Europe

PEPs & Sanctions

Russia, Iran Spend Billions on New Trade Route – Report

By Sanday Chongo Kabange | 28/12/2022

Russia and Iran are investing an estimated USD 25 billion in the new 3,000 km trade route. The existing route is 14,000 km long.

Cryptocurrency

UK ASA Orders Removal of “Misleading” Crypto.com Ad

By Editors | 27/12/2022

The ASA said the ad was misleading because “it failed to illustrate the risk of investing in NFTs” and “it didn’t make clear that fees would apply”.

Clearing & Post-Trade

EU Member States Agree on Revisions to CSDR

By Editors | 27/12/2022

The mandatory buy-in regime would be used as a “measure of last resort”, activated only in the case where the “level of settlement fails would be substantial in the EU.”

Data Privacy

EU Commission Approves Pilot Use Cases for Digital ID Wallet

By Editors | 27/12/2022

The approved pilots cover payments, travel, and business compatibility. The EU Digital Identity Wallet is expected to go live in 2024.

Conduct, Culture & Accountability

BOE Proposes to Remove Cap on Bankers Bonuses

By Editors | 27/12/2022

Removing the cap will increase the proportion of compensation that can be set by tools such as deferral, payments in instruments, and risk adjustment.

PEPs & Sanctions

EU Facing Legal Challenge Over Anti-Russia Sanctions

By Editors | 26/12/2022

One company and 61 individuals are seeking to challenge what they view as a violation of their rights, and the freezing of their assets by EU authorities.

Capital Adequacy

BaFin Imposes Capital Charge on StanChart’s German Unit

By Editors | 23/12/2022

The regulator said the bank’s internal organisation did not meet legal requirements, without disclosing further details.

Anti-Money Laundering

Head of German FIU Resigns Over Secret SAR Backlog – Report

By Editors | 22/12/2022

The German FIU was sitting on more than 100,000 unprocessed SARs which it did not disclose to the FATF during its mutual evaluation.

PEPs & Sanctions

UK Ban on Providing Trust Services to Russia Takes Effect

By Editors | 22/12/2022

Professional services ban expanded from accounting, consulting and PR services to include trust, advertising, auditing, engineering and IT consultancy and design services.