Regulatory Compliance Journal
The rising cost of regulatory compliance for financial institutions
Businesses are increasingly worried about regulatory costs that arise every time a new legal framework is introduced. The stakeholders fear that the cost of compliance will cut the growth of businesses and will lead to very restrictive business environments. What do we mean when we refer to ...
- 5 min read
Outcomes of the FATF October 2019 Plenary Week in Paris
For one week, from the 13th to the 18th October, representatives of 205 countries and jurisdictions, the IMF, UN, World Bank and other organizations (OECD, OSCE, Europol, Egmont Group of Financial Intelligence Units, ...) met in Paris for the Financial Action Task Force (FATF) week. This week ...
- 7 min read
Google can choose to not apply the right to be forgotten globally
On 24 September 2019 the European Court of Justice (ECJ) released a preliminary decision according to which Google is not bound to apply the "right to be forgotten" or "de-referencing" globally. Google preliminary ruling caseIn May 2015, the French authority for data protect...
- 4 min read
Open Banking - PSD2: the future of financial services
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 term “Open Banking” generally refe...
- 5 min read
How to remotely identify clients and become PSD2 compliant?
The European Banking Authority (EBA) published in June 2019 an : Opinion on the elements of strong customer authentication (SCA) under the revised : Payment Services Directive (PSD2) . The Opinion provides non-exhaustive lists of the authentication elements and states whether or not they are SC...
- 5 min read
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Look up company VAT number in Europe
VAT, TVA, VIES, Anti Money Laundering, AML, Europe, BTW, KYC, Know your Customer,How to find the VAT number of a counterparty or customer ?How can you, as a company or obliged entity, search for the VAT number of a counterparty or customer? Whether you are a company that has to check whether your counterparty is subject to VAT...
KYC Business: tax havens, embargoes & sanctioned countries
Financial Sanctions, OECD, Financial firms, KYC, Compliance, Tax Havens, Red Flags, AML, Risk Based Approach, EU, Corruption, Know your Customer,Each year we are entitled to different lists about tax havens issued by governments or international organisations, but what is the difference between these lists? In October 2022, the European Union updated its list of non-cooperative tax jurisdi...
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 ...