News

NatWest admits criminal money laundering failures

NatWest faces a £340 million fine after the UK lender pleaded guilty in a London court to breaching anti-money laundering regulations between 2012 and 2016.

11 October 2021

“Regulatory underlaps”: FSB stablecoin report warns of fragmentation

The Financial Stability Board has warned that stablecoin regulation is becoming too fragmented as countries take divergent approaches, which is creating “underlaps” of oversight.

11 October 2021

Heads Up: with Damian Carolan at Allen & Overy

“There are not a lot of people who are cut out for this”: In the first of a two-part interview with A&O’s UK head of financial regulation Damian Carolan, he discusses innovation, the importance of a global network, and what he thinks marks out the top-tier regulatory practices from the also-rans.

07 October 2021

Regulate stablecoins as traditional payment systems, global bodies say

Two global bodies have set out standards for stablecoins, proposing to regulate them like other financial market infrastructure such as payment systems and clearing houses.

06 October 2021

“Real impact”: US Fed watchdog confirms trading probe

The United States Federal Reserve’s watchdog has commenced a probe into whether senior officials broke any laws by trading during the pandemic, as two senators call for separate SEC and Congressional investigations into whether the central bank’s vice chair engaged in insider trading.

06 October 2021

FCA widens definition of legacy contracts for synthetic Libor

The UK’s Financial Conduct Authority has set out plans for its “synthetic” version of the Libor benchmark as its end date approaches, and clarified which contracts will be permitted to use it.

04 October 2021

Singapore’s MAS grants first crypto licences

Singapore’s regulator has granted crypto licences - among the first in the country - to south-east Asia’s largest bank and an Australian digital asset exchange, as Binance confirms it will halt most of its Singaporean operations.

04 October 2021

CFTC’s Berkovitz reunites with Gensler at SEC

The US Securities and Exchange Commission has named its new general counsel – the Commodity Futures Trading Commission’s outgoing commissioner Dan Berkovitz.

30 September 2021

Cuatrecasas advising on Andorran bank sale

Advised by Cuatrecasas Gonçalves Pereira, US investment firm JC Flowers is selling the Andorran bank it bought out of a bad bank-good bank scheme in 2016, shrinking the country’s bank population by a quarter.

30 September 2021

Two regional Fed presidents to step down amid fresh ethics probe

Federal Reserve officials are expected to face greater scrutiny of their trading activities, as the resignations of two Federal Reserve district presidents following reports of their investment trading activities prompts a review of the central bank’s ethics rules.

29 September 2021

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