How Data in Banking and Fintech is Bringing in New Risks

17 January 2017

by Joe Biancalana

Data is playing an increasingly central role within banking. It is key to developing intelligent omnichannel customer interactions, tailored to suit the needs of individuals and households. Data is also powering new technologies, such as AI and bots, which are in turn helping to improve operational efficiency and reduce risks. Data is even enabling new banking models, such as peer-to-peer lending, crowdfunding and the sharing economy.  Continue reading…

Launch of Italian version on Monday 30th January

17 January 2017

The preparations for the launch of the Italian version of the Risk & Compliance Platform Europe website are well underway. This month, our European platform will also be available in Italian on Monday 30th January. Italy ranks as number 5 in the G8 (the wealthiest countries in the world), number 7 economically in the world in terms of Gross National Product and, we should certainly not forget that Italy, together with the Benelux countries France and West-Germany, was one of the six countries that founded the EEC, the European Economic Community (Common Market), the predecessor of the EU. Continue reading…

Risk managers urged to take action on new EU data legislation

10 January 2017

Risk managers should prepare now for new EU data protection legislation that will come into force next year, Airmic and law firm BLM have urged. The new regulations are more demanding than current rules and can result in much larger fines. Risk managers are being warned that the changes could take time to implement. The General Data Protection Regulations (GDPR), approved by the European Parliament last year, will automatically become law in EU countries in May 2018.  Continue reading…

Organizations must accelerate their digital transformation

03 January 2017

Global market trends are converging to accelerate the speed at which commercial and government organizations need to move from experimenting with discrete customer-facing digital projects to implementing enterprise-wide digital transformation. This is the overall finding of the CGI Global 1000, through in-person conversations with business and technology leaders in ten industries and twenty countries.
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Finalising Basel III reforms

03 January 2017

The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, welcomes the progress made towards completing the Basel Committee’s post-crisis regulatory reforms. However, more time is needed to finalise some work, including ensuring the framework’s final calibration, before the GHOS can review the package of proposals. Continue reading…

Nordea : one legal structure

02 January 2017

Today, as of 2 January 2017, the cross border mergers between Nordea Bank AB (publ) and its subsidiary banks in Denmark, Finland and Norway have been executed. As a result, all assets and liabilities of the subsidiary banks have been transferred to Nordea Bank AB (publ) and each of Nordea Bank Danmark A/S, Nordea Bank Finland Plc and Nordea Bank Norge ASA has been dissolved. The banking business in Denmark, Finland and Norway will be carried out in branches of Nordea Bank AB.
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ECJ Ruling on the requirement of control for FCA’s

28 December 2016

by Pim Rank, Frans van der Eerden, Sven Uiterwijk & Yael Diamant

On 10 November 2016, the European Court of Justice (the “ECJ”) rendered a judgement on the interpretation of the requirement of ‘possession or control’ for financial collateral arrangements (“FCA’s”) (C-156/15ECLI:EU:C:2016:851, Private Equity Insurance Group/Swedbank). This ruling is important because it could be argued that the ECJ’s interpretation of the requirement of possession or control differs from the interpretation given to it in Netherlands legal practice and literature. In this article, we will discuss the ruling and its consequences for the Netherlands practice. Firstly, we will describe what FCA’s are and what the requirement of possession or control entails. Continue reading…

Mark Dunn

Mark Dunn

Segment Leader for Entity Due Diligence and Monitoring at LexisNexis

Report shows recent ‘dramatic’ sanctions changes

16 December 2016

Sanctions around the world have changed significantly in the last few months, according to a new report by LexisNexis Business Insight Solutions. The report looks at how sanctions have changed in eight countries: the US, UK, Russia, Iran, Myanmar, Cuba, Democratic People’s Republic of Korea (North Korea), and the Democratic Republic of Congo (DRC). The report goes onto look at the steps companies can consider to mitigate the risks of breaching sanctions.

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Lexis Nexis

How companies should respond to the ever-changing world of sanctions risk

15 December 2016

Around the world in eight sanctions regimes Sanctions are imposed on regimes, entities or individuals by governmental and intergovernmental bodies, in the hope of curbing or changing their behaviour. They come in many forms, including asset freezes, flight bans, and restrictions on trade and other financial transactions. These bodies regularly publish and update their sanctions lists, which presents a significant risk of an unintentional breach to companies of all sectors that trade internationally. If a firm breaches sanctions, it can expect to face serious legal, financial and reputational repercussions. Punishments can include a civil or criminal legal conviction, a large regulatory fine, or a ban on bidding for future national or World Bank contracts.n the last few months alone, sanctions around the world have changed significantly. To measure the current extent of these changes, LexisNexis Business Insight Solutions has compiled this report with the latest information on sanctions regimes at governmental and intergovernmental level. The report focuses on how sanctions have changed in eight countries: the US, UK, Russia, Iran, Myanmar, Cuba, Democratic People’s Republic of Korea (North Korea), and the Democratic Republic of Congo (DRC). The report goes onto look at the steps companies can consider to mitigate the risks of breaching sanctions.