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EU banking watchdog clears Estonian, Danish regulators over Danske Bank

The European Union banking watchdog said on Wednesday that its investigation into financial regulators in Estonia and Denmark in relation to suspected money laundering activities by Danske Bank did not find any breach of EU law. Danish and Estonian financial regulators have publicly blamed each other for the Danske Bank… Read More

EU Parliament Empowers EBA, Prudential Regulators to Fight Money Laundering

EU lawmakers on Tuesday adopted measures to task the European Banking Authority (EBA) with fighting money laundering, empower prudential regulators to better address financial crime risks and protect whistleblowers. Under a legislative resolution to strengthen the bloc’s supervisory authorities, the EBA would take a “leading, coordinating and monitoring role at… Read More

UK Launches 5AMLD Consultation with Eye on Post-Brexit Era

The United Kingdom is seeking input on its planned implementation of the European Union’s fifth anti-money laundering directive (5AMLD) as the government continues to negotiate an exit from the economic bloc. In a consultation paper published Monday, HM Treasury said it would seek stakeholder commentary on the directive through… Read More

16th April 2019

France to ask EU partners to adopt its cryptocurrency regulation

France will push for the European Union to adopt a regulatory framework on cryptocurrencies similar to the one it brought in last week at a national level, becoming the first major country to do so, French Finance Minister Bruno Le Maire said on Monday. The French parliament last week approved… Read More

15th April 2019

Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK

European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More

11th April 2019

ECB looking into Swedbank’s Estonian operations – Swedish newspaper

The European Central Bank (ECB) is looking into Swedbank’s Estonian operations, Swedish daily Dagens Nyheter reported on Wednesday, citing an undisclosed source. The ECB wants to know how well Swedbank’s Estonian subsidiary kept itself informed about its customers, the paper said, citing the source. The newspaper also reported, citing the… Read More

11th April 2019

Trick or treat? EU, UK agree to delay Brexit until Halloween

AP — As if Brexit hadn’t spooked Britain and the European Union enough over the past three years, the two sides agreed early Thursday to extend the deadline to Halloween. The new, Oct. 31 cutoff date averts a precipitous and potentially calamitous Brexit that had been scheduled for Friday. “Please,… Read More

9th April 2019

Navigating Group Compliance Risks in Third Countries: EU Regulations

Following HSBC’s 2012 money laundering scandal, the Financial Action Task Force called on financial and credit institutions to adopt group-wide financial crime policies. The Fourth EU Anti-Money Laundering Directive (4AMLD), passed in 2015, implemented a similar requirement for European institutions. But to address situations when international firms could not fully… Read More

8th April 2019

Chinese Investors Look to Greece for Controversial ‘Golden Visas’: Report

Wealthy Chinese nationals are increasingly obtaining so-called “golden visas” from the Greek government despite concerns that such arrangements open the door for money launderers, The National Herald reported Sunday. Under Greek regulations, investors who buy land, property or securities worth at least €250,000 can obtain visas that include residency permits and… Read More

4th April 2019

Explainer: Europe’s money laundering scandal

The largest ever money laundering scandal in Europe is rippling through the region’s banks. It began in the Baltics and has engulfed several Nordic lenders, notably Denmark’s Danske and Sweden’s Swedbank, who had large Baltic operations. Here are some facts about Europe’s problems. HOW DID THE CURRENT SCANDAL EMERGE? The… Read More

3rd April 2019

MEPs Warn on Alleged Corruption in Malta and Slovakia

Members of the European Parliament are voicing concerns about the rule of law in Malta and Slovakia following the murder of two journalists investigating corruption and organized crime in the countries. The parliamentarians on Thursday formally adopted the conclusions reached last summer by a working group established within the Civil… Read More

2nd April 2019

Nine banks win dismissal of Iran terrorism financing lawsuit: U.S. judge

A U.S. judge has dismissed a lawsuit seeking to hold nine large European banks liable for allegedly providing banking services to Iran that enabled militants to conduct 55 attacks against U.S. armed forces in neighboring Iraq. In a decision on Thursday, U.S. District Judge Laura Taylor Swain in Manhattan said… Read More

1st April 2019

Britain gives EU banks more time for no-deal Brexit preparations

Britain’s financial regulators have given European Union banks, insurers and asset managers more time to decide whether to continue serving British customers if there is a no-deal Brexit. Britain introduced a “temporary permissions regime” or TPR for EU financial firms to notify UK regulators if they want to continue serving… Read More

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