05/03/2021
Germany orders Deutsche Bank to do more to prevent money laundering
Deutsche Bank said in a statement that it was improving its controls but “we are also aware that there is still work to be done.”
Legal, Regulation & Compliance
05/03/2021
Ashurst advises Credit Suisse and Patrimonium
The Ashurst team was led by partner Anne Grewlich.
05/03/2021
Malta: Sliema-based online bank fined €360,000 by FIAU
Some of the bank’s customers had previously been arrested for forgery
05/03/2021
Europe’s largest banks plan joint attack on US payments giants
More than 30 lenders designing rival to take on PayPal, Mastercard, Visa and Apple
04/30/2021
Chanel and the University of Cambridge announce a new partnership to focus on sustainability solutions and leadership
Professional development on sustainability topics is critical to drive change and this is mirrored by the widespread appetite among Chanel employees to learn more about these subjects.
04/30/2021
RBS owner headquarters would move to London in event of Scottish independence, boss says
RBS, which is owned by NatWest, is a major employer in Scotland
04/30/2021
Supreme Court appeal lodged over Carey Pensions case
The decision clearly places the risk that an unregulated introducer is carrying out regulated activities onto the provider that receives the referral, even if the provider is unaware that a regulated activity is being carried out and where the client take
04/30/2021
Prudential Regulation Authority proposals for new “strong and simple” regulatory framework for non-systemic banks and building societies
The Prudential Regulation Authority publishes options for discussion on changes to the way small, non-systemic banks and building societies are regulated.
04/30/2021
Independent investigation into the FCA’s supervision of London Capital & Finance
This collection brings together details and updates from HM Treasury on the independent investigation into the Financial Conduct Authority’s supervision and regulation of London Capital & Finance, and related matters.
04/30/2021
The European Banking Authority launches public consultation to enhance proportionality in liquidity reporting
The EBA is also proposing to exempt medium-sized institutions from reporting metrics on roll-over funding.
04/30/2021
EBA consults on draft technical standards
For institutions applying the internal ratings-based (IRB) approach to retail exposures secured by residential or commercial immovable property, these draft RTS provide conditions to be considered when assessing the appropriateness of minimum LGD values.
04/30/2021
FCA sets out proposals to strengthen its financial promotion rules for high-risk investments
The 3 areas of focus are the classification of high-risk investments, the segmentation of the high-risk investment market and the responsibilities of firms which approve financial promotions.
04/30/2021
PIMFA welcomes moves towards greater transparency and control of cost for Claims Management Companies
But the current avenues available to consumers to seek redress are dominated by companies which often offer poor transparency about the nature of their services, while not providing value for money in terms of the fees they charge.
04/30/2021
Financial Regulation: Daily Update
The FCA is seeking views on the classification of high-risk investments, the segmentation of the high-risk investment market, and the responsibilities of firms which approve financial promotions.
04/30/2021
Danish prosecutors drop money laundering charges against former Danske Bank CEO
Individuals must have shown gross negligence in order to be convicted under the Danish money laundering act.
04/30/2021
Insights from the 2020 Cyber Coordination Groups
These Cyber Coordination Groups (CCGs) have aimed to help firms share knowledge and discuss good practices in protecting themselves from cyber threats.
04/30/2021
UK must learn lessons of Wirecard scandal, warn MPs
"Regulators need to be fleet of foot enough to anticipate the issues that arise as firms scale and must have the specialist knowledge to understand how these new types of institutions work."
04/30/2021
Milestone for UK financial services as Bill receives Royal Assent
The UK has taken an important first step in shaping its own financial services regulation outside the EU as the Financial Services Bill received Royal Assent today (29 April 2021).
04/30/2021
Cross-border law enforcement after Brexit: partnering in crime
While some teething problems may be expected, the TCA gives agencies broad powers to obtain one-off binding requests for documents, records of witness interrogations by the police and formal court testimony from abroad.
04/30/2021
Pope sets 40-euro Vatican gift cap in corruption crackdown
Pope Francis set a 40-euro ($48) gift cap for all Vatican employees in one of his biggest efforts yet to crack down on corruption in the Holy See