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

20 January 2022
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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
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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
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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
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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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Amsterdam Conference: Choose how you want to attend the ECEI conference!

11 January 2022
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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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Heavy Weather Banking: Corporate Debt Restructuring in Times of Crisis

05 January 2022
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The COVID-19 crisis is creating big financial problems for many corporates, particularly when current government support comes to an end. The banks are insufficiently prepared to deal with those problems, as former banker and restructuring consultant Rob Wijman writes in his book Heavy Weather Banking. ‘Just like a hospital, a bank needs an Intensive Care department with sufficiently skilled staff.’

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FSB illustrates practical approaches to the execution of bail-in

31 December 2021

The Financial Stability Board (FSB) has recently published a Practices Paper on the Execution of Bail-in. Bail-in is at the core of resolution strategies for global systemically important banks (G-SIBs). Set out in the Key Attributes of Effective Resolution Regimes for Financial Institutions, it is an important tool enabling an orderly resolution that minimises any impact on financial stability and ensures the continuity of critical functions, without exposing taxpayers to loss. Continue reading…

FCA confirms new Listing Rules to boost growth and innovation on UK stock markets

22 December 2021
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The FCA has recently confirmed a series of rule changes to ensure that the UK’s public markets remain a trusted and attractive place to list successful companies, providing opportunities for companies to grow from which investors will benefit. The reforms address, and build on, a number of the recommendations made in the UK Listing Review and the Kalifa Review of UK FinTech, with the FCA seizing the opportunity to update its rules to respond to the changing nature of companies looking to list while maintaining high standards for UK public markets. Continue reading…

Charlatans: A risk for ethics in organisations

21 December 2021
Knowledge Base

by Caroline Raat

The days before Christmas are ideal for contemplating profound matters. Such as: do I always act with integrity? The truth: of course not. We are human beings. And, according to psychological literature, integrity – also known as Honesty-Humility on the Hexaco-scale – is not ‘all or nothing’1. Some people score high on this scale (not a 100%), some low, and most are ‘somewhere in-between’. Anyone can do the test, and it’s a sound reality check. Also, that psychology and personality are not to be morally judged, but that they can explain that people who score high on the H-scale are the lucky ones. Continue reading…