Europe

Fintech / Regtech

In Global First, UK to Require Banks to Reimburse Fraud Losses

By Karen Ng | 08/06/2023

The Payment Systems Regulator will make it mandatory for banks, building societies and payment firms to reimburse victims of APP fraud.

Crypto / Digital Assets

Russia Drops Plan to Establish National Crypto Exchange

By Mark Johnston | 06/06/2023

The country now plans to create rules that will enable multiple crypto trading platforms to be established and conduct cross-border transactions.

ESG / Sustainability

EU Watchdogs Settle on Greenwashing Definition

By ESG Investor | 06/06/2023

The EBA, EIOPA and ESMA have put forward a common high-level definition of greenwashing applicable to banking, insurance and pensions and financial markets.

Enforcement

FCA Fines ED&F Man Capital Markets for Cum-Ex Trading Breaches

By Editors | 05/06/2023

The GBP 17.2 million fine is the largest imposed thus far in connection with the cum-ex tax fraud scheme.

AML / KYC

EU, Canada Sanction Moldova Nationals for ‘Destabilising’ Activities

By Manesh Samtani | 04/06/2023

Four individuals are on both sanctions lists for supporting a Russian plan to overthrow the Moldovan government.

ESG / Sustainability

EU to Include Finance Sector in Due Diligence Rules

By ESG Investor | 04/06/2023

New legislation will impose environmental and human rights due diligence obligations on both financial and non-financial companies.

Capital / Liquidity

Credit Suisse Bankers Sue FINMA Over Lost Bonuses

By Editors | 04/06/2023

Some Credit Suisse bankers had their bonus awards based on AT1 bonds, which were wiped out in the government-orchestrated rescue in March.

Market Infrastructure

Regulators Urge Firms to Complete LIBOR Transition Efforts

By Manesh Samtani | 04/06/2023

At least $700bn worth of junk rated US corporate loans are still priced using USD LIBOR, according to estimates.

AML / KYC

EU Officials Formally Sign MiCA Into Law

By Sanday Chongo Kabange | 02/06/2023

The MiCA legislation was signed into law on Wednesday by European Parliament president Roberta Metsola and Swedish minister Peter Kullgren.