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Europe
Sanctions
EU Commission Proposes Sanctions Against Chinese Companies
By Editors | 09/05/2023
The proposals also include sanctions on Iranian companies, measures to restrict sales of certain products to third countries, and powers to ban oil tankers that conceal their location.
Fintech / Regtech
BIS to Test Quantum Resistant IT Environments for Financial System
By Editors | 09/05/2023
“Project Leap” will test the ability of a quantum-resistant algorithm to maintain the confidentiality of payment messages transmitted between Banque de France and Deutsche Bundesbank.
Enforcement
UK FCA Fines Banque Havilland for Alleged Manipulative Trading
By Sanday Chongo Kabange | 06/05/2023
Banque Havilland employees including the CEO created and distributed a document containing “manipulative trading strategies” aimed at harming Qatar’s economy.
Fintech / Regtech
UK CMA Commences Review of AI Models
By Sanday Chongo Kabange | 05/05/2023
The CMA’s initial review will explore the opportunities and risks AI models could bring for competition and consumer protection.
AML / KYC
UK Government Announces New National Fraud Strategy
By Editors | 04/05/2023
Cold calls for financial products will be banned. Banks may be given more time to process payments to allow suspicious payments to be investigated.
Sanctions
EU to Extend Sanctions Regime to Cover Corruption
By Manesh Samtani | 04/05/2023
The EU would be able to target serious acts of corruption worldwide with travel bans and asset freezes, similar to the US Magnitsky Act.
Capital / Liquidity
More Credit Suisse AT1 Bondholders Sue FINMA
By Editors | 04/05/2023
The suit means that investors representing up to a third of the $17bn in AT1 bonds issued by Credit Suisse have now launched legal action.
Capital / Liquidity
ESMA Follows Through with De-recognition of Indian CCPs
By Manesh Samtani | 03/05/2023
So far Indian markets have not faced disruptions. This is attributed to the concessions provided by French and German regulators.
Capital / Liquidity
ECB Scrutinising Bond Losses at European Banks
By Editors | 30/04/2023
The ECB is asking banks about their practices for hedging interest rate risk, including to assess whether risks have been shifted to nonbanks.
AML / KYC
UK Convicts Cash Couriers for Laundering Over $130m
By Editors | 27/04/2023
The couriers smuggled money from the UK to Dubai using vacuum-packed suitcases sprayed with coffee or air fresheners to evade detection.
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