Regulatory Compliance Journal
In recent years, regulators have begun to scrutinize more closely financial institutions regarding the soundness of thei...
- 8 min read
The understanding and management of risk by financial institutions, banks, and entities, has improved over the years. To...
- 10 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
The Enterprise-Wide Risk Assessment (EWRA) or Overall Risk Assessment has become a regulatory obligation from an EU and ...
- 11 min read
4 articles matching audit tag
GDPR: inspiring data protection worldwide
Since its inception, the EU’s General Data Protection Regulation (GDPR) has been deemed by experts as the world’s strongest collection of data protection rules. As our online presence increases through social media, digital banking, and other means, nations around the globe have come to re...
- 10 min read
Dawn of disruption: predicting AML in the next decade
The exponential growth of technology is leading to the disruption of numerous sectors including telecommunications, robotics, science, and finance. As banks are slowly adapting to high-tech innovations, the world of compliance and AML will face unprecedented changes and challenges in the near ...
- 12 min read
How to write the perfect SAR?
Suspicious Activity Reports (SAR) drafted by financial institutions contain some of the most valuable information available to law enforcement agencies in the fight against financial crime. Yet, the FinCEN Files scandal of 2020 has shown that major banks have consistently failed to write and s...
- 11 min read
Why do most AML programs fail?
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 2020, financial institutions were fined a grand total of $15.13 billion (€12.79 billion) worldwide, a 51.3% increase compared to 2019, with U...
- 10 min read
What are the impacts of Financial Data Leaks?
In the past decade, a series of leaks from insider sources have shed light on the complex systems of money laundering, tax evasion, and fraud perpetrated by certain countries and wealthy individuals. The profound work carried out by international journalists in publishing the wrongdoings have ...
- 11 min read
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Look up company VAT number in Europe
VAT, TVA, VIES, Anti Money Laundering, AML, Europe, BTW, KYC, Know your Customer,How to find the VAT number of a counterparty or customer ?How can you, as a company or obliged entity, search for the VAT number of a counterparty or customer? Whether you are a company that has to check whether your counterparty is subject to VAT...
MiFID: Time for information transparency
Financial firms, MIFID, Financial firms, Investment Funds, UCITS, MiFID2, ESMA, PRIIPS, Transparency, Compliance,MiFID (Markets in Financial Instruments Directive) was put into force in November 2007 and was created with the objective of harmonising Europe's financial landscape. This Directive changed how the financial markets worked and especially how they ...
EWRA - What is Business overall risk exposure assessment?
EWRA, Compliance, Financial firms, ERM, RBA, Reporting, Top-down, Anti Money Laundering, Audit, Risk, Risk Based Approach, Compliance expert, AML,The understanding and management of risk by financial institutions, banks, and entities, has improved over the years. Today, stakeholders are more involved, and they demand greater transparency regarding the risks of a company and how the company rea...