Europe

On September 22, the UK government published the Economic Crime and Corporate Transparency Bill 2022. Following the Economic Crime (Transparency and Enforcement) Act passed earlier this year, the bill is designed to tackle the growing problem of dirty money flowing […]

On September 13, 2022, the Central Bank of Ireland fined Danske Bank €1.82m for transaction monitoring failures in its anti-money laundering (AML) and terrorist financing systems. Pursuant to the Central Bank’s administrative sanctions procedure, Danske Bank was reprimanded by the […]

Over EUR 4 million in cash has been seized from an extensive criminal network providing illicit financial services in a joint operation between the Spanish Civil Guard (Guardia Civil) and the German Criminal Bureau (Landeskriminalamt) of Hamburg. The disrupted organized […]

The Office of Financial Sanctions Implementation (OFSI) has issued guidance for service providers in the crypto market, stating relevant firms must report suspected sanctions breaches to authorities. The updated guidance brings crypto exchanges and wallet providers in line with the […]

Germany has made strides toward combatting money laundering and terrorist financing, but still has serious shortcomings to address, according to the Financial Action Task Force’s (FATF) 2022 Mutual Evaluation Report (MER). The report highlights specific money laundering and terrorist financing […]

The European Central Bank (ECB) has issued a new statement on the licensing of crypto-asset activities, reinforcing the commitment of Europe’s legislators and supervisors to harmonize regulations across the continent. The ECB highlights that crypto-asset markets are “developing apace.” As […]

The Financial Conduct Authority (FCA) has published a consultation paper outlining proposed changes to the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) sourcebook to improve how professional body supervisors (PBSs) reduce money laundering in the sectors they oversee. The […]

The Financial Conduct Authority (FCA) has published policy statement 22/10, “Strengthening our financial promotion rules for high-risk investments and firms approving financial promotions,” as part of the agency’s Consumer Investments Strategy. The policy statement sets out final rules following a consultation […]

The British Art Market Federation has issued updated guidance on anti-money laundering requirements for UK art market participants (AMPs) and how they can be implemented. Approved by HM Treasury, the advice is designed to provide a detailed explanation of the […]

On July 20, 2022, the UK government introduced the Financial Services and Markets Bill to Parliament. To boost the competitiveness of the UK, the Bill proposes significant changes to the regulation of the UK financial services sector. It also  addresses […]

Nikhil Rathi, the chief executive of the Financial Conduct Authority (FCA), has set out the regulator’s data-led strategy to embrace and mitigate the risks of digital platforms. In a speech delivered at the Peterson Institute of Economics, Rathi outlined the […]

Access to private market investment opportunities and their lucrative return profiles was historically only granted to institutional and accredited investors. Perceived to possess sophisticated market understanding and risk management expertise, high-net-worth investors have generally had a leg up on private […]