Regulatory Compliance Journal
Insurance/reinsurance companies play an important role for the European economy. Many European countries, among them Be...
- 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
2 articles matching fsma tag
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
How do terrorists finance their activities?
From charities to cryptocurrencies, terrorist networks are competing to find innovative ways to finance their activities, like the case of Tarek ben Habib ben Al-Toumi Al-Maaroufi, a Belgian national, who was sentenced to six years of prison for association with a terrorist group and terrorist ...
- 7 min read
How will PSD3 shape the future of financial services?
PSD3 is not just an update, but the evolution of trust in digital finance. Continuing the progress made by PSD2, the new regulation aims to further boost competition and consumer protection in electronic payments. It is also designed to empower consumers to securely share their data while gaini...
- 9 min read
How to reduce compliance burden?
With the never-ending stream of regulations and obligations imposed on financial institutions, it is no wonder that departments across the industry struggle to comply and race against the clock to meet their deadlines. But is there a way to reduce this burden? Updated AML and KYC requirements,...
- 9 min read
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Open Banking - PSD2: the future of financial services
FinTech, Financial Institutions, PSD2, NPPS, EU, Facebook, Europe,The future of banking is changing and Open Banking is an emerging trend that will evolve the banking world and lead the sector to a digital era. Open Banking transition explainedAccording to the definition provided by "Open Banking Europe", the t...
How to build an effective KYC program
AML, Audit, Compliance expert, Compliance, Due Diligence, Know your Customer, KYC, Politically Exposed Persons,In an era where technology evolves at a rapid pace, criminals are quick to adapt, developing increasingly sophisticated methods to exploit vulnerabilities within financial systems and testing the boundaries of traditional KYC practices. How can compl...
How to set up a conflict of interest program
Conflict of interest, Compliance, Audit Findings, Corruption, Ethics, Financial firms, Red Flags,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 reputat...