Europe

AML / KYC

FCA Fines UK Challenger Bank for Weak AML Controls

By Editors | 17/10/2022

Gatehouse Bank failed to perform appropriate checks on customers based in high-risk countries and customers that were classified as PEPs.

AML / KYC

Glencore Facing Investor Lawsuits Following Bribery Conviction

By Editors | 14/10/2022

Sovereign wealth funds from the UAE, Kuwait and Norway, along with Abrdn, HSBC, Standard Life and others are among the claimants.

AML / KYC

Switzerland to Commence Work on Creating UBO Register

By Editors | 14/10/2022

A bill will be drafted by mid 2023 to create a central beneficial ownership register that will be accessible to authorities.

Enforcement

SFC Fines Asset Manager Over European Rule Breaches

By Editors | 12/10/2022

ARCM failed to implement adequate systems and controls to monitor its short position and ensure it was properly reported and disclosed to the public.

Market Infrastructure

UK Court Allows Legal Actions Against LME to Proceed

By Editors | 12/10/2022

The LME says the decision to allow the Elliott and Jane Street cases to proceed is “entirely procedural” and “in no way a ruling on the merits” of the claims.

Fintech / Regtech

UK Regulators Launch Discussion Paper on AI Regulation

By Editors | 12/10/2022

The paper considers how current legal and regulatory requirements and guidance apply to the use of AI in UK financial services, and the gaps that may need to be addressed.

Market Infrastructure

EMIR Refit Technical Standards Published in Official Journal

By Editors | 12/10/2022

Under the standards, reporting of the CDE, LEIs, ISINs, UTIs and UPIs to trade repositories are mandated, in XML format using ISO 20022.

Fintech / Regtech

Worldline, NPCI to Enable Indian UPI Payments Across Europe

By Editors | 12/10/2022

The first target markets are set to include Benelux (Belgium, the Netherlands, and Luxembourg) and Switzerland, with further plans for expansion.

Enforcement

UK FCA Queries Banks About Staff Messaging Practices

By Editors | 12/10/2022

The queries come after US regulators collected over $2bn in combined penalties from firms for failures to maintain, preserve, or produce staff communication records.