion Through Art Storage Sector

By Editors | 29/01/2024

Art market participants should have the ability to conduct regular due diligence checks and identify any change in a client’s circumstances or suspicious activity.

Crypto / Digital Assets

UK Publishes Response to Digital Pound Consultation

By Editors | 28/01/2024

No final decision has been made to pursue a digital pound, but work will continue to explore its feasibility and potential design choices.

Sanctions

US, UK Announce Sanctions on Four Houthi Officials

By Editors | 26/01/2024

Four officials were sanctions for attacks on ships that “threaten to disrupt international supply chains and the freedom of navigation”.

AML / KYC

UK to Implement First Phase of Economic Crime Act

By Mark Johnston | 26/01/2024

UK outlines first set of measures under Economic Crime and Corporate Transparency Act to enhance transparency and accountability of companies.

Capital / Liquidity

ECB Asks Banks to Monitor Social Media for Liquidity Risks

By Mark Johnston | 26/01/2024

The ECB has asked some banks to set up teams to monitor social media platforms for negative sentiment that could trigger a bank run.

Fintech / Regtech

UK Government Seeks Feedback on Cyber Governance Code

By Mark Johnston | 25/01/2024

The government said that cyber threats should be prioritised as a key business risk, alongside financial and legal challenges.