Regulatory Compliance Journal
Inside RegTech - Regulatory Compliance Technology
🎬 Introduction to RegTech and Regulatory ComplianceThe worldwide economic repercussions of the 2008 financial crisis led regulators to strengthen their regulations and controls against the financial market operators. Today, financial institutions are facing a challenging regulatory lands...
- 7 min read
KYC Business: tax havens, embargoes & sanctioned countries
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 jurisdictions : When comparing the issued list ...
- 9 min read
What are Hawala transactions and how do they work?
In February 2019, another criminal group was arrested in Europe for laundering money through hawala transactions. Based on the Europol press release, the cooperation between French and Italian police led to the arrest of 19 suspects. Algerian authorities also seized gold for almost the equivale...
- 7 min read
GDPR Privacy Update: Fines, penalties and recent sanctions
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 reality of the number of financial sanctions...
- 8 min read
How to book a good consultant for your projects?
From an extra pair of hands to the person that advises on strategical decisions and the future of your company, consultants have become an important and integral part of companies and financial institutions all over world. The consultancy industry has grown exponentially in the past years. Sta...
- 6 min read
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Psd2, Brexit & the rise of payment services market in Belgium
PSD2, Compliance expert, EU, KYC, Belgium, Financial Institutions, NBB, Financial firms, Know your Customer,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 licen...
How effective are AML fines?
Anti Money Laundering, Audit Findings, Compliance, Due Diligence, Financial Institutions, Financial firms, Money Laundering, Risk Based Approach,Considered a strong deterrent against financial crime, AML fines seem to be little more than symbolic slaps on the wrist for financial institutions with vast pockets. With trillions of dollars being freely laundered every year and ambiguous structura...
What are financial crime threats in the metaverse?
Anti Money Laundering, Compliance, Data breach, Digital, Due Diligence, FATF, Know your Customer, KYC, Money Laundering, Personal Data,Facebook made a splash in October 2021 when it rebranded itself to Meta and announced an investment of $10 billion to create its own metaverse project. But the tech giant is just a drop in a larger ocean. It is estimated that over 160 companies, inc...