We hope you had a wonderful holiday break and have started well into the new year.
Our monthly compliance newsletter (English and German articles) contains many articles worth reading in the areas of regulatory compliance, cryptocurrency compliance, ESG compliance as well as current articles about white collar crime, corruption and bribery.
We wish you an exciting read and all the best for a prosperous 2024.
With best regards
Your KYC Spider Team
P.S.: You will receive the next edition on February 15th, 2024.
The FINMA has published its report on the Credit Suisse crisis, in which it analyses the development of the firm between 2008 and 2023 with regard to its strategy, business performance, management decisions, risk management and preparation for crises.
The president of the FINMA said that a bonus clawback scheme for bankers is an issue which is "on the table." This would need to be decided by law-makers. “Fines are needed, and that’s why the right incentives are needed when it comes to remuneration.”
The European Banking Authority (EBA) will conduct a joint investigation with the European Systemic Risk Board and the Financial Stability Board. EBA believes that the whole “underlying chain in NBFIs” should be traced to understand the scale of the potential for contagion between banking and non-banking financial institutions in a stress situation.
Die geplante EU-Richtlinie zu den Sorgfaltspflichten könnte direkte Auswirkungen für mehrere hundert Unternehmen in der Schweiz haben. Zu diesem Schluss kommt eine externe Studie, die der Bundesrat an seiner Sitzung vom 22. Dezember 2023 zur Kenntnis genommen hat.
Banks also need to take care of their supply chains. Especially in the field of gold (conflict minerals). New regulations apply (CO, DDTrO, Criminal Law).
In einer zunehmend digitalisierten Welt steht die Finanzbranche vor der Herausforderung, immense Mengen an sensiblen Daten effizient und sicher zu speichern. Die Wahl zwischen Cloud-basierten Lösungen und traditionellen On-Premises-Systemen wird zu einer entscheidenden strategischen Überlegung für Banken.
Even in the B2C business, more and more companies are advertising their products, services or the company itself as "sustainable" or "green", etc. In order to combat "greenwashing", the EU is discussing a new directive against greenwashing whose aimis to ensure that companies make honest and accurate environmental claims.
While strict tax secrecy used to be the norm in Switzerland, this has been weakened by the international automatic exchange of information ("AEOI"). The introduction of the OECD minimum tax (BEPS 2.0) also indirectly leads to more transparency in tax matters (towards the tax authorities!) and is therefore a step towards more Public Tax Transparency.
FINMA News keeps you up to date with the latest information and updates by the FINMA, SECO and WBF. You can filter for sanction updates, news’ items and information by sector or category, or arrange them by year.
Switzerland will not set up an independent authority to monitor and regulate the commodities sector. In recent years, there has been strong growth in commodities such as oil and cereals. It is estimated that the commodities sector now accounts for more than 10% of GDP, ahead of the banking sector.
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its latest Markets Newsletter in which a full overview of all publications can also be found together with information on next month’s speaking appearances of ESMA staff.
Weil sie zu wenig reguliert sind, werden Schattenbanken wie Hedgefonds, Immobilien-Trusts oder Kryptobörsen immer mehr zum Risiko für das gesamte Finanzsystem.
Die Credit Suisse hätte nach Ansicht von UBS-Chef Sergio Ermotti «ohne einen Franken Verlust für Kunden und Steuerzahler» liquidiert werden können. Allerdings wäre der Reputationsverlust für den Finanzplatz viel grösser gewesen als bei der im März erfolgten Übernahme durch die UBS, sagt er in einem NZZ-Interview.
The FINMA is investigating Julius Bär Group over inadequate risk-control structures which contributed to the bank’s exposure to bankrupt property mogul Rene Benko. The investigation, which began before Benko’s Signa real estate empire began to unravel, was prompted by concerns that Bär’s business and control functions aren’t sufficiently separate.
The recent slowdown in VC investment, coupled with increased regulatory scrutiny, has created a more complex landscape for fintech founders and investors. Opportunities still exist in the sector as demand for regtech, embedded finance and AI rises, and as adoption of blockchain networks continues to progress..
Macroeconomic, technological, regulatory, market structure, and product changes mean corporate and investment banks must take new approaches to tackling the opportunities and challenges ahead.
The FINMA published guidance on staking services. It sets out FINMA’s supervisory practice. The focus is on protecting customers from the risk of the staking service provider falling into bankruptcy.
New rules in the U.K. require crypto companies to make clear to users the risks involved in trading cryptocurrencies and advertise their services responsibly.
The European Banking Authority (EBA) will take additional steps to anticipate how strains in non-bank financial institutions (NBFIs), including cryptocurrency-related entities, will affect banks.
The European Union’s Market in Crypto Assets (MiCA) Regulations aim to make the crypto industry in the Eurozone a transparent and secure environment for investors.
India’s Financial Intelligence Unit is requesting to block the URLs of Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
After a year of conflict between crypto companies and agencies like the SEC and CFTC, we can expect to see greater dialogue and progress on regulation in 2024, says Michael Selig, of Willkie Farr & Gallagher.
After enduring a lengthy winter, the crypto industry shows signs of recovery, fueled by increasing institutional interest and Bitcoin's widening popularity.
