Compliance & Ethics

In a multifaceted effort to bolster national security and combat international illicit activities, the U.S. Department of the Treasury has announced a series of sanctions targeting significant threats from Mexico's La Nueva Familia Michoacana drug cartel and Russian nationals under Executive Order 14024. These actions aim to disrupt drug trafficking networks and address emerging challenges in global security.

In a move set to impact European users, Apple Inc. announced on Friday its decision to delay the launch of three new artificial intelligence features in Europe until 2025. The delay, attributed to compliance issues with European Union competition rules under the Digital Markets Act (DMA), marks a significant divergence from the features' rollout scheduled for this fall in the United States.

The Swiss National Bank (SNB) has released its 2024 Financial Stability Report, highlighting the need for significant regulatory reforms in the wake of the Credit Suisse crisis. The report, which comes just over a year after UBS's acquisition of Credit Suisse, outlines several key areas where the Swiss banking regulatory framework requires strengthening.

Singapore recently published its updated Money Laundering (ML) National Risk Assessment (NRA). This comprehensive assessment, a collaborative effort involving supervisory and law enforcement agencies, the Suspicious Transaction Reporting Office (STRO), private sector entities, and international counterparts, synthesizes the current ML risks facing the nation.

The Federal Financial Supervisory Authority (BaFin) of Germany has imposed a significant fine on Citigroup Global Markets Europe AG for breaching regulations related to algorithmic trading. On May 24, 2024, BaFin announced an administrative fine of €12,975,000 against the investment firm.

The Swiss Financial Market Supervisory Authority (FINMA) has cracked down on HSBC Private Bank (Suisse) SA for serious violations of anti-money laundering laws involving two politically exposed persons (PEPs).

Today, the three European Supervisory Authorities (ESAs)—the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)—published a joint Opinion on the Sustainable Finance Disclosure Regulation (SFDR). This collective assessment calls for a more coherent sustainable finance framework that supports the green transition while enhancing consumer protection, based on insights gained from the current functioning of the SFDR.