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Cooperation and Verification Mechanism for Bulgaria and Romania; Brexit preparedness

15 November 2018

The European Commission issued its latest reports on steps taken by Bulgaria and Romania to meet their commitments on judicial reform and the fight against corruption, and in the case of Bulgaria organised crime, in the context of the Cooperation and Verification Mechanism. The report on Bulgaria looks at the progress made over the past year to meet the final 17 recommendations issued by the Commission in the January 2017 report and positively notes Bulgaria’s continued efforts and determination to implement those recommendations. The Commission is confident that Bulgaria – if it pursues the current positive trend – will be able to fulfil all the remaining recommendations and thereby the outstanding benchmarks. This will enable the Cooperation and Verification Mechanism process for Bulgaria to then be concluded before the end of this Commission’s mandate – in line with the orientation given by President Jean-Claude Juncker when he started his term of office. Continue reading…

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Cappitech MiFID II industry survey finds high percentage of non-compliance in best execution

14 November 2018

Cappitech, a leading provider of regulatory reporting and intelligence technology for the financial services industry, announced the results of a survey of over 100 European buy- and sell-side compliance decision-makers.  The survey examined how MiFID II regulation has affected financial services organisations and how these plan to tackle new regulations such as Best Execution and RTS27/28 in order to improve their business processes.

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Mark Dunn
Mark Dunn

Unlocking Beneficial Ownership a Key Concern in New ABC Benchmarking Report

10 June 2018

Rising concern about opaque and suspect third-party corporate ownership structures is a notable finding in the Kroll / Ethisphere 2018 Anti-Bribery and Corruption Benchmarking Report. When senior executives working in ethics, compliance or anti-corruption were asked to rank the reasons that potential third parties failed to meet their companies’ standards, risks associated with beneficial structures rose from fifth to third when compared to the previous year’s survey. While still ranking behind general reputational or integrity concerns, and conflicts of interest, such risks were elevated above questionable relationships with politically exposed persons, and unusual contract and payment structures. About 60 percent of respondents reported that they were concerned or very concerned about beneficial ownership risks associated with their third parties, and only one in five were ‘very comfortable’ with the mechanisms they had in place to address these risks. A similar proportion was minimally or not at all comfortable. Continue reading…

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ECB publishes final guides for banks on their capital and liquidity management

13 November 2018

The European Central Bank (ECB) published its expectations regarding institutions’ internal capital and liquidity adequacy assessment processes (ICAAPs and ILAAPs). The guides, which are not legally binding, will be applied from 1 January 2019 and replace the expectations published in January 2016. They aim to assist banks in strengthening their ICAAPs and ILAAPs, and to encourage the adoption of best practices. Continue reading…

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Mark Dunn
Mark Dunn

Global spread

01 February 2018

In October 2016 the International Standards Organisation issued the ISO 37001, a new standard that organisations and companies can use to certify their anti-bribery and corruption compliance procedures. The ISO 37001 was agreed by standards bodies in 37 countries and it is already being promoted by many countries across the world. Peru became the first Latin American country to implement the standard. One reason given for this is that in 2015 the country lost nearly $4 billion because of misappropriation of public funds, bribery and other types of corruption. The government of Montreal in Canada has appointed someone to analyse and propose how to apply the principles of the ISO 37001 to the city. Earlier, Singapore’s Corrupt Practices Investigation Bureau (CPIB) launched the Singapore Standard, which is based on the ISO 37001. The standard has also been widely adopted in the Middle East and North Africa. Colin Keeney of Deloitte notes that six of the 37 countries involved in crafting the standard came from this region.

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