Regulatory Compliance Journal
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
Financial institutions against money laundering | AML
In recent years, the banking sector in the European Union has been shaken by different scandals related to money laundering. On July 24th, 2019, the European Commission published reports including one on the assessment of recent alleged money laundering cases involving EU credit institutions. ...
- 5 min read
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
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How will CSDDD impact companies in the EU?
Audit, Compliance, CSRD, EU, Environmental, Due Diligence, Europe, CSDDD, Green Crime, Transparency,The EU’s Corporate Sustainability Due Diligence Directive (CSDDD) draws a clear legal line between profit and harm. By embedding environmental and human rights due diligence into the core of corporate strategy, the directive redefines what it means...
Regulatory Compliance for Insurance and Reinsurance Firms
Reinsurance, Solvency II, PRIIPS, KID, Risk, Financial solvency, Transparency, Reporting, Governance, Ethics, Privacy, FSMA, NBB, Belgium, MiFID2, Insurance,Insurance/reinsurance companies play an important role for the European economy. Many European countries, among them Belgium, are listed in the top 20 OECD countries with the highest gross insurance premiums, with Belgian premiums reaching around 30...
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...