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FSB proposes framework for the international regulation of crypto-asset activities

26 October 2022
Knowledge Base

The Financial Stability Board (FSB) has published a proposed framework for the international regulation of crypto-asset activities. The core components of this framework are proposals for: recommendations that promote the consistency and comprehensiveness of regulatory, supervisory and oversight approaches to crypto-asset activities and markets and strengthen international cooperation, coordination and information sharing; and revised high-level recommendations for the regulation, supervision, and oversight of “global stablecoin” arrangements to address associated financial stability risks more effectively. Continue reading…

Money laundering cases registered at Agency doubled in last six years according to Eurojust’s new report

24 October 2022
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Almost 3 000 cross-border money laundering cases have been registered at Eurojust during the past six years. Since 2016, the number of cases brought to the Agency has been steadily rising. Over 600 cases were brought to the Agency in 2021, representing more than double of those registered in 2016.These are some of the findings of Eurojust’s first comprehensive report on money laundering, published on 20 October. Due to its clandestine nature, the global scale of money laundering is difficult to measure, but it is considered to be significant. The United Nations Office on Drugs and Crime (UNODC) estimates that between 2 and 5% of global GDP – up to 1.87 trillion Euros – is laundered each year. This reflects Eurojust’s case statistics that show that money laundering cases accounted for almost 15% of all cases registered at the Agency between 2016 and 2021. Continue reading…

Action against criminal group that stole hundreds of cars in France using fraudulent software

20 October 2022

Supported by Eurojust and Europol, French authorities, in collaboration with Latvia and Spain, have taken action against an organised crime group (OCG) that used fraudulent software to duplicate keys and steal cars in France. In a coordinated action carried out in the three countries involved, thirty one suspects were arrested and twenty-two locations were searched. The suspects allegedly produced and used fraudulent software to steal vehicles by duplicating the vehicles’ ignition keys. Marketed as an automotive diagnostic solution, the tool was able to replace the original software of the targeted vehicles without respecting the protocol and without the original key. Continue reading…

Why Voice Recording is Important in Compliance Monitoring for the Finance Industry

26 September 2022
Knowledge Base

by Nigel Cannings

Financial Institutions that fall foul of compliance regulations were fined $2.7 billion in 2021 globally, according to Forbes. This included violations of Anti-Money Laundering (AML) rules, Know Your Customer (KYC) checks and operating guidelines. As financial regulation increases to ensure the safety and security of the financial system and to protect consumers, financial institutions must consider how they can best protect themselves from compliance-related fines. Continue reading…

Takedown of online investment fraud responsible for losses of several million euros

17 September 2022

With the support of Eurojust, authorities in Finland, Germany, Belgium and Latvia have succeeded in striking a blow against the operators of various fraudulent online investment platforms that have defrauded victims from 11 different countries out of several million euros. During an action day, two suspects were arrested and 12 locations were searched. According to the investigation, victims were directed to seemingly reputable online trading platforms in search of offers for lucrative investments. Through these platforms, they were promised enormous profits in a short time by trading in cryptocurrency, foreign exchange or shares. Continue reading…

Eurojust supports action against large-scale VAT fraud to the EU

09 September 2022
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Authorities in Hungary, Austria, the Czech Republic and Poland have dismantled a criminal network involved in a large-scale VAT fraud concerning tobacco smuggling. The estimated damage caused by the tax evasion to the European Union budget amounts to over EUR 8 750 000. In an action supported by Eurojust and Europol, one suspect was arrested. Over EUR 750 000, 7 high-value cars and 49 very high-value wristwatches were seized. Continue reading…

Valérie Urbain from Euroclear: “We must make the Financial Services Industry attractive to the future generation”

05 September 2022
Knowledge Base

During the last International Risk Congress in Brussels, with a theme on Combating Financial Economic Crime, moderator and presenter Dina-Perla Portnaar spoke with Valérie Urbain from Euroclear. Valérie has been working at Euroclear since July 2021. Within her role as Chief Business Director & Executive Director, she has the total overview of all activities, as well as the responsibilities that go with it. The interview took place at the Euroclear headquarters in Brussels and was conducted in English. How will we be able to combat Financial Economic Crime? Which types of crimes lie ahead of us? What strategies have already been deployed in the public and private sectors? What types of solutions are most desirable and necessary? Are we combating FEC in an effective and concerted manner? What does Euroclear do in terms of diversity and inclusivity?

Continue reading…

FCA fines Ghana International Bank Plc £5.8m for failings in its anti-money laundering controls

14 July 2022

The FCA has fined Ghana International Bank Plc (GIB) £5,829,900 for poor anti-money laundering and counter-terrorist financing controls over its correspondent banking activities. GIB provided correspondent banking services to overseas banks. This allowed them to provide products and services they would not otherwise be able to, including making payments in different currencies and across borders. The FCA requires banks to do extra checks on their correspondent banking customers to reduce the higher risk of money laundering and terrorist financing associated with the service.  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…

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…