Europe

Fraud, Scams & Cybercrime

UK Steel Traders Jailed for $500m Trade Finance Fraud

By Mark Johnston | 05/04/2023

Three senior executives of Balli Steel were sentenced to prison for using fake documents and contracts to obtain loans.

Cryptocurrency

FTX EU Begins Allowing Customers to Withdraw Funds

By Editors | 05/04/2023

FTX EU set up a website through which balances can be verified and requests for withdrawals in fiat currency can be made.

Fraud, Scams & Cybercrime

Germany Bans EY for Two Years Over Wirecard Audits

By Editors | 04/04/2023

Germany’s auditor regulator also fined the company €500,000, and five of its current and former auditors between €23,000 and €300,000.

Structural Regulation

UK FCA Announces Decision on Synthetic USD LIBOR Rates

By Editors | 04/04/2023

1-, 3- and 6-month synthetic USD LIBOR rates will continue to be published for 15 months after the USD LIBOR bank panel ceases on 30 June.

Conduct, Culture & Accountability

UK Launches Review of Senior Managers Accountability Regime

By Editors | 03/04/2023

The review seeks stakeholders’ views to identify ways to improve operational and legal aspects of the Senior Managers and Certification Regime.

Supervision & Enforcement

Swiss Prosecutor Opens Criminal Probe Into Credit Suisse Takeover

By Editors | 03/04/2023

The prosecutor is looking into potential breaches of Switzerland’s criminal law by government officials, regulators and bank executives.

Anti-Money Laundering

Germany to Establish New Agency to Fight Financial Crime

By Sanday Chongo Kabange | 02/04/2023

The ‘Federal Authority for Fighting Financial Crime” will absorb the functions of the FIU and also be responsible for enforcing international sanctions.

Fraud, Scams & Cybercrime

UK Court Allows Wirecard-related Fraud Suit to Proceed

By Editors | 31/03/2023

An Indian business was sold to a Mauritius-based fund in 2015, weeks before Wirecard bought the company for a price ten times higher.

Anti-Money Laundering

UK Unveils New Plan to Tackle Economic Crime

By Sanday Chongo Kabange | 31/03/2023

The plan involves hiring 475 specialist investigators, investing in technology and data analytics, and establishing a new multi-agency crypto cell.