2023 was marked by a series of significant developments and crypto adoption stories from around the globe, reflecting the ever-dynamic nature of the crypto industry. A look back at the pivotal cryptocurrency adoption milestones of 2023.
Die drei wichtigsten europäischen Finanzaufsichtsbehörden EBA, EIOPA & ESMA, haben die Veröffentlichung ihres Abschlussberichts zur Änderung der Entwürfe für technische Regulierungsstandards bekannt gegeben. Damit geben Sie parallel bekannt, welche Offenlegungspflichten durch die Sustainable Finance Disclosure Regulation nun anfallen werden.
The UK government announced that it will introduce a carbon border adjustment mechanism by 2027, establishing a carbon tax on imported goods targeted at a series of key emissions-intensive industries, aimed at equalizing the carbon price paid by UK producers with those outside the UK, and avoiding “carbon leakage,” or shifting of production of carbon-intensive goods to jurisdictions with less stringent emissions reduction policies.
The European Council announced that it has reached an agreement on a proposal to regulate ESG ratings providers, bringing the providers under the authorization of European markets regulator ESMA, to increase transparency into the methodologies and models used and to address the risk of conflicts of interest.
EU markets regulator announced the release of an update of its proposed guidance for the use of ESG and sustainability-related terms in investment fund names, including the introduction of a new “transition” category enabling the use of labels to identify funds that include investments not currently classified as green, but are focused on transition strategies.
Der Bund droht den Banken in der Schweiz mit neuen Gesetzen, sollten sie ihre Eigenverantwortung nicht wahrnehmen. Die Finanzunternehmen in der Schweiz wollen keine neue Gesetzgebung nach EU-Vorbild. NGOs und andere Interessengruppen allerdings bezweifeln, dass es reicht, wenn die Banken ihre eigenen Regeln für nachhaltige Finanzierung aufstellen.
With the global rise of greenwashing penalties and civil litigation, companies need to question if sustainability and ESG reports are currently worth the legal risk.
Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars. Over the past 20 years, annual trade in energy-related critical minerals has increased from US$ 53 billion to US$ 378 billion. However, the high demand for clean technology goods is putting pressure on the supply chains for these minerals.
Asset manager Newday Impact Investing believes that using what it calls an Ecological Benefits Framework (EBF) could provide a new way forward in social investing. It gives a more comprehensive overview of the true effect a business than does traditional ESG investing.
Microsoft and nature-based carbon removal startup Chestnut Carbon announced a 15-year offtake agreement, agreement, with Chestnut providing Microsoft with potentially more than 3 million tons of nature based credits from its U.S.-based afforestation project.
I wouldn’t be much of a prophetess listing out obvious trends like renewables or ESG AI. Instead, these new sustainability ideas that we’ll all be talking about in 2024.
Mit Transparenzregeln wollen Behörden gegen Geldwäsche vorgehen. Kryptowährungen sind ein Problem, aber Immobilien beliebter. Und KI könnte vielleicht helfen.
Banque Pitet Enters Into Deferred Prosecution Agreement For Undisclosed Accounts and PPLI Deals, Pays $122.9 Million, And Agrees To Cooperate In Investigations
Das Bundesgericht hat den Freispruch für den früheren Chef einer Genfer Bank wegen Verletzung der Meldepflicht im Sinne des Geldwäschereigesetzes aufgehoben. Der Fall steht in Zusammenhang mit Geldern des russischen Oligarchen Sergei Pugatschow, der ehemals zum inneren Kreis des russischen Präsidenten Putin zählte.
The SEC today announced charges against global software company SAP SE for violations of the Foreign Corrupt Practices Act arising out of bribery schemes in various countries. German multinational agrees to monetary sanctions of nearly $100 million to settle SEC's bribery charges.
Die Bundesanwaltschaft klagte einen ehemaligen Ressortleiter der SECO an, weil er als Verantwortlicher für das Beschaffungswesen über Jahre hinweg Aufträge an IT-Unternehmen vergeben hatte, die ihm Vorteile hatten zukommen lassen. Dieser erkannte die Schuldsprüche wegen mehrfacher Urkundenfälschung im Amt und Bestechung an.
Alle EU-Mitgliedstaaten werden, sobald sie bereit sind, Vollmitglieder des Schengen-Raums. Rumänien und Bulgarien waren bereits 2007 der EU beigetreten. Bis September standen Justiz und Rechtsstaat dort aber wegen grassierender Korruption und organisierter Kriminalität unter Sonder-Überwachung der EU-Kommission. Mitte September beendete die Behörde diese offiziell, beide Länder seien bereit für eine Mitgliedschaft, hiess es.
Auf die Schweiz, Liechtenstein und Monaco folgten die Cayman Islands und die Bahamas. Heute stehen auch die USA ganz oben auf dem Schattenfinanzindex. Die Historikerin Vanessa Ogle, Professorin an der Universität Yale, erforscht die Geschichte der Steueroasen.
Wann:25.1.2024 @ 14:00 Uhr, auf Deutsch, kostenfrei Themen:Hintergrund und Bedeutung von Sustainable Finance, Meilensteine auf dem Weg zu einem nachhaltigen Finanzsystem, Risikominimierung für Banken durch die Integration von ESG-Faktoren, Zentrale Bedeutung des KYC-Prozesses als integraler Bestandteil des Sustainable Bankings.
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