Regulatory Compliance Journal
VAT Carousels - The look back in the transactions For several years there have been occasional stories of VAT carousels ...
- 4 min read
With the convenience of online shopping and the ability to purchase goods and services from anywhere in the world, e-com...
- 10 min read
In 2016, Panama Papers exposed a vast database of 214.000 offshore shell companies used by a variety of individuals and ...
- 11 min read
Businesses are increasingly worried about regulatory costs that arise every time a new legal framework is introduced. Th...
- 5 min read
As funds flow into the hands of charities, an unsettling question arises: is your donation inadvertently fueling money l...
- 9 min read
Over the past years, the golden visa has seen a surge in participation in its programmes. But along with its rising popu...
- 14 min read
How to find the VAT number of a counterparty or customer ?How can you, as a company or obliged entity, search for the VA...
- 1 min read
Facebook made a splash in October 2021 when it rebranded itself to Meta and announced an investment of $10 billion to c...
- 11 min read
In the past few years, many scandals related to money laundering have been recorded. For instance, the Panama Papers hav...
- 6 min read
The digital era has given KYC analysts unprecedented access to a plethora of information on individuals and companies. N...
- 11 min read
The popularity of cryptocurrencies has risen significantly in recent years, with more individuals and businesses using t...
- 11 min read
Efficiently fine-tuning AML Transaction Monitoring can help financial firm's compliance teams to increase productivit...
- 19 min read
On the 6th of August 2019, the National Bank of Belgium ("NBB") published a press release announcing that in 20...
- 4 min read
Suspicious Activity Reports (SAR) drafted by financial institutions contain some of the most valuable information availa...
- 11 min read
The digital era has given KYC analysts unprecedented access to a plethora of information on individuals and companies. N...
- 11 min read
In February 2019, another criminal group was arrested in Europe for laundering money through hawala transactions. Based ...
- 7 min read
An audit trail (also called audit log) is a relevant chronological recording of actions, a set of files, or the destinat...
- 3 min read
What will be the impacts of implementation of the Fourth AML EU Directive (2015/849) ?Since 1991, the European Union has...
- 2 min read
20 articles matching KYC tag
How can criminology help us understand white collar crime?
Though rare in corporate or finance environments, criminology offers valuable insights. Despite "white-collar crime" often costing more than street crime, society tends to overlook it. Analyzing corporate misconduct through a crimilogical lens reveals the dynamics of deceit, power, and ...
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- 10 min read
Financial greenwashing: the dark links between green bonds and corruption.
Faced with the urgent challenge of climate change, green bonds are emerging as an innovative response to finance sustainable projects and encourage the transition to an environmentally friendly economy. However, the persistent threat of corruption undermines these well-intentioned initiatives, ...
- 11 min read
What can be done to improve the efficiency of AML fines?
The heavy fines imposed on financial institutions for AML deficiencies over the years have frequently fallen short in achieving their goals. This inefficiency is manifest in the repeat offending of such banks, the heavy burden it places on them, and the lack of improvement in the AML system. A ...
- 11 min read
How effective are AML fines?
Considered a strong deterrent against financial crime, AML fines seem to be little more than symbolic slaps on the wrist for financial institutions with vast pockets. With trillions of dollars being freely laundered every year and ambiguous structural changes required to effectively combat mone...
- 9 min read
How are charities used for money laundering?
As funds flow into the hands of charities, an unsettling question arises: is your donation inadvertently fueling money laundering activities? While the noble intentions behind charitable giving inspires positive change, criminals have exploited the realm of benevolence, using it as a strategic ...
- 9 min read
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AML EWRA - How to conduct Anti-Money Laundering overall risk assessment?
Risk, Due Diligence, AML, Risk Management, Risk Based Approach, Audit, Financial firms, KYC, Compliance, 5AMLD, Audit Findings, FSMA, EU, EWRA,The Enterprise-Wide Risk Assessment (EWRA) or Overall Risk Assessment has become a regulatory obligation from an EU and Belgian perspective for all credit institutions, stockbroking firms, licensed insurance companies and banking industries submitte...
Intro to DLU4: Foreign accounts and Fiscal Regularisation
Reporting, Tax Havens, Belgium, Consultant, Ethics, EU, Compliance expert,What is DLU and how has it evolved through the years?DLU stands for "Déclaration Libératoire Unique", which is a Single Discharge Declaration. By introducing the DLU concept, the scope of the Belgian tax authority was to give a chance, to people w...
Why do most AML programs fail?
Corruption, AML, Financial Institutions, Compliance, Know your Customer, Risk, Anti Money Laundering, KYC, Tone at the Top, Financial operations, Transaction Monitoring, Ethics, Compliance expert,Despite the consistent efforts adopted by banks to fight money laundering and financial crime, fines for AML breaches have hit an all-time high. In 2022, financial institutions were fined a grand total of $4.17 billion (€3.95 billion) worldwide...