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Europe
Big Picture
US Move to T+1 Settlement Poses Systemic Risk to Europe
By Mark Johnston | 20/03/2024
EFAMA says in a policy paper that the US move to a T+1 settlement cycle could dmea European fund managers would be unable to meet CLS cut-off times.
ECB, EBA Form Joint Committee to Streamline Bank Reporting
By Mark Johnston | 19/03/2024
The committee will create a common data dictionary, which will standardise concepts and definitions across new and existing reports.
AML / KYC
EU Commission Revises List of High Risk Third Countries
By Nithya Subramanian | 19/03/2024
Barbados, Gibraltar, Panama, Uganda and UAE have been removed from the list, while Kenya and Namibia were added.
Fintech / Regtech
Microsoft, Amazon Suspend Russian Access to Cloud Products
By Editors | 18/03/2024
The move is a response to the EU’s 12th package of Russia sanctions, which prohibits companies from supplying enterprise or design software to companies in Russia.
AML / KYC
UK Drafts ‘Debanking’ Law in Wake of NatWest Controversy
By Mark Johnston | 18/03/2024
HM Treasury has proposed legislation that aims to protect consumers from arbitrary financial exclusion based on political views.
Sanctions
G7 Warns of Sanctions if Iran Delivers Missiles to Russia
By Editors | 17/03/2024
If Iran delivers ballistic missiles to Russia, Iran Air flights to European cities could be suspended, among other unspecified measures.
Fintech / Regtech
Artificial Intelligence Act Passed by European Parliament
By Mark Johnston | 15/03/2024
Members of Parliament voted to adopt the final text of the EU AI Act, which will seek to promote AI innovation while also defending against risks.
Capital / Liquidity
ECB Announces Changes to Operational Framework
By Editors | 14/03/2024
The ECB will shrink its balance sheet, purge the system of excess liquidity, and incentivise banks to lend to each other.
Sanctions
EU Considers Sanctions Package Targeting Russia Facilitators
By Editors | 14/03/2024
The EU sanctions could target Belarus, North Korea, Iran and other third countries where entities enable Russian access to weapons and sensitive technology.
AML / KYC
UK to Allow Banks to Pause Payments if Fraud is Suspected
By Manesh Samtani | 14/03/2024
Proposed legislation will allow banks to pause payments for up to 72 hours while they contact customers and relevant third parties like the police.
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