Regulatory Compliance Journal
On November 12, 2018, the European Parliament issued new rules to strengthen the fight against money laundering through ...
- 3 min read
In recent years, the banking sector in the European Union has been shaken by different scandals related to money launder...
- 5 min read
The European Banking Authority (EBA) published in June 2019 an : Opinion on the elements of strong customer authenticati...
- 5 min read
Since its inception, the EU’s General Data Protection Regulation (GDPR) has been deemed by experts as the world’s st...
- 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
The popularity of cryptocurrencies has risen significantly in recent years, with more individuals and businesses using t...
- 11 min read
A Proposal for a Directive which will amend, the Directive 2009/65/EC (UCITS IV Directive) and the Directive 2011/61/EU...
- 5 min read
Each year we are entitled to different lists about tax havens issued by governments or international organisations, but ...
- 9 min read
Whistleblowing became a subject of concern when major consequences produced by Swiss Leaks and Lux Leaks made the case f...
- 9 min read
On 24 September 2019 the European Court of Justice (ECJ) released a preliminary decision according to which Google is no...
- 4 min read
The future of banking is changing and Open Banking is an emerging trend that will evolve the banking world and lead the ...
- 5 min read
Is the UBO Register useful during KYC processes?It was a tedious job to complete the UBO Register for companies. There w...
- 8 min read
The Enterprise-Wide Risk Assessment (EWRA) or Overall Risk Assessment has become a regulatory obligation from an EU and ...
- 11 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
In the past few years, many scandals related to money laundering have been recorded. For instance, the Panama Papers hav...
- 6 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
The coronavirus pandemic has reinforced the hunger to urge world leaders to take consistent action to fight climate chan...
- 12 min read
In today's data-driven world, the rapid advancement of artificial intelligence (AI) is revolutionizing industries and...
- 10 min read
It did not take long after the entry into force of GDPR on 25th May 2018 for many companies to revise their positions an...
- 8 min read
20 articles matching eu tag
How are gatekeepers used for money laundering?
In the world of finance, gatekeepers such as accountants, and lawyers are meant to safeguard against financial crime. Yet, these very players can sometimes become unwitting—or even complicit—partners in money laundering schemes. The expertise that makes these professionals indispensable to ...
- 9 min read
How to improve compliance culture?
A strong compliance culture helps to establish the foundation for a lasting positive impact for a company, its employees, and its clients by achieving ethical practices, clear values, and the respect of local and international legislation. Despite its benefits and legal necessity, most companie...
- 7 min read
How to set up a conflict of interest program
Imagine a situation in which the integrity of your organisation is corrupted by personal gain – how would you respond? In the field of business ethics, a strong conflict of interest program is the cornerstone that keeps an organization's reputation intact. With it, transparency isn't ju...
- 10 min read
How will the EU AI Act impact financial services?
In 2017, the European Council emphasized the need to address artificial intelligence (AI) trends while maintaining high standards for data protection and ethics. By 2023, concerns about ChatGPT's misuse led to Italy's temporary ban. The European Union (EU) is now working on the AI Act to ...
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- 8 min read
How to conduct KYC on companies
Corporate entities, with their complex networks and multifaceted operations, can become havens for criminal activity. Illicit money and unlawful actions can be hidden within layers of transactions across subsidiaries and partnerships, obscure beneficial owners, and dubious front businesses. How...
- 10 min read
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RBA - Risk Based Approach: strengths and weaknesses
RBA, Risk Based Approach, Risk, Financial firms, AML, Conduct Risk, Risk Management, GAFI, Financial Institutions, Due Diligence, EWRA, Anti Money Laundering, Compliance, Terrorism Financing,In today’s financial challenging environment, institutions are exposed to numerous economic abuses making it necessary to activate preventive measures to decrease the risks. Among these, money laundering (ML), terrorist financing (TF), corruption, ...
How and why to embed AML Lookbacks within financial firms?
Money Laundering, AML, Audit, Audit Findings, Financial operations, Due Diligence, Financial firms,In recent years, regulators have begun to scrutinize more closely financial institutions regarding the soundness of their AML/CTF program, dissecting the nuts and bolts of their procedures and controls. But the current set-up isn’t what they are s...
Overview and Summary of the 5th AML Directive - AMLD5
AML, Compliance, KYC, Financial firms, Money Laundering, European Commission, 5AMLD, EU, Know your Customer, Politically Exposed Persons,In the past few years, many scandals related to money laundering have been recorded. For instance, the Panama Papers have shown how the rich and powerful use tax havens to hide their wealth. Big companies such as UBS and ABN AMRO are suspected of not...