Europe

Sanctions

US Sanctions Prompt Turkish Banks to Reject Russian Payments

By Editors | 22/01/2024

Turkish banks are now refusing to accept payments from Russian banks for exports, due to the threat of US sanctions.

AML / KYC

EU Council, Parliament Reach Provisional Agreement on AMLD6

By Manesh Samtani | 18/01/2024

The scope of the AML rules is broadened to include cryptoassets, luxury goods, football clubs and golden visas. There is also an EU-wide cash payment limit of EUR 10,000.

ESG / Sustainability

UK FCA Forms New Sustainability Working Group for Advice Sector

By Editors | 18/01/2024

The working group will report in the second half of 2024 on how the financial advice sector can deliver good sustainable finance practices.

AML / KYC

EBA Issues Guidelines on ML/TF Risks Associated with CASPs

By Ranamita Chakraborty | 17/01/2024

The guidelines will foster a common understanding of ML/TF risks associated with crypto-assets service providers, the EBA said.

Enforcement

Former Wyelands Bank CEO Fined, Banned by UK PRA

By Mark Johnston | 16/01/2024

Former Wyelands Bank CEO faces penalty and prohibition for failing to ensure the lender had adequate systems and controls.

Capital / Liquidity

EBA Deems BNP Paribas Capital Instruments Ineligible

By Mark Johnston | 15/01/2024

Perpetual bonds, also known as “discos”, have a complex structure that could hamper the resolution of the bank in a crisis, the EBA said.

Sanctions

Biden Administration Supports Confiscation of Russian Assets – Report

By Editors | 12/01/2024

There have been concerns that the seizure of Russian assets could taint the reputation of the US financial system and spark a flight from the dollar.

Market Infrastructure

ECB to Launch First Cyber Resilience Stress Test for Banks

By Editors | 06/01/2024

The stress tests will assess the ability of 109 banks to respond to and recover from a cyber attack, rather than their ability to prevent it.

Sanctions

EU Sanctions World’s Largest Diamond Producer

By Editors | 04/01/2024

The move is in line with the ban on Russian diamonds introduced as part of the EU’s 12th package of sanctions last month.