Regulatory Compliance Journal
On March 12 2019, the European Parliament and European Union Member States made a provisional agreement on how to protec...
- 9 min read
While the world is on hold, financial crime has not taken a step back amidst the coronavirus emergency. Scammers, money...
- 13 min read
A top-down approach highlights the behaviour of regulatory changes in the financial institution and helps the Compliance...
- 3 min read
Insurance/reinsurance companies play an important role for the European economy. Many European countries, among them Be...
- 6 min read
MiFID (Markets in Financial Instruments Directive) was put into force in November 2007 and was created with the objectiv...
- 3 min read
By targeting approximately 1.7 billion people around the world who do not have access to a traditional bank account, the...
- 6 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
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
In the past decade, a series of leaks from insider sources have shed light on the complex systems of money laundering, t...
- 10 min read
On 24 September 2019 the European Court of Justice (ECJ) released a preliminary decision according to which Google is no...
- 4 min read
10 articles matching transparency tag
GDPR: inspiring data protection worldwide
Since its inception, the EU’s General Data Protection Regulation (GDPR) has been deemed by experts as the world’s strongest collection of data protection rules. As our online presence increases through social media, digital banking, and other means, nations around the globe have come to re...
- 10 min read
Dawn of disruption: predicting AML in the next decade
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 unprecedented changes and challenges in the near ...
- 12 min read
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...
- 11 min read
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...
- 10 min read
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 ...
- 10 min read
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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...
VAT carousel: fiction or truth for financial institutions ?
VAT, Caroussel, Europe, Know your Customer, KYC, European Commission, VIES, BTW, TVA,VAT Carousels - The look back in the transactions For several years there have been occasional stories of VAT carousels that are exposed after the facts and where banks then do a look back in the transactions on their systems to determine whether som...
AML Transaction Monitoring & Detection Scenarios
AML, Transaction Monitoring, Due Diligence, Risk Management, KYC, Financial firms, Anti Money Laundering, Detection Scenarios, RegTech, Risk Based Approach, Compliance expert, Red Flags,Efficiently fine-tuning AML Transaction Monitoring can help financial firm's compliance teams to increase productivity while carefully avoiding pointless investigations by reducing the amount of false-positive alerts. The revision of AML detect...