Region: European Union

Banks should be legally bound on climate plans, ECB’s Elderson says

The “vast majority” of EU banks are not carrying out necessary climate analysis and should be legally required to adopt climate transition plans, according to a European Central Bank board member.

20 October 2021

Two brave new AML/CTF worlds

With the UK and EU issuing new AML/CTF packages within days of one another over the summer, Anna Bradshaw, partner at Peters & Peters in London, warns banks to prepare for ever more complexity.

18 October 2021

ESMA’s Ross to step up, FCA’s Randell to step down

Charles Randell, chair of the UK’s Financial Conduct Authority and Payment Systems Regulator, has announced an early departure from both regulators, while the European Securities and Markets Authority has named executive director Verena Ross as its new chair.

18 October 2021

EBA gets international pushback on third country equivalence

Banking associations from Japan, the United States and Switzerland have criticised post-Brexit proposals by the European Banking Authority to centralise equivalence assessments for non-EU banks’ local branches within the bloc.

22 September 2021

“Diluting the framework”: EU divided over Basel implementation

Over two dozen of Europe’s national regulators and central banks have warned the European Commission against introducing any EU-specific deviations from the Basel III framework.

09 September 2021

EU banks lack progress on ESG, controversial BlackRock study says

European banks still lack any sort of “explicit and comprehensive” risk strategy for ESG, according to a report carried out by BlackRock on behalf of the European Commission – even as critics argue the asset manager failed to put aside its own interests in producing the report.

31 August 2021

EBA seeks to centralise AML compliance norm-setting

The EBA has proposed new guidelines that lay out its expectations of firms’ anti-money laundering compliance officers, set to be the first of their kind and which it says will streamline compliance across the EU.

04 August 2021

MAS and ECB the latest to scrap dividend restrictions

Singapore’s regulator has lifted a pandemic-era dividend cap, one of the last regulators to do so after the ECB removed its restrictions late last week.

29 July 2021

EBA set to classify MMFs as shadow banks

The European Banking Authority has called on financial market participants to consider money market funds as shadow banks, as division emerges over fellow EU regulator the European Securities and Markets Authority’s proposal to revamp their liquidity buffers.

28 July 2021

AML gets a new face

The EU is set to get a new anti-money laundering authority, a single EU rulebook, and tightened oversight of cryptocurrency transactions as part of a package of wide-spreading proposals to reform the its AML controls.

21 July 2021

Get unlimited access to all Global Banking Regulation Review content