Europe

Big Picture

ECB Calls on Banks to Simplify and Streamline Internal Models

By Manesh Samtani | 20/08/2023

Banks should consider using less sophisticated approaches for exposure classes that involve small portfolios or portfolios with limited representative data.

AML / KYC

FCA Sets Out Expectations on Crypto Travel Rule Compliance

By Manesh Samtani | 18/08/2023

UK firms that receive a crypto transfer with incomplete information may block the beneficiary from accessing the crypto.

Crypto / Digital Assets

Euronext Amsterdam Lists Europe’s First Spot Bitcoin ETF

By Editors | 16/08/2023

The ETF is managed by Jacobi Asset Management and uses the FT Wilshire Bitcoin Blended Price Index as its reference.

ESG / Sustainability

FCA Issues Timeline for UK’s ISSB-based Disclosures

By ESG Investor | 14/08/2023

The FCA will be consulting in Q1 2024 with a view to finalising its policy position by end 2024 and commencing reporting from 2026.

AML / KYC

US, UK, Canada Sanction Former Governor of Lebanon Central Bank

By Editors | 11/08/2023

The former governor and his close associates were sanctioned for “corrupt acts” that contributed to Lebanon’s economic crisis.

Sanctions

Russia Suspends Tax Agreements with 38 Countries

By Mark Johnston | 11/08/2023

The double-taxation treaties are suspended in view of “unfriendly actions” of certain countries.

Sanctions

US, Canada, New Zealand Target Belarus With New Sanctions

By Editors | 10/08/2023

The coordinated sanctions come on the three-year anniversary of a presidential election which Alexander Lukashenko won by allegedly falsifying votes.

UK FRC Consults on Strengthening Ethical Standards for Auditors

By ESG Investor | 10/08/2023

Proposed revisions seek to further enhance and clarify the principles of integrity, objectivity and independence auditors must abide by.

Fintech / Regtech

UK Commits to Taking Forward Payments System Reforms

By Editors | 09/08/2023

The reforms will include a regulatory regime for future systemically important stablecoins used as a means of payment.