EU introduces sanctions in relation to cyberattacks

On 30 July 2020, the European Council announced that asset freezing sanctions were to be imposed on six Chinese and Russian individuals and three entities (based in China, Russia and North Korea) responsible for, or involved in, various cyberattacks, including the attempted cyberattack against the Organisation for the Prohibition of Chemical Weapons and those publicly known as “WannaCry”, “NotPetya” and “Operation Cloud Hopper”. Read more

HMT announces relaunch of UK Fintech Strategic Review

HM Treasury has announced the relaunch of its independent Fintech Strategic Review (the Review). The Review, originally announced in March (but delayed due to Covid-19), will aim to identify key priority areas for focus by the industry, policymakers and regulators in order to support the continued growth and mainstream adoption of Fintech solutions in the … Read more

UK introduces human rights-related sanctions under post-Brexit sanctions framework

On 6 July 2020, the United Kingdom introduced unilateral sanctions against 49 individuals and entities from Saudi Arabia, Russia, Myanmar and North Korea accused of involvement in several high profile human rights violations and abuses. The Global Human Rights Sanctions Regulations 2020 (the “Sanctions Regulations”), made pursuant to the Sanctions and Anti-Money Laundering Act 2018 ( “SAMLA”), are specifically tailored to address human rights abuses. Read more

Lending Standards Board launches consultation on Contingent Reimbursement Model

On 15 July 2020, shortly after the first anniversary of its assumption of governorship of the Contingent Reimbursement Model (“CRM”) Code, the Lending Standards Board (LSB) launched a consultation which will form the basis of its post-implementation review of the CRM Code. The LSB’s review also extends to its Practitioners Guide (which is made available only to signatories of the CRM Code) and its Information for Customers document. Read more

FCA finalised guidance for payments firms: safeguarding customer funds and Covid-19

The FCA recently issued its finalised guidance for payments and e-money firms on safeguarding customer funds and Covid-19. The guidance is designed to mitigate, in the short-term, concerns that some firms are not complying with the Payment Services Regulations 2017 (PSRs) and Electronic Money Regulations 2011 (EMRs) safeguarding rules in the way the FCA expects. It is also designed to help prevent potential harm to customers in the event of insolvencies caused by Covid-19. Read more