Europe

AML / KYC

Cayman Islands Proposes Beneficial Ownership Transparency Bill

By Manesh Samtani | 04/09/2023

Public access to the beneficial ownership register will be enabled, but only after there is clarity on the effect of the CJEU’s November 2022 ruling.

Capital / Liquidity

Investors Sue MUFG Unit Over Credit Suisse AT1 Losses

By Editors | 01/09/2023

The plaintiffs say Mitsubishi UFJ Morgan Stanley Securities sold them the AT1 bonds without providing sufficient explanations and in violation of suitability rules.

Enforcement

UK Discloses Russia Sanctions Breach by Wise Payments

By Editors | 01/09/2023

The disclosure is meant to act as a form of censure and deterrent, while also providing compliance lessons. No monetary penalty was imposed.

AML / KYC

Switzerland Proposes Strengthening of AML Framework

By Manesh Samtani | 31/08/2023

The proposed framework would enhance beneficial ownership transparency and make lawyers, consultants and accountants responsible for AML checks.

Crypto / Digital Assets

UK Proposes Blanket Ban on Cold Calls for Financial Services

By Editors | 30/08/2023

The ban on cold calling, as proposed, would cover banking, payments, insurance, mortgages, various tangible investments, and cryptoassets.

Market Infrastructure

KSD-Euroclear Trading Link to Open in H1 2024

By Editors | 29/08/2023

The link will enable international investors to access Korean government bonds via an omnibus account opened by Euroclear at the KSD.

Enforcement

UK Energy Regulator Fines Morgan Stanley Over WhatsApp Use

By Editors | 24/08/2023

This is the first-ever fine issued in the UK for failures to record and retain electronic communications relating to energy market trades.

Big Picture

ECB Calls on Banks to Simplify and Streamline Internal Models

By Manesh Samtani | 20/08/2023

Banks should consider using less sophisticated approaches for exposure classes that involve small portfolios or portfolios with limited representative data.

AML / KYC

FCA Sets Out Expectations on Crypto Travel Rule Compliance

By Manesh Samtani | 18/08/2023

UK firms that receive a crypto transfer with incomplete information may block the beneficiary from accessing the crypto.