Europe

UK Regulators Announce Removal of Banker Bonus Cap

By Editors | 25/10/2023

The BOE and FCA have scrapped rules for banks, building societies, and investment firms which cap bonuses at twice annual salary.

Crypto / Digital Assets

Euroclear Launches DLT-based Digital Securities Issuance Service

By Editors | 25/10/2023

The inaugural Digitally Native Notes were issued by the World Bank on LuxSE, raising €100mn to finance sustainable development activities.

AML / KYC

FATF Removes Switzerland from Enhanced Follow-Up

By Manesh Samtani | 24/10/2023

The FATF upgraded Switzerland’s ratings on two recommendations in response to law reforms that took effect at the beginning of 2023.

Mizuho to Seek EU Regulatory Approval to Convert to Universal Bank

By Editors | 23/10/2023

Mizuho Financial Group plans to merge its Amsterdam-based banking business and its Frankfurt-based securities business in 2025.

Crypto / Digital Assets

EBA, ESMA Consult on Suitability, Remuneration Under MiCA

By Editors | 23/10/2023

Joint guidelines cover suitability of management, owners and board members of crypto firms and stablecoin issuers. Separate EBA consultation covers remuneration policies.

ESG / Sustainability

UK Seeks Feedback on Scope 3 Disclosures

By ESG Investor | 23/10/2023

The call for evidence on Scope 3 GHG emissions reporting will inform the UK’s planned endorsement of ISSB standards.

AML / KYC

UK FCA Urges Firms to Strengthen Anti-Money Mule Controls

By Mark Johnston | 23/10/2023

The FCA published findings from a review of the systems and controls payment account providers have in place to detect and prevent money mule activity.

AML / KYC

Germany’s BaFin Fines Deutsche Bank for STR Filing Delays

By Editors | 23/10/2023

BaFin said Deutsche Bank submitted suspicious transaction reports to the FIU “with a delay”.

ESG / Sustainability

ESMA Warns on “Misleading” Use of ESG-related Terms by Funds

By ESG Investor | 23/10/2023

Research by ESMA shows that ESG-related named funds attract more inflows, raising concerns about potential greenwashing.