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…

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…

The Financial Stability Board (FSB) and International Monetary Fund (IMF) has on 9 June published a report to mark the completion of the second phase of the G20 Data Gaps Initiative (DGI-2). This report also lays out priorities for a new initiative led by the IMF to address gaps relating to emerging policy needs. The report finds that significant progress has been made in addressing data gaps identified during the global financial crisis of 2007-08 through the two phases of the Data Gaps Initiative, including in the development of conceptual frameworks, and improvements in data coverage, timeliness, and periodicity. Building on the close collaboration among the participating economies and international organisations, the peer pressure mechanism, and explicit support from the G20, policy makers now have a better understanding of the risks and vulnerabilities their economies face.  Continue reading…

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…

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…

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…

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…

Last Friday, the European Commission presented its Opinions on the application for EU membership submitted by Ukraine, Georgia and the Republic of Moldova as invited by the Council. Today’s Opinions are based on the Commission’s assessment in light of the three sets of criteria to join the EU agreed by the European Council: political criteria, economic criteria and the ability of the country to assume the obligations of EU membership (EU acquis). The Opinions also take into account Ukraine, Moldova and Georgia’s efforts in implementing their obligations under the Association Agreements (AA), including the Deep and Comprehensive Free Trade Areas (DCFTA), which cover significant parts of the EU acquis. The European Commission has found that Ukraine overall is well advanced in reaching the stability of institutions guaranteeing democracy, the rule of law, human rights and respect for and protection of minorities; has continued its strong macro-economic record, demonstrating a noteworthy resilience with macroeconomic and financial stability, while needing to continue ambitious structural economic reforms; and has gradually approximated to substantial elements of the EU acquis in many areas.
Continue reading…

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…

The FCA is to use new powers to more swiftly cancel or change what regulated activities firms are permitted to do, these are known as permissions. This new power is available following a change in the law allowing the FCA to streamline and shorten the removals process. The FCA will provide a firm with two warnings if it believes it is not using its regulatory permission. The FCA will then be able to cancel the permission, or change it, 28 days after the first warning if the firm has not taken appropriate action. 

Continue reading…