Regulatory Compliance Journal
Politically exposed persons (PEPs) are individuals who have been entrusted with prominent public functions, such as gove...
- 15 min read
In February of 2022, Transparency International revealed that Russians linked to the Kremlin or with corruption charges...
- 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
In the world of finance, gatekeepers such as accountants, and lawyers are meant to safeguard against financial crime. Ye...
- 9 min read
In 2020, the EU introduced a new regulatory framework that would be centered on measures to increase the digitalization ...
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- 10 min read
Since 1991, the European Union has regularly updated and released new anti-money laundering directives to adapt to and b...
- 11 min read
A strong compliance culture helps to establish the foundation for a lasting positive impact for a company, its employees...
- 7 min read
With the never-ending stream of regulations and obligations imposed on financial institutions, it is no wonder that depa...
- 9 min read
Cutting ties to minimize risk might sound smart, but what happens when de-risking goes too far? In 2015, Dr. Iraj Hashi,...
- 8 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
Corporate entities, with their complex networks and multifaceted operations, can become havens for criminal activity. Il...
- 10 min read
How to conduct KYC on Russian Counterparties ?Doing business with Russian entities in non-sanctioned sectors of the econ...
- 6 min read
Small, frequent transactions may seem harmless, but in the world of AML (Anti-Money Laundering), they are a major tool f...
- 3 min read
In 2017, the European Council emphasized the need to address artificial intelligence (AI) trends while maintaining high ...
- 8 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
In recent years, the banking sector in the European Union has been shaken by different scandals related to money launder...
- 5 min read
The heavy fines imposed on financial institutions for AML deficiencies over the years have frequently fallen short in ac...
- 11 min read
Despite the consistent efforts adopted by banks to fight money laundering and financial crime, fines for AML breaches ha...
- 10 min read
20 articles matching financial institutions tag
European Payments Package: PSD3 & PSR: What financial institutions need to prepare for
The European Commission's European Payments Package, consisting of the third Payment Services Directive (PSD3) and the new Payment Services Regulation (PSR), represents the most significant overhaul of EU payments regulation since PSD2 in 2015. Together, the directive and the regulation aim ...
- 8 min read
How to build an effective anti-bribery & corruption program
Your financial institution doesn’t have to be Enron to face a corruption scandal, but a plan to embed integrity deep within your operations is essential. Corruption doesn’t start with bribes but with blind spots in your controls. How does one create an effective anti-bribery & corruption pr...
- 8 min read
AML Package 2024–2026: What Financial Institutions Need to Know about AMLA, AMLR & TFR
The European Union has launched its most ambitious anti-money laundering (AML) reform to date. The “AML Package 2024–2026” introduces a new EU Anti-Money Laundering Authority (AMLA), a directly applicable Anti-Money Laundering Regulation (AMLR), and an updated Transfer of Funds Regulation...
- 9 min read
Why is cash prevalent in money laundering?
Despite the growing prevalence of digital payment systems and tighter financial regulations, cash remains an attractive tool for criminals. Its intractability, portability, and its difficulty to regulate offers a level of anonymity that digital transactions simply cannot match. While government...
- 12 min read
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
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Dawn of disruption: predicting AML in the next decade
AML, Compliance, Darkweb, Data breach, Due Diligence, Digital, Data Security, Financial Institutions, Know your Customer, Money Laundering, RegTech, FinTech, Risk,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 unpr...
Regulatory Compliance for Insurance and Reinsurance Firms
Reinsurance, Solvency II, PRIIPS, KID, Risk, Financial solvency, Transparency, Reporting, Governance, Ethics, Privacy, FSMA, NBB, Belgium, MiFID2, Insurance,Insurance/reinsurance companies play an important role for the European economy. Many European countries, among them Belgium, are listed in the top 20 OECD countries with the highest gross insurance premiums, with Belgian premiums reaching around 30...
How do criminals launder their money using video games?
Compliance, Know your Customer, Money Laundering, Anti Money Laundering, AML, Cryptocurrencies, Blockchain, Darkweb, Prepaid Cards,In the past decade, the video game industry has managed to dwarf the film, music, and television sectors. It’s estimated that there are currently 3 billion active gamers across the globe who have roughly spent $198,6 billion on games in 2022 alon...