Regulatory Compliance Journal
EWRA - What is Business overall risk exposure assessment?
The understanding and management of risk by financial institutions, banks, and entities, has improved over the years. Today, stakeholders are more involved, and they demand greater transparency regarding the risks of a company and how the company reacts and plans the future to take advantage of...
- 10 min read
Which Financial Abuses are associated with Prepaid Cards ?
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 public guidance for a risk based approach on ...
- 6 min read
6th AML Directive (AMLD6) : The European Harmonization
On November 12, 2018, the European Parliament issued new rules to strengthen the fight against money laundering through the 6th EU Money Laundering Directive (2018/1673). Member States have until 3 December 2020 to transpose the Sixth AML Directive and bring into force the laws, regulations an...
- 3 min read
Protection of Whistleblowers : What is the EU framework?
On March 12 2019, the European Parliament and European Union Member States made a provisional agreement on how to protect whistleblowers. This new agreement guarantees a higher level of protection for whistleblowers than the level given in the original proposal of 23 April 2018. This agreement...
- 9 min read
The Banking Industry & Regulatory Compliance Requirements
Compliance risk is one of the biggest concerns of the banking industry. Failing to comply can have an impact on the reputation of the brand and create a decrease in its customer population. Lack of due diligence in transactions and clients monitoring can drag the bank to costly and time-consumi...
- 6 min read
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GDPR: inspiring data protection worldwide
Compliance, Compliance expert, Data Protection Authority, Data Protection Watchdog, EU, European Commission, GDPR, Privacy, Personal Data, Data Security,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 me...
RBA - Risk Based Approach: strengths and weaknesses
RBA, Risk Based Approach, Risk, Financial firms, AML, Conduct Risk, Risk Management, GAFI, Financial Institutions, Due Diligence, EWRA, Anti Money Laundering, Compliance, Terrorism Financing,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, ...
GDPR Privacy Update: Fines, penalties and recent sanctions
GDPR, Data Security, Data breach, Financial Sanctions, Compliance, Financial firms, Privacy, Personal Data, European Commission, EU,It did not take long after the entry into force of GDPR on 25th May 2018 for many companies to revise their positions and business priorities following their initial scepticism towards the penalties that were to be imposed by the new regulation. The...