On 28 June 2017, the Council prolonged economic sanctions targeting specific sectors of the Russian economy until 31 January 2018. This decision follows an update from President Macron and Chancellor Merkel to the European Council of 22-23 June 2017 on the implementation of the Minsk Agreements. This paved the way for the renewal of sanctions for a further six months. 
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On 26 June, Nordea issued its first-ever Green Bond. The issuance was very well received by investors, including new groups of sustainability investors, and on the back of solid demand, Nordea managed to issue the EUR 500m 5-year bond at a more attractive price compared to Nordea’s normal senior unsecured bond issuances. In addition to providing cost-efficient funding, the Green Bond issuance is a natural step to manifest Nordea’s increased ambition level in the sustainability area.
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On 23 June, the European Central Bank (ECB) determined that Veneto Banca S.p.A. and Banca Popolare di Vicenza S.p.A. were failing or likely to fail as the two banks repeatedly breached supervisory capital requirements. The determination was made in accordance with Articles 18(1a) and 18(4a) of the Single Resolution Mechanism Regulation. The ECB had given the banks time to present capital plans, but the banks had been unable to offer credible solutions going forward.
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The FCA statement after Serious Fraud Office charges in Barclays Qatar capital raising case is as follows :  “We are pleased that this matter, which led to the stay of our own case, is now in the public domain. We welcome a fair and transparent hearing on the basis of the charges set out today by the SFO. We work closely with the SFO across a range of matters, in pursuit of our distinct objectives. ”

John Griffith-Jones, Chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), has confirmed that he will leave both organisations at the end of his term of office, on 31 March 2018.

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by Ken van Ierlant

Technological developments move so quickly that you can’t keep up with the requisite investments. Companies can build a complete in-house IT environment, but if they do they run the risk that it will be outdated before it even becomes operational. Moreover, these efforts distract from the core activities and core competencies of your business. It is much easier to purchase your IT landscape in the form of services.
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Banks have clearer guidance on how to best manage risks related to money laundering and the financing of terrorism under final revisions issued today by the Basel Committee on Banking Supervision. The revisions pertain to Annexes 2 (“Correspondent banking”) and 4 (“General guide to account opening”) of the guidelines on the Basel Committee’s Sound management of risks related to money laundering and financing of terrorism.
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by Vincent Wellens & Jad Nader

On 17 May 2017, the Luxembourg financial sector regulator (CSSF) published four circulars in order to streamline its regulation on (IT) outsourcing in the financial sector, and to introduce specific rules for the use of cloud services. Through these circulars, the CSSF defines the conditions under which financial service providers may outsource activities, IT-related activities in particular without infringing the regulatory principles of central administration and sound governance. These circulars complement the imminent legislative changes which will foresee in an explicit legal exemption from the professional secrecy obligation in the financial sector as far as outsourcing is concerned.
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by Jeremy Lehman

“I like Uber because it’s so easy. Really, anything informative and elegant.” “To be honest, it probably sounds stupid-Amazon-they have a million products, and I can get what I want in 10 seconds.” “It’s such a cliché, but Apple because I use them for everything, even news now. I’m constantly on their devices. I’m holding their phone right now.” Several consumers shared the brands or businesses that best engage them digitally in a casual survey. Sophisticated consumers almost apologized for citing big, predictable names in content streaming, ecommerce, and ride sharing. These companies-all digital natives-are defining consumer expectations.
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Criminals will find it more difficult to launder money through the UK thanks to a new government crackdown. The Economic Secretary to the Treasury, Simon Kirby, (see photo) has unveiled plans to create a new watchdog that will tackle potential weaknesses in the supervisory system that criminals and terrorists may be trying to exploit. The new Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will help improve the overall standards of supervision and ensure supervisors and law enforcement work together more effectively.
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