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New report on encryption in criminal matters stresses balance between security and privacy

21 June 2024
Knowledge Base

The EU Innovation Hub for Internal Security, of which Eurojust is one of the main partners, has on 10 June published its first report on the use of encrypted communications in criminal investigations. The report stresses the balance that needs to be struck between securing private communications and fundamental rights, while enabling investigations and prosecutions to combat organised crime and terrorism. Continue reading…

Governments must intervene on anti-fraud funding for real-time payments

13 June 2024
Knowledge Base

by Craig Ramsey

The entire EU financial system is on countdown. By January 9th 2025, it will be a legal requirement for the region’s payment service providers to receive real-time credit transfers in Euros thanks to the new Instant Payments Regulation. Time is ticking and there are countless challenges to overcome. But the single biggest issue of all is consumer protection from fraud. To explain, a real-time payment is a credit transfer that makes funds available in a payee’s account within ten seconds of a payment order being made. Once received, it’s irreversible and the money can be withdrawn immediately. Continue reading…

New IBA GEI report emphasises the impact of current political and environmental developments on human resources

12 June 2024
Knowledge Base

The latest report from the International Bar Association Global Employment Institute (IBA GEI) states that political and environmental factors, such as the Russia-Ukraine war and the climate crisis are together reshaping employment landscapes around the world. In the IBA GEI’s Twelfth Annual Global Report (AGR) – based on data from lawyers in 54 countries – issues such as the aftermath of the COVID-19 pandemic, the shift towards remote work and the challenge of skilled labour shortages, as well as the energy crisis exacerbated by the war between Russia and Ukraine, are identified as key areas for the human resources (HR) sector. Sustainability is also becoming increasingly relevant in terms of HR management. Continue reading…

Leveraging Gen AI in Reimagining Credit Risk Management

10 June 2024
Knowledge Base

by Ajay Katara

Gen AI adoption is steadily increasing in many banking and financial organisations. Its applications are expanding into risk and compliance areas, with each risk discipline identifying use cases where Gen AI can enhance efficiency by providing better insights, cost benefits, and faster turnaround times. Within the enterprise risk function, credit risk management is a primary financial risk function that significantly impacts many banking organisations. Over the past 15 years, credit risk management has matured through numerous regulatory mandates and transformation initiatives. However, there are still many areas within this function that can benefit from the adoption of generative AI. Continue reading…

Temu designated as Very Large Online Platform under the Digital Services Act

04 June 2024
Knowledge Base

The European Commission has formally designated Temu as a Very Large Online Platform (VLOP) under the Digital Services Act (DSA). Temu is an online marketplace with an average of more than 45 million monthly users in the European Union. This user number, which Temu has communicated to the Commission, is above the DSA threshold for designation as a VLOP. Following the  designation as a VLOP, Temu will have to comply with the most stringent rules under the DSA within four months of its notification (i.e. by the end of September 2024), such as the obligation to duly assess and mitigate any systemic risks stemming from their services, including the listing and sale of counterfeit goods, unsafe or illegal products, and items that infringe intellectual property rights. Continue reading…

Check against delivery

31 May 2024
Knowledge Base

by Margrethe Vestager

The Commission has fined Mondelēz 337.5 million euros. We have done so because they have ben restricting the cross-border trade of chocolate, biscuits and coffee products in the European Union. We find that Mondelēz illegally restricted retailers from sourcing these products from Member States where prices are lower. This allowed Mondelēz to maintain higher prices. This harmed consumers, who ended up paying more for chocolate, biscuits and coffee. Mondelēz is one of the world’s largest producers of very well-known brands that many of us would buy on a daily basis. Just to name a few, Milka, Toblerone, Côte d’Or, Cadbury, Tuc, Lu, Ritz and Oreo are all Mondelēz brands. So this case is about the price of groceries. It is a key concern to European citizens, even more obvious in times of high inflation where many are living in cost-living crisis. It is also about the heart of the European project: the free movement of goods in the Single Market. Continue reading…

Thousands of judicial cases opened against perpetrators of genocide in Rwanda since 1994

28 May 2024
Knowledge Base

Since the genocide against the Tutsi and other massacres against moderate Hutu in Rwanda in 1994, judicial authorities in Europe, Rwanda and a UN tribunal have opened thousands of formal investigations and court cases against alleged perpetrators. In addition to the over 10 000 individuals tried by the Rwandan authorities, the International Criminal Tribunal for Rwanda has opened 93 cases and EU Member States judicial authorities have opened over 100 cases.
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FCA confirms anti-greenwashing guidance and proposes extending sustainability framework

27 May 2024
Knowledge Base

Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest in sustainable finance as 81% of adults surveyed would like their investments to do some good as well as provide a financial return. This work supports the long-term growth and competitiveness of the sector by helping businesses meet this demand and ensuring consumers who invest in sustainability-related financial products can make informed decisions. Continue reading…

Three Lines of Defense: No more D in 3LOD

23 May 2024
Knowledge Base

by Elena Pykhova

The three lines of defence (3LOD) model, which had its origins in military planning and sports management, is now firmly engrained into the DNA of financial services firms. It is widely viewed as an important factor in the successful embedding of enterprise risk management. Designed by the Institute of Internal Auditors (IIA), the model distinguishes between the three groups (or lines) involved in effective risk management:

functions that own and manage risks; functions that oversee risks; functions that provide independent assurance.

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