France Steps Up Scrutiny of AML Compliance at Crypto Firms
France’s banking supervisor is intensifying on-site anti–money laundering (AML) checks at cryptocurrency firms as it decides which of the country’s more than 100 registered platforms will qualify for EU–wide authorization in the coming months, Bloomberg reported.
The Hold-Up on Revolut’s UK Banking License: Risk-Control Worries
UK regulators are holding up Revolut’s full banking license amid concerns that the fintech firm’s risk controls are not scaling fast enough with its rapid overseas growth, the Financial Times reported.
EU Lawmakers Move to Scale Back ESG Directives
European Union lawmakers voted Monday to dramatically scale back two flagship sustainability rules, narrowing their scope to the bloc’s largest companies after months of pushback from industry, Bloomberg reported.
FSB Warns Market Rally Raises Specter of Sudden Crash
The world’s top financial watchdog warned that a sharp run-up in global asset prices has left markets vulnerable to the potential for a crash given current economic and geopolitical uncertainties.
Bessent Says FinCEN’s New SAR Guidance Will Ease ‘Pain Points’ for Banks
U.S. Treasury Secretary Scott Bessent said new federal guidance on Suspicious Activity Reports (SARs) is intended to ease banks’ “pain points” and shift U.S. anti-money laundering oversight toward measurable effectiveness.
Pope Leo Curbs Vatican Bank’s Role in Holy See Investments
Pope Leo XIV has approved new rules that redistribute control over the Holy See’s financial investments, diluting the exclusive authority the Vatican Bank has held since 2022 and formalizing a shared model of oversight across church institutions.
FDIC Moves to Limit Bank Examiner Warnings to ‘Material’ Risks
The Federal Deposit Insurance Corp. (FDIC) proposed tightening how bank examiners issue warnings and penalties, aiming to keep supervision focused on safety and soundness, according to report by Bloomberg.
Monzo Mulls Fresh U.S. Banking License Bid Amid Deregulatory Shift
UK digital bank Monzo is weighing a fresh attempt to secure a US banking license, four years after abandoning its previous bid when talks with regulators stalled, according to the Financial Times.
In Sweeping Reorganization, DOJ to Disband Cartel Task Force, Merge Money-Laundering Section
The U.S. Justice Department will shut down its flagship anti-cartel task force as part of the most far-reaching DOJ shakeup in two decades, according to internal documents reviewed by Reuters.
Congress Expected to Subpoena Banks Linked to Epstein
Jeffrey Epstein remained embedded in Wall Street’s elite financial networks in the years before his 2019 death, maintaining accounts at more than 20 banks and executing large transactions with prominent investment firms, according to new reporting by The Wall Street Journal.