About Non-Traditional Costs of Financial Fraud

23 March 2015

The FINRA Investor Education Foundation recently issued a new research report, Non-Traditional Costs of Financial Fraud, which found that nearly two thirds of self-reported financial fraud victims experienced at least one non-financial cost of fraud to a serious degree—including severe stress, anxiety, difficulty sleeping and depression. Continue reading…

Riots Frankfurt

Opening ECB impressive new home…

19 March 2015

The European Central Bank (ECB) yesterday inaugurated its new premises on the site of the Grossmarkthalle – Frankfurt’s former wholesale market hall – alongside regular meetings of the Governing Council and General Council. “This building is a symbol of the best of what Europe can achieve together,” said ECB President Mario Draghi.  Some activists in the streets of Frankfurt clearly did not agree with Draghi. Continue reading…

AML Afbeelding algemeen

The fourth European anti-money laundering directive, “AMLD4”:

10 March 2015

The Council of the European Union approved an agreement with the European Parliament on strengthened rules to prevent money laundering and terrorist financing.The directive and regulation will strengthen EU rules against money laundering and ensure consistency with the approach followed at international level. The draft regulation deals more specifically with information accompanying transfers of funds.


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Paul Westcott
Paul Westcott

AML in Perspective: Money Laundering Outside the Financial Sector

05 March 2015

Trawling through the various articles that focus on non-financial businesses and compliance I felt these comments by Sergio Ferragut was very interesting. Sergio Ferragut is a senior consultant on public policy and business transformation and lectures on drug policy, money laundering and business transformation. He was in charge of key projects on transformation and anti-money laundering at the Mexican Attorney General Office (PGR) and the Mexican Treasury Department (SHCP) after a long career in senior management positions within the private sector in retailing, information technology and banking. Continue reading…

Insurance Mannetje

The Insurance Act 2015: do your policies comply?

04 March 2015

Airmic has issued guidance for members on preparing for the 2015 Insurance Act, which became law last month and will fundamentally change the rules governing commercial insurance when it comes into force next year. The document includes key next steps and urges members to start preparations immediately. Meanwhile, Airmic members have reported a mixed response from the insurance market to the reforms, with some risk managers expressing frustration at the speed of implementation.


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Mathilde Fox

Did recent Cocos issuances really reduce markets’ perception of financial institutions’ risk?

18 February 2015

Mathilde Fox & Stephan Van Lerberghe

While the Basel 2 agreements envisaged a more risk sensitive approach to define capital requirements, the recent financial crises highlighted the need for more capital of better quality. Indeed, financial regulators are now focusing on the capacity of equity and other subordinated liabilities to bear losses in case of bank failures. From this environment emerged an exotic named bond: the so-called “CoCo” bond. Although it sounds tropical, the first one was issued in Europe by Lloyds in 2009. Since then several banks have been joining the CoCos’ issuers rank. In Belgium, KBC was the pioneer by issuing a 1Bn USD CoCo in January 2013. Continue reading…

Class action lawsuit

17 February 2015

Settlements have been reached with eight airlines in a class action lawsuit involving the price of airline tickets. The Settling Defendants are: Air France; Cathay Pacific; Japan Airlines; Malaysian Airlines; Qantas; Singapore Airlines; Thai Airways; and Vietnam Airlines. The lawsuit continues against five Non-Settling Defendant airlines: Air New Zealand; All Nippon Airways (“ANA”); China Airlines (Taiwan); EVA Airways; and Philippines Airlines. Continue reading…

Bruno Colmant
Bruno Colmant

How can we break out of deflation ?

13 February 2015

The real challenge in 2015 will be to avoid the economic shipwreck of the Eurozone in what is often presented as a Japanese-style deflationary scenario. Unfortunately, that scenario seems more and more plausible – prices have been going down over the past two years and the inflation rate will become negative at the beginning of 2015. Technically, of course, this could be described as disinflation rather than deflation, or as a trend towards low inflation, in order to avoid stigmatising a general fall in prices. Continue reading…