Regulatory Compliance Journal

Financial crime and regulatory compliance information for professionals finance, legal and technology enthusiasts

On November 12, 2018, the European Parliament issued new rules to strengthen the fight against money laundering through ...

On 24 September 2019 the European Court of Justice (ECJ) released a preliminary decision according to which Google is no...

Conduct Risk has been the hot topic during the past few years and its scope falls outside the traditional domains of ris...

Is the UBO Register useful during KYC processes?It was a tedious job to complete the UBO Register for companies. There w...

VAT Carousels - The look back in the transactions For several years there have been occasional stories of VAT carousels ...

What will be the impacts of implementation of the Fourth AML EU Directive (2015/849) ?Since 1991, the European Union has...

The European Banking Authority (EBA) published in June 2019 an : Opinion on the elements of strong customer authenticati...

The future of banking is changing and Open Banking is an emerging trend that will evolve the banking world and lead the ...

How to conduct KYC on Russian Counterparties ?Doing business with Russian entities in non-sanctioned sectors of the econ...

How to find the VAT number of a counterparty or customer ?How can you, as a company or obliged entity, search for the VA...

In recent years, the banking sector in the European Union has been shaken by different scandals related to money launder...

Businesses are increasingly worried about regulatory costs that arise every time a new legal framework is introduced. Th...

The recent creation of Benchmark Regulation has been the catalyst for a major transition from the old regime of benchmar...

15 articles matching europe tag

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...

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...

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 ...

AML: What is adverse media or negative news?

The digital era has given KYC analysts unprecedented access to a plethora of information on individuals and companies. Newspaper articles, online blogs, and social media are accessible and filterable with one click and may reveal important news on a financial institution’s customer. However, ...

Financing terrorism: The billion-dollar blood antiquities art dealing

The destruction of the ancient city of Palmyra and the beheading of its Antiquities Chief, Khaled al-Asaad, in 2015 by the hands of the Islamic State of Iraq & Syria (ISIS) are still fresh in the minds of many. Beginning in 2014, the terrorist group has wrecked havoc across the Middle East and...

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