Regulatory Compliance Journal
How do terrorists finance their activities?
From charities to cryptocurrencies, terrorist networks are competing to find innovative ways to finance their activities, like the case of Tarek ben Habib ben Al-Toumi Al-Maaroufi, a Belgian national, who was sentenced to six years of prison for association with a terrorist group and terrorist ...
- 7 min read
How will PSD3 shape the future of financial services?
PSD3 is not just an update, but the evolution of trust in digital finance. Continuing the progress made by PSD2, the new regulation aims to further boost competition and consumer protection in electronic payments. It is also designed to empower consumers to securely share their data while gaini...
- 9 min read
How to reduce compliance burden?
With the never-ending stream of regulations and obligations imposed on financial institutions, it is no wonder that departments across the industry struggle to comply and race against the clock to meet their deadlines. But is there a way to reduce this burden? Updated AML and KYC requirements,...
- 9 min read
How to detect dual-use items?
When Microsoft unveiled the HoloLens 2 in early 2019, it was pitched as a cutting-edge tool for consumers and businesses to experience augmented reality like never before. But the same technology was being adapted for military use under a $479 million contract with the U.S. Army. This dual-purp...
- 9 min read
Virtual IBANs: a new weapon for cybercriminals?
From global payments to local efficiency, virtual IBANs are redefining how businesses handle their money. But as with any financial innovation, they come with potential risks, including exposure to fraud, regulatory complexities, and cybersecurity vulnerabilities that demand careful management....
- 8 min read
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How can AML professionals detect smurfing?
AML, 5AMLD, Compliance, Financial Institutions, KYC, Money Laundering, Reporting, Transaction Monitoring,Small, frequent transactions may seem harmless, but in the world of AML (Anti-Money Laundering), they are a major tool for money laundering. It is therefore essential that financial institutions deploy monitoring systems capable of detecting these su...
VAT carousel: fiction or truth for financial institutions ?
VAT, Caroussel, Europe, Know your Customer, KYC, European Commission, VIES, BTW, TVA,VAT Carousels - The look back in the transactions For several years there have been occasional stories of VAT carousels that are exposed after the facts and where banks then do a look back in the transactions on their systems to determine whether som...
How are ESG-related assets used for greenwashing?
Audit Findings, Compliance, Europe, Environmental, Green Crime, MiFID2, OECD, UCITS, Transparency, Reporting, Financial firms, MIFID,With the rise of environmentally and socially conscious consumers, companies are under more pressure than ever to prove their commitment to sustainability and ethical practices. In recent years, environmental, social, and corporate governance (ESG) h...