Regulatory Compliance Journal
6 articles matching fatf tag
Virtual IBANs: a new weapon for cybercriminals?
From global payments to local efficiency, virtual IBANs are redefining how businesses handle their money. But as with any financial innovation, they come with potential risks, including exposure to fraud, regulatory complexities, and cybersecurity vulnerabilities that demand careful management....
- 8 min read
AMLA in action: strengthening AML efforts
Europe has stepped up a gear in the fight against money laundering and the financing of terrorism, with the creation in 2021 of the AMLA, also known as the European Anti-Money Laundering Authority. Money laundering and the financing of terrorism (ML/FT) is a long-standing phenomenon, which has ...
- 12 min read
How the EU’s DSA and DMA are redefining digital platform regulations
The Big Four of technology—Google, Amazon, Facebook, and Apple—have become integral to our daily lives, influencing everything from simple online searches to the handling of our personal data. With their growing dominance and impact, these internet giants wield a level of power that has pl...
- 8 min read
SEPA Instant Payments : understanding the requirements and deadlines of regulation 2024/886
The silent payments revolution is finally upon us. With the first compliance date of Regulation 2024/886 set for January 09, 2025, instant payments are set to become an integrated part of day-to-day banking. The Instant payment regulation (IPR) was voted on 13/03/24 and was effective by 08/04...
- 6 min read
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
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What are financial crime threats in the metaverse?
Anti Money Laundering, Compliance, Data breach, Digital, Due Diligence, FATF, Know your Customer, KYC, Money Laundering, Personal Data,Facebook made a splash in October 2021 when it rebranded itself to Meta and announced an investment of $10 billion to create its own metaverse project. But the tech giant is just a drop in a larger ocean. It is estimated that over 160 companies, inc...
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...
What is the impact of the EU whistleblowing legislation?
Belgium, Compliance, Data Security, Europe, EU, Whistleblowing, Tax Havens, Personal Data,Whistleblowing became a subject of concern when major consequences produced by Swiss Leaks and Lux Leaks made the case for a change in the European framework. In both cases, the whistleblowers worked for private companies prior to leaking information...