20 November 2015

ESMA consults on the validation and review of CRAs’ methodologies

The European Securities and Markets Authority (ESMA) has published its Discussion Paper (DP) on the validation and review of Credit Rating Agencies’ (CRAs) methodologies. The DP provides background on validation practices in the credit rating industry, shares good practice observed by ESMA in its recent supervisory investigation in validation and seeks stakeholders’ views on the …

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MiFID – The origins

MiFID is the Markets in Financial Instruments Directive (Directive 2004/39/EC). In force since November 2007, this directive governs the provision of investment services in financial instruments by banks and investment firms and the operation of traditional stock exchanges and alternative trading venues. The directive provides through its implementation in national law harmonised regulation for investment services …

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An Introduction to AML – Part 2: Methods of Money Laundering

Money laundering can take several forms, although most methods can be categorized into one of a few types. These include “bank methods, smurfing (also known as structuring), currency exchanges, and double-invoicing”. Structuring: Often known as smurfing, this is a method of placement whereby cash is broken into smaller deposits of money, used to defeat suspicion …

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An Introduction to AML

It is said that the term “Money Laundering” has its origin in the practice of mafia groups in the 1920s in America of using laundromats as facades for criminal appearances. The mob acquired these launderettes so that they would have a means of giving a legitimate appearance of assets derived from criminal activities, declaring the …

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