Europe

Crypto / Digital Assets

Upper House of UK Parliament Approves Financial Services and Markets Bill

By Editors | 23/06/2023

The bill will give regulators powers to regulate stablecoins and crypto activities and enable the PSR to force banks to reimburse APP fraud victims.

Enforcement

Swedbank to Pay $3.4m to Settle Liability for Sanctions Violations

By Mark Johnston | 23/06/2023

Swedbank Latvia sent send payments to persons in Crimea through US correspondent banks in violation of OFAC sanctions.

Big Picture

SNB Calls for Regulatory Changes to Prevent Future Banking Crises

By Mark Johnston | 23/06/2023

The SNB says Credit Suisse AT1 bonds should have been wiped out earlier, and that a review of the too-big-to-fail framework is needed.

Sanctions

EU Ambassadors Agree On 11th Russia Sanctions Package

By Manesh Samtani | 23/06/2023

The package includes a new mechanism that will allow the EU to target third countries that are helping Russia to circumvent existing sanctions.

Big Picture

French Regulator Calls for Global Approach to DeFi Regulation

By Editors | 21/06/2023

The AMF seeks a “balanced regulatory framework that will help support the sound development of decentralised finance in the long run”.

AML / KYC

EBA Calls Out Ineffective AML Risk Management in Payments Sector

By Sanday Chongo Kabange | 21/06/2023

The EBA says money laundering and terrorist financing risks are “not managed effectively” at EU payment institutions.

Capital / Liquidity

BOE to Include Hedge Funds, Pension Funds in Scenario Exercises

By Editors | 20/06/2023

The system-wide exploratory scenario will encompasses hedge funds and pension funds alongside large banks, insurers, and CCPs for the first time.

Sanctions

US, UK Prepare to Use Frozen Russian Assets to Help Ukraine

By Manesh Samtani | 19/06/2023

New US law would allow frozen Russian assets to be confiscated and used to finance Ukraine’s reconstruction.

Enforcement

UK FCA Imposes Restrictions on Odey Asset Management

By Mark Johnston | 19/06/2023

The restrictions are intended to facilitate an orderly breakup of Odey Asset Management, after its founder was accused of sexual misconduct.