Anti Money Laundering

The fight against Money Laundering and Terrorism Financing: Rhetoric and Reality

The United Nations Office on Drugs and Crime sets the estimated amount of money laundered globally in one year at 2 – 5% of global GDP, or up to $2 trillion in US dollars. The FATF as a leading organization in the fight against financial crime has been criticized of not doing enough. Now the …

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When one door shuts, another one opens? The Commission’s new AML Action Plan

An Analysis of the new AML Action Plan of the European Commission that seeks to improve the organisation’s efforts in the fight against money laundering and terrorist financing Last week, Valdis Dombrovskis stepped into the European Commission’s digital press room and announced that “we need to put an end to dirty money infiltrating our financial …

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6MLD – The EU’s 6th Anti-Money Laundering Directive in a Nutshell

Money Laundering is a trillion-dollar industry and Anti-Money Laundering regulation is one of the fastest moving areas of financial regulation. Shortly after the EU’s 4th AML Directive, lawmakers realised it needed further amendments to catch up with criminals resulting in the fifth installment. Only a few weeks after its transition across the European Union, it …

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Key Areas of Supervision in 2020 – BaFin playing catch up with digitalisation

What will 2020 bring for the German financial regulator regarding digitalisation, innovation and more. A review of BaFin’s Key Areas of Supervision for the New Year already in full swing. Last week, Germany’s financial regulator opened its doors to the annual BaFin New Year Press Conference. Everybody talks Beethoven these days in Germany as everybody …

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IoTech Lab and Keesing Technologies partner to enhance global KYC platform

A new partnership between IoTech Lab and Keesing Technologies ensures seamless alignment between risk-based approach rating analysis, transaction monitoring and reliable identity verification. By integrating Keesing’s ID verification technology, IoTech Lab provides an extensive Know-Your-Customer checking platform.  Keesing Technologies, the Amsterdam-based leading global identity verification provider, has teamed up with IoTech Lab, a Singapore-based software development …

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Five (not so serious or perhaps overly optimistic) RegTech and Compliance predictions for 2020

The year is coming to an end and the focus turns to the road ahead. PlanetCompliance takes a look into the crystal ball. Here are five of the most pressing issues we will face in 2020 and how they could pan out – with a pinch of salt or an overdose of optimism. AMLD5 and …

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De-Risking – A Case Study or Why It Isn’t An Option

The reputation of a financial institution is one of its greatest goods. Pressured by large amounts of new regulations, it is understandable that many organisations are confused how to comply. In order to ensure compliance, firms therefore often shy away from any form of business activity where there is even the slightest possibility it could …

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More power to the ESAs – Does a stronger European Supervisory Architecture mean better supervision?

You may be excused to have missed the news that at the end of March the European Parliament and Member States reached a political agreement on a stronger and more integrated European supervisory architecture. With so much going on in financial services regulation, it is simply difficult to keep track of everything that happens. This …

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