ECB moves towards harmonising statistical reporting to ease burden for banks and improve analysis

22 January 2022

The European Central Bank (ECB) has taken the next step in the project to develop the Integrated Reporting Framework (IReF). This harmonised statistical reporting system is intended to make it easier for banks to report statistical data to the European System of Central Banks (ESCB) and to reduce their reporting burden by leveraging digitalisation and state-of-the-art production organisation. At the same time, the system will facilitate policymakers’ analysis and comparison of such data. Continue reading…

Personalia

Ken van Ierlant

Digital Thought Leader
Member of the Board of Directors of UpGen. Experienced CEO / CDO / CIO in the field of transformation processes within internationally oriented companies.
Personalia

Marta Andreeva

Global Compliance Program Specialist at Crypto.com since July 2020
Marta is passionate about developing a culture of compliance, increasing awareness and coaching and mentoring others.
Personalia

Theodoros Kringou

Founder and Managing Director, Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.)
Theodoros Kringou, a self-made entrepreneur is the Founder and Managing Director of Infocredit Group Ltd and ICG Middle East Commercial Services DMCC (Dubai, U.A.E.).

FCA commences criminal proceeding in relation to Collateral (UK) Ltd

20 January 2022
Knowledge Base

The Financial Conduct Authority (FCA) has commenced criminal proceedings against the two former directors of Collateral (UK) Ltd (Collateral), Peter Currie and Andrew Currie, who each face two charges under the Fraud Act 2006 and one charge under the Proceeds of Crime Act 2000.  The FCA alleges that the Curries, who are brothers, dishonestly represented to investors that Collateral was authorised and regulated by the FCA to operate as a peer-to-peer lender knowing this was untrue. Continue reading…

Commission proposes to end the misuse of shell entities for tax purposes within the EU

19 January 2022
Knowledge Base

The European Commission has recently presented a key initiative to fight against the misuse of shell entities for improper tax purposes. The proposal should ensure that entities in the European Union that have no or minimal economic activity are unable to benefit from any tax advantages and do not place any financial burden on taxpayers. This will also protect the level playing field for the vast majority of European businesses, who are key to the EU’s recovery, and will ensure that ordinary taxpayers do not suffer additional financial burden due to those that try to avoid paying their fair share. Continue reading…

EBA alerts on the detrimental impact of unwarranted de-risking and ineffective management of ML / TF risks

18 January 2022

The European Banking Authority (EBA) recently published its Opinion on the scale and impact of de-risking in the EU and the steps competent authorities should take to tackle unwarranted de-risking. Providing access to at least basic financial products and services is a prerequisite for the participation in modern economic and social life and de-risking, when unwarranted, can cause the financial exclusion of legitimate customers. It can also affect competition and financial stability. De-risking refers to decisions taken by financial institutions not to provide services to customers in certain risk categories. De-risking can be a legitimate risk management tool but it can also be a sign of ineffective money laundering (ML) and terrorist financing (TF) risk management, with at times severe consequences.

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The Integrity Talks with Dina-Perla Portnaar and Claudia Zimmermann

17 January 2022
Knowledge Base

Follow the conversations between Dina-Perla Portnaar and Claudia Zimmermann about many items which are so important at the moment. Welcome to the Integrity Talks, by the way. The ladies are talking about integrity – also on the work floor, Money2020 at the RAI in Amsterdam, anti money laundering (AML), financial crime, integrity in the financial sector at large, and regulations. We do this to develop consciousness and unconditional love on our Mother Earth. Follow their conversations. Continue reading…

There are no no-risk countries

13 January 2022
Knowledge Base

by Geert Vermeulen

Two former employees of Dutch social housing corporation Vestia have been convicted for corruption. One of them received a 2,5 year jail sentence and the other one was sentenced to 1 year in jail. Cleaning companies, window cleaners and contractors who worked for Vestia paid the two employees large money amounts and goods in kind to get assignments from the housing corporation. The father of one of the employees and two intermediaries were involved as well. The Vestia employees told the suppliers in advance what price they should offer. Vestia estimates that the total damage of the fraud for them has been around EUR 3 million.
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European Media Freedom Act

12 January 2022

Yesterday, the Commission published an open public consultation on the upcoming European Media Freedom Act, a landmark initiative announced by President von der Leyen in her 2021 State of the Union address to safeguard the pluralism and independence of the media in the EU internal market. This follows a call for evidence published on 21 December 2021 outlining the main aims of the initiative, possible options and impacts. Vice-President for Values and Transparency, Věra Jourová, said: “Media are a pillar of democracy. But today this pillar is cracking, with attempts by governments and private groups to put pressure on the media. This is why the Commission will propose common rules and safeguards to protect the independence and the pluralism of the media. Journalists should be able to do their work, inform citizens and hold power to account without fear or favour. We are now consulting broadly to come with the best proposal.”
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Amsterdam Conference: Choose how you want to attend the ECEI conference!

11 January 2022
Knowledge Base

Join the Society of Corporate Compliance and Ethics for their 10th Annual European Compliance & Ethics Institute, which will be taking place both in-person and virtually to learn about the challenges facing the European and global compliance and ethics community. Hear from today’s compliance and ethics leaders on the latest solutions to your challenges, hear strategies to mitigate risk, and improve your organisation’s compliance program. ECEI’s educational sessions will provide you with the opportunity to earn live Compliance Certification Board (CCB)® continuing education units (CEUs).
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Support to joint investigation team of Sweden and France targeting crimes against Yezidi victims in Syria and Iraq

10 January 2022

The judicial authorities in Sweden and France have set up a joint investigation team (JIT) to support proceedings involving core international crimes committed by foreign terrorist fighters (FTFs) against the Yezidi population in Syria and Iraq. Eurojust has supported the setting up of the JIT, which will enable the long-term coordination of investigations and the swift sharing of information and evidence. The joint efforts will also avoid multiple interviews of the same victims, who have lived through dire circumstances. Continue reading…

Photo: Press point by Ursula VON DER LEYEN, President of the European Commission

Presentation of the programme of activities of the French Presidency of the Council of the EU

07 January 2022

Ursula von der Leyen

I am delighted to be here with the College of Commissioners to mark the start of the French Presidency of the Council. France is taking on this prized responsibility in very particular circumstances: the public health situation with regard to COVID-19 is still worrying. However, we are taking strong action on the vaccination front. This has enabled us to vaccinate almost 70% of the entire population and almost 80% of adults in Europe. Not only have we supplied Europeans with 1.2 billion vaccine doses, but in parallel, we have also exported 1.5 billion vaccine doses to over 150 countries. Furthermore, we are massively supporting the economy, in particular with EUR 800 billion under the NextGenerationEU recovery programme. Continue reading…