Europe

Anti-Money Laundering

Danske Bank to Pay $2bn to Resolve DOJ, SEC Probes

By Sanday Chongo Kabange | 15/12/2022

Danske Bank admitted to allowing high-risk non-resident customers from other countries including Russia to use its Estonia branch to access US banks.

Structural Regulation

GLEIF Confirms Utility of Embedding LEI in eSeals

By Editors | 14/12/2022

In a PoC, GLEIF demonstrated that embedding LEIs in eSeals allowed Japanese and European entities to transact digitally with greater trust.

Conduct, Culture & Accountability

UK FCA Fines Metro Bank for Incorrect RWA Disclosure

By Sanday Chongo Kabange | 14/12/2022

The bank published incorrect information concerning its risk-weighted assets and did not disclose the error to investors despite knowing it was wrong.

Capital Adequacy

ECB to Raise UniCredit Capital Requirement Due to Russia Risks

By Editors | 14/12/2022

UniCredit still has some cross-border exposure to Russia and operates in some markets that are reliant on disrupted supplies of natural gas.

Fraud, Scams & Cybercrime

Wirecard Trial Begins With Defendants Blaming Each Other

By Mark Johnston | 14/12/2022

Former CEO Markus Braun and his co-defendants face up to 15 years in jail, though a verdict is not expected until at least 2024.

Anti-Money Laundering

UK FCA Fines Santander for “Persistent Gaps” in AML Controls

By Editors | 13/12/2022

The FCA said Santander did not manage business banking accounts correctly and did not promptly deal with automated monitoring alerts.

Fraud, Scams & Cybercrime

UK Court Convicts Three for Defrauding Libyan Sovereign Fund

By Mark Johnston | 13/12/2022

The fund managers structured investments in a way that generated finder fees that they funnelled through offshore shell companies, causing around $46mn to Libya.

Cryptocurrency

EU Commission Proposes New Tax Transparency Rules for Crypto

By Editors | 13/12/2022

New requirements to report crypto-asset, e-money and digital currency transactions are expected to enter into force on 1 January 2026.

Market Abuse

EU Commission Accuses Two Banks of Cartel Conduct

By Editors | 12/12/2022

Deutsche Bank and Rabobank traders allegedly exchanged commercially sensitive information and coordinated pricing and trading strategies on government bonds.