Regulatory Compliance Journal
Psd2, Brexit & the rise of payment services market in Belgium
On the 6th of August 2019, the National Bank of Belgium ("NBB") published a press release announcing that in 2019, there was substantial growth of applications for the execution of payment activities in Belgium. A total of 34 companies are now licensed and supervised by the NBB, in com...
- 4 min read
Facebook & Diem: the sensational entry in the financial world
By targeting approximately 1.7 billion people around the world who do not have access to a traditional bank account, the American firm Facebook aspires to rely on its 2.4 billion users to reach the forgotten and the destitute people of the conventional banking system. What is the new Diem cr...
- 6 min read
RBA - Risk Based Approach: strengths and weaknesses
In today’s financial challenging environment, institutions are exposed to numerous economic abuses making it necessary to activate preventive measures to decrease the risks. Among these, money laundering (ML), terrorist financing (TF), corruption, insider dealing, embargoes, and international...
- 5 min read
Intro to DLU4: Foreign accounts and Fiscal Regularisation
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 with assets in foreign accounts, to de...
- 6 min read
AML EWRA - How to conduct Anti-Money Laundering overall risk assessment?
The Enterprise-Wide Risk Assessment (EWRA) or Overall Risk Assessment has become a regulatory obligation from an EU and Belgian perspective for all credit institutions, stockbroking firms, licensed insurance companies and banking industries submitted to the Anti-Money Laundering regulation. ...
- 11 min read
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Which Financial Abuses are associated with Prepaid Cards ?
Money Laundering, NPPS, Financial firms, KYC, AML, Prepaid Cards, Know your Customer, Terrorism Financing, Financial Institutions, Anti Money Laundering, Red Flags,Lately the 5th Anti-Money Laundering EU Directive (AMLD5) retained a particular interest on innovative instruments of payment, among which Prepaid Cards and digital currencies. In 2013 the Financial Action Task Force (FATF) had raised a non-binding ...
How are shell companies used for money laundering?
AML, 5AMLD, Anti Money Laundering, Corruption, Compliance, EU, Ethics, KYC, Money Laundering, Red Flags, Tax Havens,In 2016, Panama Papers exposed a vast database of 214.000 offshore shell companies used by a variety of individuals and companies for tax evasion, money laundering, and corruption. The scandal sent shockwaves across the world, revealing the detriment...
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...