Europe

Enforcement

UK FCA Fines Commodities Broker for AML Failings

By Mark Johnston | 05/10/2023

ADM Investor Services International did not conduct a firm-wide money laundering risk assessment, and its policies and procedures referred to old legislation.

Market Infrastructure

China, Germany to Strengthen Cooperation on Market Access

By Editors | 03/10/2023

Consensus was reached on 25 different topics, including on strengthening regulatory cooperation in the banking and insurance sectors.

Enforcement

UBS Settles Credit Suisse Liability in Mozambique Bribery Case

By Editors | 03/10/2023

The settlement terms have not been made public, but reports say UBS will forgive part of a loan Credit Suisse made to Mozambique in 2013.

Capital / Liquidity

BOE Plans to Create Permanent Lending Facility for Non-bank FIs

By Editors | 02/10/2023

BOE executive director Andrew Hauser said there was an urgent need to fill gaps in the central bank’s liquidity toolkit.

Fintech / Regtech

ECB Outlines How It Uses AI Tech for Central Banking

By Editors | 01/10/2023

The ECB is using AI to automate data collection and analyse text documents, and exploring the use of large language models for multiple use cases.

Sanctions

UK Imposes New Sanctions Over “Sham Elections” in Ukraine

By Mark Johnston | 01/10/2023

The sanctions are a response to Russia’s attempts one year ago to use “falsified and illegitimate sham referendums” to annex sovereign Ukrainian land.

Sanctions

UK OFSI Updates Russia Sanctions Guidance

By Editors | 29/09/2023

The updated guidance addresses uncertainties regarding funds received from sanctioned banks when neither the sender nor recipient are designated persons.

AML / KYC

ESMA Withdraws JSE Clear’s Recognition Decision

By Editors | 29/09/2023

JSE Clear will no longer be permitted to provide clearing services to clearing members or trading venues in the EU.

Crypto / Digital Assets

BIS Innovation Hub Concludes Project Mariana Trials

By Editors | 29/09/2023

The project explored the use of DeFi automated market makers for the cross-border exchange of CBDC in different currencies.