Europe

Anti-Money Laundering

FATF Concerned About Impact of Ukraine Invasion on Risk Environment

By Editors | 06/03/2022

Russia’s actions run counter to the FATF core principles. The FATF is reviewing Russia’s role at the FATF and will consider steps to uphold its core values.

PEPs & Sanctions

Credit Suisse Attempts to Conceal Records on Russian Clients – Report

By Editors | 04/03/2022

Credit Suisse reportedly asked investors to destroy documents relating to a loan securitisation backed by “jets, yachts, real estate and/or financial assets”.

Cryptocurrency

EU Delays Vote on MiCA Legislation Following Backlash

By Mark Johnston | 03/03/2022

A vote on the EU’s regulatory framework for crypto-assets was delayed due to outcry over wording that would ban proof-of-work consensus protocols in 2025.

Climate Risk

ESMA Consults on Climate Risk Stress Testing Approach for CCPs

By Sanday Chongo Kabange | 02/03/2022

ESMA has identified four elements of climate risk that may adversely impact CCPs – physical risk, rapid transition risk, business risk, and collateral replacement risk.

PEPs & Sanctions

Russia SWIFT Ban Still Being Finalised; China Urges Dialogue

By Manesh Samtani | 02/03/2022

Seven Russian banks will likely be cut off from SWIFT; Japan will freeze Russia’s yen reserves; Korea will suspend transactions with seven Russian banks and their subsidiaries.

Anti-Money Laundering

New EU-Wide AML Authority Expected to Oversee Crypto Firms

By Mark Johnston | 01/03/2022

A group of EU member states led by Germany is seeking to make the inclusion of cryptocurrency firms under the AMLA’s remit more explicit.

PEPs & Sanctions

UK Fast-Tracks Property Ownership Transparency Bill

By Manesh Samtani | 01/03/2022

The Economic Crime (Transparency and Enforcement) Bill first promised in 2016 has been introduced in Parliament and will be fast-tracked through the legislature.

Data Privacy

UK, Singapore Bolster Cooperation on Data Flows, Financial Services

By Editors | 01/03/2022

The UKSDEA promotes free flows of data between the UK and Singapore including in financial services. Both countries will work towards recognising each other’s digital identity systems.

PEPs & Sanctions

Western Leaders Pledge to Remove Russian Banks from SWIFT

By Manesh Samtani | 28/02/2022

Western leaders have committed to removing “selected Russian banks” from the SWIFT financial messaging system to harm their ability to operate globally.