Europe

PEPs & Sanctions

UK Secures First Forfeiture from Sanctions Evasion Case

By Editors | 30/07/2024

Around $1mn was forfeited after being frozen since 2022. The funds were held by the wife of Petr Aven, a sanctioned Russian oilgarch.

Structural Regulation

UK FCA Proposes Reforms to Strengthen Capital Markets

By Editors | 30/07/2024

The FCA also finalised rules allowing the ‘bundling’ of payments for investment research and trade execution.

Cybersecurity

ECB Concludes First Cyber Resilience Stress Test for Banks

By Manesh Samtani | 29/07/2024

The ECB said the results will help raise awareness about existing cyber risks and “the need for investment to further enhance cyber resilience”.

KYC & CDD

France Restricts Access to Beneficial Ownership Register

By Editors | 29/07/2024

Competent authorities, professionals subject to AML/CFT obligations, and certain other individuals and entities will still be able to access the data.

Anti-Money Laundering

UK Launches Data Sharing Project to Tackle Organised Crime

By Editors | 29/07/2024

Seven UK banks will share information on customers with the NCA if certain markers of potential criminal behaviour are met.

PEPs & Sanctions

RUSI Publishes Findings from 1st Meeting of New Sanctions Taskforce

By Manesh Samtani | 29/07/2024

The taskforce participants identified several deficiencies that undermine the effectiveness of UK sanctions and “require government attention”.

Stablecoins

Swiss FINMA Publishes New Guidance on Stablecoins

By Editors | 29/07/2024

The guidance sets out new rules on deposit guarantees, which stablecoin issuers can obtain from banks instead of obtaining their own banking licences.

Fraud, Scams & Cybercrime

Paris Court Orders Crédit Lyonnais to Compensate Scam Victim

By Editors | 28/07/2024

Crédit Lyonnais, a subsidiary of Crédit Agricole, was ordered to pay compensation to a customer who was scammed with fraudulent invoices.

Clearing & Post-Trade

France Advocates for Coordinated Approach to T+1 Transition

By Ranamita Chakraborty | 28/07/2024

AMF and Banque de France call for a “two-phased approach” to the transition, emphasising close cooperation with the UK and Switzerland.