11/01/2019
European Supervisors Outline Financial Sector’s AML Weak Spots
Virtual currencies also present risks as they facilitate anonymity and they are inconsistently regulated across the EU.
Legal, Regulation & Compliance
11/01/2019
FATF Issues Draft Guidance on Digital Identity Systems
It also provides guidance for government, regulated entities and other relevant parties on how to apply a risk-based approach to using digital ID systems for customer identification and verification consistent with the FATF Recommendation 10.
11/01/2019
Deutsche Bank Reported Its Own Russian Deal as Suspicious
After the sale went through, Deutsche Bank officials in the United States took the rare step of contacting the federal watchdog that polices financial crimes to report the bank’s own transaction as suspicious, according to three people briefed on th
11/01/2019
UK lawmakers want bank payments ‘speed bump’ to stop scammers
To transfer money at Britain’s major lenders, the name of the recipient account holder must be confirmed by the receiving bank to stop fraudsters from diverting money.
11/01/2019
Gambling Commission CEO: Malta operators must improve compliance standards
A further 14 were the subject of enforcement investigations, while seven operators have paid £18m ($23.2m) in penalty packages and five have surrendered their licenses.
11/01/2019
CySEC adopts FATF’s Guidance on Terrorist Financing Risk Assessment
The Guidance provides best-practice approaches, relevant information sources and practical examples for regulated entities to consider when assessing terrorist financing risk on a country-by-country basis.
11/01/2019
ECB speech on the European Banking Union
Speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at a dinner of the Centre for European Reform
11/01/2019
OECD guidance on due diligence for responsible corporate lending and securities underwriting
Broadly recognised environmental and social standards have previously not existed for corporate lending and underwriting transactions, although they represent the vast majority of banking finance activity.
11/01/2019
Letter from Sarah Breeden and David Bailey ‘Reliability of regulatory returns’
Letter to Chief Executive Officers of PRA-regulated banks and building societies
11/01/2019
Banks face compensation claim from past victims of payment fraud
MPs’ plan to tackle economic crime would hit UK financial services industry
10/31/2019
Bosnia and Herzegovina signs landmark agreement to strengthen its tax treaties
The Convention is the first multilateral treaty of its kind, allowing jurisdictions to integrate results from the OECD/G20 BEPS Project into their existing networks of bilateral tax treaties.
10/31/2019
Deloitte partner fined over Serco audit misconduct
The watchdog launched a separate investigation into the audit of the subsidiary and in July fined Deloitte and another of its partners a total of £4.6 million for misconduct.
10/31/2019
EU weighs new anti-money laundering body in wake of scandals
Paris and The Hague say crises have shown the need for Europe’s own enforcement body
10/31/2019
EU Exit: FCA statement on Brexit extension
Firms should continue to comply with existing regulatory requirements, including those relating to MiFID transaction reporting and EMIR trade reporting requirements.
10/31/2019
EU Exit: ESMA statement on Brexit preparations
The reference date for Brexit in all of ESMA’s previously published measures and actions, including public statements, issued regarding the possibility of a no-deal Brexit scenario, should now be read as 31 January 2020.
10/31/2019
Supreme Court upholds first successful claim for breach of the so-called "Quincecare" duty of care
The Supreme Court's judgment in this case follows hot on the heels of the Court of Appeal's refusal to strike out a Quincecare duty claim in JPMorgan Chase Bank
10/31/2019
BoE speech on openness and integration in Fintech
The UK financial sector is a national asset and a global public good.
10/31/2019
New Regulations Force Financial Services Firms to Ramp Up Investment in Outsourcing
The survey shows that few financial services organisations try to go it completely alone with data.
10/31/2019
FCA appeals to victims of illegal money lender
We have been in contact with victims already but we know there are more out there.
10/30/2019
Vatican cardinals linked to missing millions and financial scandal
The debt was the result of an APSA loan to a non-profit partnership between the Vatican’s Secretariat of State and an Italian religious order