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. ...
- 4 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 do criminals launder their money using video games?
Compliance, Know your Customer, Money Laundering, Anti Money Laundering, AML, Cryptocurrencies, Blockchain, Darkweb, Prepaid Cards,In the past decade, the video game industry has managed to dwarf the film, music, and television sectors. It’s estimated that there are currently 2.5 billion active gamers across the globe who have roughly spent $152.1 billion on games in 2019 al...
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...
Intro to DLU4: Foreign accounts and Fiscal Regularisation
Reporting, Tax Havens, Belgium, Consultant, Ethics, EU, Compliance expert,What is DLU and how has it evolved through the years?DLU stands for "Déclaration Libératoire Unique", which is a Single Discharge Declaration. By introducing the DLU concept, the scope of the Belgian tax authority was to give a chance, to people w...