Regulatory Compliance Journal
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
Intro to DLU4: Foreign accounts and Fiscal Regularisation
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 with assets in foreign accounts, to de...
- 6 min read
AML EWRA - How to conduct Anti-Money Laundering overall risk assessment?
The Enterprise-Wide Risk Assessment (EWRA) or Overall Risk Assessment has become a regulatory obligation from an EU and Belgian perspective for all credit institutions, stockbroking firms, licensed insurance companies and banking industries submitted to the Anti-Money Laundering regulation. ...
- 11 min read
EWRA - What is Business overall risk exposure assessment?
The understanding and management of risk by financial institutions, banks, and entities, has improved over the years. Today, stakeholders are more involved, and they demand greater transparency regarding the risks of a company and how the company reacts and plans the future to take advantage of...
- 10 min read
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How do human traffickers launder money?
6AMLD, Anti Money Laundering, Due Diligence, Ethics, FATF, Money Laundering, Know your Customer, Risk Based Approach, Transaction Monitoring,Every year, the freedom of millions of innocent lives are stolen while an illicit river of money continues to flow, concealed by sophisticated laundering strategies. These intertwined underworlds not only rob human dignity but pose a formidable chall...
Conduct Risk - Changing governance principles
Conduct Risk, Risk, Compliance, Financial firms, Risk Management, Transparency, EU, Europe, Ethics, Financial Institutions,Conduct Risk has been the hot topic during the past few years and its scope falls outside the traditional domains of risk like liquidity, market, credit and operational risk. Looking at peers in the market will allow benchmarking and reflection if ...
How to remotely identify clients and become PSD2 compliant?
PSD2, Europe, Digital, Financial Institutions, Financial operations, EU, Compliance, Financial firms,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 e...