German Regulator BaFin Orders NordLB to Fix Major AML Control Deficiencies
BaFin warned NordLB of serious gaps in its AML and terrorist‑financing prevention measures and demanded corrective action on customer‑data handling.
Regulation
BaFin Orders NordLB to Fix Major Anti-Money Laundering Deficiencies
BaFin has flagged serious shortcomings in NordLB’s AML and terrorist‑financing prevention measures, particularly in customer data management, and has demanded corrective action.
Ofcom Chief Calls for Enhanced Resources to Police Big Tech Under Online Safety Regime
Ofcom chair Ian Cheshire told the Financial Times that the regulator needs additional resources to effectively enforce online safety rules and curb the influence of large technology platforms, prompting a review of Ofcom’s powers and structure.
Bank of Italy Study Challenges Cost Narrative Around Stablecoin Remittances
A study by the Bank of Italy found that the expected cost advantage of using stablecoins for cross‑border remittances is not consistent, with most cost differences stemming from fiat conversion and payment‑infrastructure rather than blockchain fees.
FCA Launches Initiative to Revitalize London Stock Trading Through Unified Data and Market Transparency
The UK regulator FCA launched a plan to boost activity on the London Stock Exchange, proposing a unified data feed for stock prices and the publication of market depth information to improve transparency and attract investors.
German Health Insurance Fund Pronova BKK Reports Million-Euro Losses on Verius Fund Investment
Pronova BKK, a German statutory health insurance fund, suffered multi‑million‑euro losses on its investment in the Verius fund. Internal papers reveal that supervisory authorities, likely BaFin, had identified problems in the fund’s financial management as early as 2020, but the issues persisted.
Hungary Streamlines Crypto Conversion Rules Following CoinCash’s Historic MiCA License
Hungary repealed the requirement for third‑party verification of crypto conversions when CoinCash became the first company to receive a licence under the EU’s Markets in Crypto‑Assets (MiCA) framework, allowing it to offer digital asset services.
FINMA Takes Action Against Zurich Insurance Over Unapproved Policy Pricing
FINMA has moved against Zurich Insurance after the insurer offered policies to certain Swiss clients at prices below the levels approved by the regulator. As a consequence, Zurich plans to cut more than twelve jobs.
ESMA Approves EuroCTP as First European Consolidated Tape Provider for Equities and ETFs
ESMA gave the green light to EuroCTP, a multi‑exchange consortium, to launch the EU’s first consolidated tape for stocks and ETFs. The initiative aims to boost transparency and price discovery across European capital markets by providing a single, free flow of trade data from all participating venues, with the service expected to be live before October.
Wise’s US Banking Charter Application Rejected by OCC Over AML/CFT Concerns
The U.K. fintech firm Wise had its request for a U.S. charter rejected by the OCC over AML/CFT concerns, despite recent approvals for other digital‑asset firms. Wise intends to file a new application through the OCC’s GENIUS initiative.