Crypto / Digital Assets

Swiss FINMA Publishes New Guidance on Stablecoins

29/07/2024

The guidance sets out new rules on deposit guarantees, which stablecoin issuers can obtain from banks instead of obtaining their own banking licences.

Enforcement

Paris Court Orders Crédit Lyonnais to Compensate Scam Victim

28/07/2024

Crédit Lyonnais, a subsidiary of Crédit Agricole, was ordered to pay compensation to a customer who was scammed with fraudulent invoices.

Securities / Derivatives

FMSB Publishes Spotlight Review on Pre-Hedging Practices

28/07/2024

The Spotlight Review offers case studies to provide practical guidance and highlight the nuanced application of pre-hedging principles across different context.

Sanctions

EU Disburses First Funds Generated from Frozen Russian Assets

27/07/2024

The €1.5bn instalment will be used to support Ukraine, in line with an EU-wide agreement on how profits generated from frozen Russian central bank assets can be used.

Enforcement

UK CMA Orders HSBC to Remedy Breaches of Open Banking Rules

27/07/2024

The CMA said Lloyds, TSB and AIB also breached the open banking rules, but the breaches were less extensive and are being addressed.

Fintech / Regtech

US Regulators Request Information from Banks on Fintech Partnerships

27/07/2024

The Fed, FDIC, and OCC asked banks to provide information on their arrangements with third party fintech firms and risk management practices.

Enforcement

OFAC Fines State Street for Sanctions Violations by Subsidiary

27/07/2024

Charles River Systems, acquired by State Street in 2018, redated and reissued invoices for Sberbank and VTB Bank subsidiaries to circumvent sanctions restrictions.

New Reporting Requirements for Super Funds Take Effect in Australia

27/07/2024

ASIC also now has the power to enforce compliance by super funds with accounting and auditing standards, akin to the powers it exercises over listed companies.

AML / KYC

Russian Actors ‘Ubiquitous’ in Global Crypto Crime: TRM Labs

27/07/2024

Sanctioned Russia-based crypto exchange Garantex accounted for 82% of crypto transactions associated with all sanctioned entities internationally in 2023.