Regulatory Compliance Journal
Considered a strong deterrent against financial crime, AML fines seem to be little more than symbolic slaps on the wrist...
- 9 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
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 heavy fines imposed on financial institutions for AML deficiencies over the years have frequently fallen short in ac...
- 11 min read
On March 12 2019, the European Parliament and European Union Member States made a provisional agreement on how to protec...
- 9 min read
How to conduct KYC on Russian Counterparties ?Doing business with Russian entities in non-sanctioned sectors of the econ...
- 6 min read
Conduct Risk has been the hot topic during the past few years and its scope falls outside the traditional domains of ris...
- 2 min read
With the never-ending stream of regulations and obligations imposed on financial institutions, it is no wonder that depa...
- 9 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
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
The exponential growth of technology is leading to the disruption of numerous sectors including telecommunications, robo...
- 12 min read
The silent payments revolution is finally upon us. With the first compliance date of Regulation 2024/886 set for January...
- 6 min read
The European Banking Authority (EBA) published in June 2019 an : Opinion on the elements of strong customer authenticati...
- 5 min read
In the world of finance, gatekeepers such as accountants, and lawyers are meant to safeguard against financial crime. Ye...
- 9 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
In 2017, the European Council emphasized the need to address artificial intelligence (AI) trends while maintaining high ...
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- 8 min read
In February of 2022, Transparency International revealed that Russians linked to the Kremlin or with corruption charges...
- 10 min read
From an extra pair of hands to the person that advises on strategical decisions and the future of your company, consulta...
- 6 min read
From global payments to local efficiency, virtual IBANs are redefining how businesses handle their money. But as with an...
- 8 min read
20 articles matching financial institutions tag
DORA: practical guide for small businesses
Compliance with the Digital Operational Resilience Act (DORA) represents a real challenge for small businesses in the financial sector. Unlike large institutions with dedicated cybersecurity and risk management departments, SMEs often lack specialized resources. They may not even have formal go...
- 8 min read
How to detect serious fiscal fraud?
Serious fiscal fraud is not just a legal risk, it’s a direct threat to an organization’s reputation. The stakes are rising as European and national authorities ramp up enforcement under evolving frameworks like the Directive on Administrative Cooperation (DAC), the Anti-Money Laundering Dir...
- 9 min read
How will CSDDD impact companies in the EU?
The EU’s Corporate Sustainability Due Diligence Directive (CSDDD) draws a clear legal line between profit and harm. By embedding environmental and human rights due diligence into the core of corporate strategy, the directive redefines what it means to do business responsibly. But what will th...
- 9 min read
How to approach de-risking for AML compliance?
Cutting ties to minimize risk might sound smart, but what happens when de-risking goes too far? In 2015, Dr. Iraj Hashi, a U.K.-based economics professor, had his bank accounts abruptly closed after 40 years of banking without any explanation. The most likely reason? His Iranian origin. De-ri...
- 8 min read
How can AML professionals detect smurfing?
Small, frequent transactions may seem harmless, but in the world of AML (Anti-Money Laundering), they are a major tool for money laundering. It is therefore essential that financial institutions deploy monitoring systems capable of detecting these suspicious schemes before the funds are integra...
- 3 min read
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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...
Decoding DORA: Navigating Operational Resilience in Financial Services
DORA, Financial Institutions, MiFID2, Reporting, Risk Management, Compliance, Europe, Risk Based Approach, Operational Resilience, Financial operations,In 2020, the EU introduced a new regulatory framework that would be centered on measures to increase the digitalization of the financial sector. It later would be called the Digital Operational Resilience Act (DORA), and is a part of the Digital Fina...