Europe

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    Model Risk

    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.

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    Anti-Money Laundering

    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.

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    Cryptocurrency

    Euronext Amsterdam Lists Europe’s First Spot Bitcoin ETF

    By Editors | 16/08/2023

    The ETF is managed by Jacobi Asset Management and uses the FT Wilshire Bitcoin Blended Price Index as its reference.

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    Reporting & Disclosures

    FCA Issues Timeline for UK’s ISSB-based Disclosures

    By ESG Investor | 14/08/2023

    The FCA will be consulting in Q1 2024 with a view to finalising its policy position by end 2024 and commencing reporting from 2026.

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    Anti-Bribery & Corruption

    US, UK, Canada Sanction Former Governor of Lebanon Central Bank

    By Editors | 11/08/2023

    The former governor and his close associates were sanctioned for “corrupt acts” that contributed to Lebanon’s economic crisis.

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    Structural Regulation

    Russia Suspends Tax Agreements with 38 Countries

    By Mark Johnston | 11/08/2023

    The double-taxation treaties are suspended in view of “unfriendly actions” of certain countries.

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    PEPs & Sanctions

    US, Canada, New Zealand Target Belarus With New Sanctions

    By Editors | 10/08/2023

    The coordinated sanctions come on the three-year anniversary of a presidential election which Alexander Lukashenko won by allegedly falsifying votes.

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    Conduct, Culture & Accountability

    UK FRC Consults on Strengthening Ethical Standards for Auditors

    By ESG Investor | 10/08/2023

    Proposed revisions seek to further enhance and clarify the principles of integrity, objectivity and independence auditors must abide by.

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    Payments & Settlements

    UK Commits to Taking Forward Payments System Reforms

    By Editors | 09/08/2023

    The reforms will include a regulatory regime for future systemically important stablecoins used as a means of payment.

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    PEPs & Sanctions

    UK Targets Third Country Military Suppliers With Sanctions

    By Editors | 09/08/2023

    The sanctions target individuals and businesses in Iran, Turkey, Belarus, Slovakia, Switzerland, the UAE and Russia for supporting the war in Ukraine.

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