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Private sector debt and financial stability

01 July 2022

Debt financing can spur economic growth but may also pose risks to financial stability and macroeconomic performance. Private non-financial sector debt increased to an all-time high of around 170% of world GDP during the Covid-19 pandemic, spotlighting the role of debt in supporting economic activity as well as the associated risks. Central bank frameworks for monitoring debt vulnerabilities were strengthened in the years prior to the Covid-19 crisis. Central banks have made increasing use of sectoral and entity-level data to look beneath aggregate figures that might conceal vulnerabilities; the distribution’s tail often provides a better signal of debt vulnerabilities than the middle. Continue reading…

Listening up to level up: Regulating finance for the whole of the UK

30 June 2022
Knowledge Base

On 20 May 2022, Charles Randell, Chair of the Financial Conduct Authority, delivered a speech at the Centre for Commercial Law Studies, Queen Mary University of London, England. Meeting people across the nations and regions of the United Kingdom is the greatest privilege of my job as Chair of the Financial Conduct Authority. In Solihull, I met a single mother. When her father was dying, she gave up her job to care for him. She couldn’t meet her everyday costs and started taking on debt. She did seek help – but at her lowest ebb, she was sold a plan that charged her fees but didn’t reduce the debt. It didn’t even leave her enough money for food. It was only when she went to the voluntary sector – in her case, Christians Against Poverty – that she started to turn the corner. She got a new plan which meant she could keep her home. Continue reading…

EBA publishes Guidelines on role and responsibilities of the AML/CFT compliance officer

29 June 2022

The European Banking Authority (EBA) recently published its Guidelines specifying the role and responsibilities of the anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officer and of the management body of credit or financial institutions. These Guidelines aim to ensure a common interpretation and adequate implementation of AML/CFT internal governance arrangements across the EU in line with the requirements of the EU Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (ML/FT).  Continue reading…

Slovak and Czech authorities take action against right-wing terrorism

28 June 2022

A 22-year-old suspected of committing several terrorist and extremist crimes has been arrested in Slovakia. In an action supported by Eurojust, Europol and the United States, Slovak and Czech authorities searched two locations and seized a 3D printer and printed metal parts of weapons, computers and other electronic devices. According to the investigation, the arrested suspect is believed to sympathise and promote far-right white nationalist movements such as the neo-Nazi ‘alternative right’, the ideology of ‘accelerationism’ and the ‘Siege culture’. The suspect allegedly participated in several subversive and sabotage activities and acts of terrorism with the objective of publicly inciting the overthrow of the democratic political system. He shared photos of glorified far-right extremists to publicly support their activities. He also committed several extremist crimes. Continue reading…

How to regulate digitalisation in the financial sector in such a way that society reaps the benefits?

24 June 2022
Knowledge Base

by Laura van Geest

The last decade has brought progress in terms of financial stability, financial wellbeing, and fair and transparent markets. However, these are not ‘safe assets’. Climate change, the destabilisation of the international political order and the normalisation of monetary policy all affect the economy, the financial sector, consumers, and society at large. Digital transformation in particular will shape the future of the financial sector and financial supervision. Will the traditional financial services companies still play an important role twenty years from now ? Or will the technological superiority of Big Tech firms make them the dominant players ? Or will we move towards an alternative world of decentralised finance ? And what are the implications for supervisors and policymakers ?
Continue reading…

Luigi Federico Signorini speaks on how to handle digitalisation and to account for new consumption trends

23 June 2022
Knowledge Base

On 7 June 2022, Luigi Federico Signorini, Senior Deputy Governor of Banca d’Italia, gave an opening speech at the 17th Meeting of the Ottawa Group on Price Indices. It is my privilege to welcome you to the 17th Meeting of the Ottawa Group, jointly organised by the Banca d’Italia and Istat. As you know, the meeting should have taken place two years ago. However, the health emergency hit just before the scheduled date and we had to change our plans. I am very pleased that we are now here together and ready for a fresh start. The issues that will be discussed during the next few days are, of course, the centre of attention of consumer price experts and central bankers. Many of these issues, however, are also of great interest to the public at large, such as how to account for new consumption trends; how to handle (and benefit from) digitalisation; how to develop more comprehensive measures of the cost of living, especially ones encompassing housing costs. This, I think, makes your work particularly valuable. Continue reading…

EU and US foster cooperation against ransomware attacks

22 June 2022
Knowledge Base

Ransomware has become a global problem that requires cooperation on a worldwide level. Judicial experts and practitioners from the European Union and the United States participated in a two-day workshop in The Hague organised by Eurojust and the U.S. Department of Justice. The event aimed to share best practices and enhance collaboration in confronting ransomware attacks. The event was opened by Eurojust President, Mr Ladislav Hamran, and Assistant Attorney General Mr Kenneth A. Polite, Jr. of the U.S. Department of Justice’s Criminal Division. Continue reading…

European Commission: Shared whistleblower functions in Groups are not enough

21 June 2022
Knowledge Base

by Daniel Vaknine

A number of global and large national companies already have centralised group-wide reporting systems in place and have relied on the adequacy of this global solution after 17 December 2021, when the new EU Whistleblowing Directive entered (or was supposed to enter) into force. The European Commission has however clearly rejected this interpretation. Continue reading…

Risk & Compliance Annual Congress held on the role of gatekeepers in 2022

20 June 2022
Knowledge Base

by Michel Klompmaker

Last Thursday, June 16, our traditional Risk & Compliance Annual Congress took place at the Groot Kievitsdal Estate in Baarn. The weather was beautiful and all those present could fully enjoy it on the terraces of the Estate. But of course there was also the serious angle, the theme around the role of the gatekeepers in 2022. The three keynotes before the break each had a clear opinion about this from their own background. The international bank customer, through the CEO of HVA International Miltiadis Gkouzouris, started off, after which Jaap van der Molen of the ABN Amro Bank spoke and then the Ministry of Justice and Security, represented by Zosha Zuidema. Later in the afternoon, the Great AML/CDD/KYC Debate took place, led by Michael van Woerden. Geert Vermeulen, who led the day in the right direction, was our chairman. Continue reading…

Steve Munford, CEO of Trulioo at Money20/20 speaks on its business developments, market position, and challenges

16 June 2022
Knowledge Base

Ingrid Gacci

What a journey! This is the impression after three days spent at Money20/20. Money20/20 is not only the largest global fintech event where payment and financial industries are connected to commerce, but a fascinating event that gave Risk & Compliance Platform Europe the opportunity to meet innovative top managers and professionals from all over the world. We recently had the pleasure of conducting one of our most insightful interviews together with the CEO of Trulioo, Steve Munford. Trulioo is a Canadian-based company that provides electronic identity and address verification of both individuals and businesses. Continue reading…