EIOPA joins information exchange agreement

29 July 2016

Victoria Saporta, Chair of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that European Insurance and Occupational Pensions Authority (EIOPA) has joined an international supervisory cooperation and information exchange agreement. Since the first jurisdiction was admitted in June 2009, membership in the IAIS Multilateral Memorandum of Understanding (MMoU) has grown to now include 56 signatories representing over 65% of worldwide premium volume.
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Panama Papers and Nordea Private Banking Luxembourg

26 July 2016

Following the so-called Panama Papers Nordea’s President and CEO, Casper von Koskull, initiated an internal investigation to conclude whether Nordea Bank S.A. in Luxembourg (NBSA) has adhered to internal rules and external regulations regarding activities related to offshore structures. The investigation has now been completed and presented to Nordea’s Board of Directors. All relevant supervisors have been or will be informed of the findings. Nordea has decided on a number of actions to immediately address key conclusions and the recommendations made by the investigation.
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Professors debate: Moral muteness and integrity deafness

20 July 2016
Knowledge Base

by Frank van den Nieuwenhuijzen

During the closing dinner of the annual meeting of the Risk and Compliance Platform Europe, Professor Ronald Jeurissen and Professor Sharon Oded debated moral muteness and integrity deafness. Professor Jeurissen stressed the importance of breaking through moral muteness among employees. Professor Oded agreed, but added that integrity deafness within an organisation is at least equally important to address.
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Approaching compliance in the digital world

19 July 2016

by Eric Crabtree

With the EU Mortgage Credit Directive (MCD) having come into force recently, the financial services sector has reached the end of a period of regulatory change that began with the Mortgage Market Review and the fallout from the 2008 recession. But it is a fact of life in the financial services industry that there is barely time to digest and understand one wave of regulation before another crests the horizon. Accordingly, just as Financial Directors are getting used to working with post-crash legislation, the EU Council and the Parliament have adopted new General Data Protection Regulation (GDPR), which will have far-reaching consequences for the financial services sector.  Continue reading…

Leniency Agreement Signed between Brazilian Authorities, Petrobras and SBM Offshore

16 July 2016

The Ministry of Transparency, Oversight and Control, the Public Prosecutor’s Office, the General Counsel for the Republic, Petróleo Brasileiro S.A. (Petrobras)  and SBM Offshore signed a settlement agreement today that closes out the inquiries of the MPF, the MTFC and Petrobras into the payment of undue advantages to employees of Petrobras. The MTFC investigation was suspended as a result of the execution of a Memorandum of Understanding between the MTFC and SBM Offshore in March 2015.  Continue reading…

FCA Annual Report

15 July 2016

The Financial Conduct Authority (FCA) recently published its third Annual Report, which looks back on the key pieces of work undertaken by the organisation throughout 2015/16. The FCA has also published a report summarising the activities it has undertaken to promote competition in financial services in its first three years.
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Report on corresponding banking

13 July 2016

Five recommendations to help alleviate some of the costs and concerns affecting correspondent banking activities were set out in a report released today by the Committee on Payments and Market Infrastructures (CPMI). Until recently, banks have maintained a broad network of correspondent relationships, but there are growing indications that this situation might be changing. This implies a threat that cross-border payment networks might fragment and that the range of available options for these transactions could narrow.

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