The United Nations Office on Drugs and Crime estimates that US$800 billion to $2 trillion is laundered through worldwide financial systems each year. That’s an astonishing 2-5% of global GDP. The European Banking Federation (EBF) – uniting 32 national banking associations in Europe, representing 5,981 banks with roughly 2.6 million employees – has partnered with SAS to help financial firms worldwide curb the deluge. “Rapidly evolving business and technology render conventional methods for anti-money laundering (AML) inefficient and call for a more innovative approach for fighting financial crime,” said EBF CEO Wim Mijs. “The future of AML is rooted in the use of innovative technologies and shared solutions that, in practice, enhance experts’ judgment and reveal the full picture when dealing with complex criminal networks. We are confident that this collaboration with SAS will help us prepare our members, and the broader banking community, for this new reality.” Continue reading…

The Financial Conduct Authority has fined Credit Suisse over £147 million for serious financial crime due diligence failings related to loans worth over US$1.3 billion, which the bank arranged for the Republic of Mozambique. These loans and a bond exchange were tainted by corruption. Credit Suisse has also agreed with the FCA to forgive US$200 million of debt owed by the Republic of Mozambique as a result of these tainted loans. Continue reading…

Two of the three foundations that have filed for damages against TikTok may have invalid claims. TikTok’s lawyers indicate that the foundations have not adhered to statutory deadlines. There is a risk that the two foundations may not be able to continue their case, which would mean that only the SOMI Foundation’s lawsuit will remain active. After the SOMI Foundation sued TikTok in June for an amount of €1.4 billion for large-scale violations of children’s privacy by the social video service, the Take Back Your Privacy Foundation (supported by the Consumentenbond) and the Massaschade & Consument Foundation also filed claims for damages. The two cases are largely similar to the case that SOMI initiated. The three cases are now being heard simultaneously by the court.
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On October 25th, the Bank for International Settlements (BIS) and the Bank of Italy announced the winners of the G20 TechSprint 2021 challenge during a live award ceremony in Milan. The G20 TechSprint 2021, a hackathon-style competition, was launched in May by the Italian G20 Presidency to highlight the potential for new technologies to resolve some of the most pressing challenges in green and sustainable finance. Continue reading…

KPMG said it had no choice but to advise Silentnight to file for bankruptcy and be purchased by a private equity firm. This assertion was deemed “fundamentally untrue” by a British disciplinary court. The fact that KPMG attempted to deceive the regulator is unprecedented in the FRC’s history.

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A joint investigation team (JIT) between the Dutch and German authorities has taken down an organised crime group specialised in explosive attacks on Automatic Teller Machines (ATMs). A total of nine suspects have been taken into custody as a result of this 18-month investigation coordinated by Europol and Eurojust. The criminals were producing step-by-step tutorials on how to blow up cash machines, and have been linked to at least 15 ATM attacks in Germany. The cash machines were blown open using homemade explosive devices, posing a serious risk for residents and bystanders. During one of the test runs of an explosion, one of the suspects died, with the other suspect getting seriously injured. Continue reading…

Charles Randell has asked the Chancellor of the Exchequer to commence the process to appoint his successor as Chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR). Charles plans to step down in Spring 2022. Under Charles’s leadership as Chair, the FCA has established a significant multi-year transformation programme to become a more proactive, data-led and forward-looking regulator. The FCA has successfully transitioned to a new executive team, which is rolling out detailed strategies to support its transformation. Continue reading…

A new campaign to promote better understanding of modern market making, what it does and its benefits for wider society, has been launched on 27 September 2021. #WeAreMarketMakers is being run by the FIA European Principal Traders Association (FIA EPTA), the European industry body for independent market making companies, as part of its 10th Anniversary activities. The project is not only supported by FIA EPTA’s 30 member firms, but also by others in the markets community that work directly with and alongside the industry. Continue reading…

On October 13, the European Commission proposed bespoke arrangements to respond to the difficulties that people in Northern Ireland have been experiencing because of Brexit, by further facilitating the movement of goods from Great Britain to Northern Ireland. This follows extensive discussions over the past months with the UK government, as well as outreach by the European Commission to political leaders, businesses, civil society and other stakeholders in Northern Ireland. It also puts forward ideas based on elements raised in the UK’s Command Paper published in July 2021. The Commission now stands ready to engage in intensive discussions with the UK government, with a view to reaching a jointly agreed permanent solution as soon as possible. The Commission will do this in close collaboration and constant dialogue with the European Parliament and Council. Continue reading…