Regulatory Compliance Journal
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
MiFID (Markets in Financial Instruments Directive) was put into force in November 2007 and was created with the objectiv...
- 3 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
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
An audit trail (also called audit log) is a relevant chronological recording of actions, a set of files, or the destinat...
- 3 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
On 24 September 2019 the European Court of Justice (ECJ) released a preliminary decision according to which Google is no...
- 4 min read
Insurance/reinsurance companies play an important role for the European economy. Many European countries, among them Be...
- 6 min read
A top-down approach highlights the behaviour of regulatory changes in the financial institution and helps the Compliance...
- 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
10 articles matching transparency tag
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
AML: What is adverse media or negative news?
The digital era has given KYC analysts unprecedented access to a plethora of information on individuals and companies. Newspaper articles, online blogs, and social media are accessible and filterable with one click and may reveal important news on a financial institution’s customer. However, ...
- 11 min read
Financing terrorism: The billion-dollar blood antiquities art dealing
The destruction of the ancient city of Palmyra and the beheading of its Antiquities Chief, Khaled al-Asaad, in 2015 by the hands of the Islamic State of Iraq & Syria (ISIS) are still fresh in the minds of many. Beginning in 2014, the terrorist group has wrecked havoc across the Middle East and...
- 10 min read
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How do criminals launder their money using the Dark Web?
Blockchain, Money Laundering, Freedom of information, Whistleblowing, Cryptocurrencies, Anti Money Laundering, AML, Prepaid Cards,Drug trade and illegal markets on the dark web have grown exponentially. Criminals are finding new and original ways to launder money generated from their illicit activities. The dark web is an encrypted part of the internet that hosts online conten...
Intro to DLU4: Foreign accounts and Fiscal Regularisation
Reporting, Tax Havens, Belgium, Consultant, Ethics, EU, Compliance expert,What is DLU and how has it evolved through the years?DLU stands for "Déclaration Libératoire Unique", which is a Single Discharge Declaration. By introducing the DLU concept, the scope of the Belgian tax authority was to give a chance, to people w...
The UBO Register in practice | Belgium
UBO, UBO Register, AML, Financial Institutions, OECD, Europe, EU, Belgium,Is the UBO Register useful during KYC processes?It was a tedious job to complete the UBO Register for companies. There were a number of start-up problems that made it difficult to transmit all the data on time. We were finally able to do so, but ...