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Open banking – a bespoke solution for responsible iGaming

18 April 2023
Knowledge Base

iGaming, which covers ​​any form of online wagering, has snowballed over almost 20 years of its existence. The global online gambling and betting industry was valued at US$ 61.5 billion in 2021 and is expected to rise to US$ 114.4 billion by 2028, according to Statista. This growth is primarily due to the rising popularity of mobile devices and the availability of internet access across the world. Additionally, the introduction of new payment methods has made it easier for players to access and engage with online gaming and gambling platforms. As technologies develop, preferences shift and new tools emerge, the iGaming industry is constantly evolving. Open banking has proved to be a transformational force for a broad range of sectors – and iGaming is no exception. By using open banking, operators are given a better understanding of players’ affordability and their financial situation on the basis of bank records, income and credit reports, and other data. Thus, increasing trust between operators and players while also providing an easy and secure payment method. Continue reading…

Reggie de Jong: “Lawyers in particular should no longer be lured into the role of ‘corporate enablers'”

14 April 2023
Knowledge Base

Michel Klompmaker

On 1 December this year, we had an interview via RiskComplianceTV with Reggie de Jong at the Behavioral Risk Congress 2022, on the theme of integrity. For those who have not yet seen the interview, here is the link. In any case, it is useful to watch this interview on the possible criminal case against Airbus, Deutsche Bank, Clearstream and Deutsche Börse carefully for a while, as the following interview with Reggie de Jong is the logical sequel to it. Indeed, we are not only curious to know what the reactions were to this interview, but especially what the follow-up steps have been to date.
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UBS’ Kelleher on Credit Suisse deal: ‘Our #1 priority is stabilizing the situation’

13 April 2023
Knowledge Base

by Mark Worth

The Swiss National Bank announced on 19 March that UBS would acquire Credit Suisse in an all-shares transaction valued at CHF 3 billion (€3.04 billion). UBS executives held a call with journalists and analysts to share details and discuss implications of the deal on 29 March. Here are excerpts of comments by UBS Board Chair Colm Kelleher.
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Ursula von der Leyen on EU-China relations

11 April 2023
Knowledge Base

On 30 March, President Ursula von der Leyen gave a speech on EU-China relations to the Mercator Institute for China Studies and the European Policy Centre. Ladies and Gentlemen, it is a real pleasure to be here at this very special event co-hosted by two of Europe’s most knowledgeable and independent-minded think tanks. In a time when global affairs are becoming harder to decrypt – and in an era where facts are routinely challenged – the work that you do at these think tanks has never been more important for Europe. Because it is only by having a deeper understanding of the world as it really is – not as we may wish it to be – that we can develop better informed policies. This is why I believe think tanks are an essential part of our democracy. Continue reading…

FCA sets clear plan for next 12 months

07 April 2023
Knowledge Base

In the second year of its three-year strategy, the FCA plans to accelerate four areas of its work over the next 12 months through further investment and increased resources. In its Business Plan 2023/24, the FCA has set out an ambitious programme for the next 12 months to achieve better outcomes for consumers and markets, in line with its three-year strategy.    Continue reading…

National Authorities of the Ukraine joint investigation team sign Memorandum of Understanding with the United States Department of Justice

29 March 2023
Knowledge Base

The seven national authorities participating in the Eurojust supported joint investigation team (JIT) on alleged core international crimes committed in Ukraine have signed a Memorandum of Understanding (MoU) with the United States Department of Justice. This MoU will enhance the coordination between the JIT partner countries and the US authorities in their respective investigations in connection with the war in Ukraine. The MoU was signed on Friday 3 March by high-level representatives of the prosecution services of the seven JIT partner countries and United States Attorney General Merrick B. Garland. Continue reading…

UBS will acquire Credit Suisse

20 March 2023
Knowledge Base

UBS plans to acquire Credit Suisse. The combination is expected to create a business with more than USD 5 trillion in total invested assets and sustainable value opportunities. It will further strengthen UBS’s position as the leading Swiss-based global wealth manager with more than USD 3.4 trillion in invested assets on a combined basis, operating in the most attractive growth markets. The transaction reinforces UBS’s position as the leading universal bank in Switzerland. The combined businesses will be a leading asset manager in Europe, with invested assets of more than USD 1.5 trillion. The discussions were initiated jointly by the Swiss Federal Department of Finance, FINMA and the Swiss National Bank and the acquisition has their full support. UBS anticipates that the transaction is EPS accretive by 2027 and the bank remains capitalized well above its target of 13%. The transaction is not subject to shareholder approval. UBS has obtained pre-agreement from FINMA, Swiss National Bank, Swiss Federal Department of Finance and other core regulators on the timely approval of the transaction.

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Financial Conduct Authority to tackle competition problems with the trade data market

17 March 2023
Knowledge Base

A new Financial Conduct Authority (FCA) report has found that competition in some parts of the wholesale data market is not working as well as it should. Access to good quality, fairly priced trade data is important for the whole financial system. It allows for properly informed, timely investment decisions. Trading data includes information on prices and volumes traded and supplied by venues, like stock exchanges, where shares and other financial products are bought and sold. Markets in which firms compete to provide good quality wholesale data will make the UK an attractive place to do business for a wide range of financial service providers, and so can improve the UK’s international competitiveness.  Continue reading…

Effects of the Whistleblower Directive in the long term

15 March 2023
Knowledge Base

by Daniel Vaknine

Many people, especially within the compliance area, are talking about the EU’s relatively new directive on whistleblowing. From December 17 2023, all organisations with more than 50 employees must implement internal whistleblower channels. In addition to this, there are also requirements for secure data storage (among other things linked to GDPR) and an easily accessible and informative whistleblower policy to ensure that all requirements are met. Here you can find the full directive in English, but how will the directive actually affect workplaces around Europe, and what effect will it have in the long run?  Continue reading…

No teeth yet for the House of whistleblowers; a missed opportunity for safe reporting of wrongdoing

13 March 2023
Knowledge Base

by Caroline Raat and Mark Worth

When Caroline Raat interviewed House of Whistleblowers Chair Wilbert Tomesen December 1st 2022, he argued strongly that the Netherlands’ new whistleblower law should give the House the authority to protect employees preventively — before they are fired or demoted [*1].  He argued strongly for the proper protection of whistleblowers through a preventive enforcement power for the House in the new Whistleblower Protection Act. This had not yet been passed by the House of Representatives at that time. This power would ensure compliance, particularly with the ban on employers placing whistleblowers at a disadvantage, better and faster than in court. Because the House had also noted for some time that this is a major problem, even if the burden of proof about this disadvantage shifts with the law to the employer. After all, going to court is long and costly. Often the person making the report has already been harmed to such an extent that the suffering is already irreversible.

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