Blockchain technology is going to transform the financial industry in the coming years. This is likely to cause regulatory change, in particular with regard to Anti-Money Laundering (AML) laws. This post will look at how financial instruments based on Blockchain will impact AML regulation – and vice versa. When the German regulator BaFIN a year ago …
What Blockchain means for AML regulation (and viceversa) Read More »
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a Joint Opinion addressed to the European Commission on the risks of money laundering (ML) and terrorist financing (TF) affecting the European Union’s financial sector. This Opinion will contribute to the European Commission’s risk assessment work as well as that of the ESAs …
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) launched today a public consultation on draft regulatory technical standards (RTS) to help Member States determine when payment service providers and electronic money issuers should appoint a Central Contact Point (CCP) to support the fight against money laundering and terrorist …
The Financial Conduct Authority (FCA) has today fined Deutsche Bank AG (Deutsche Bank) £163,076,224 for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the …
FCA fines Deutsche Bank £163 million for serious anti-money laundering controls failings Read More »
There is no question that Distributed Ledger or Blockchain Technolgy is one of the hot topics in FinTech right now. Though the predictions vary depending on who you talk to, but the numbers are nevertheless impressive: According to PwC, $1.4 billion has been invested in blockchain startups in the first 9 months of 2016. Spending …
Why Blockchain isn’t the Silver Bullet for everything (yet) Read More »
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published today its final Guidelines on the characteristics of a risk-based approach to anti-money laundering and terrorist financing supervision and the steps to be taken when conducting supervision on a risk-sensitive basis. These guidelines form part of the Joint Committee’s …
As part of its plenary meeting earlier this months, the Financial Action Task Force (FATF) declared it would reach out to the FinTech / RegTech communities. FATF acknowledged that Technology-based innovations are rapidly changing the financial industry, introducing efficiencies and providing alternatives for traditional financial products. Consequently, it is important for the FATF to engage with the FinTech/RegTech …
Money Laundering Regulator to reach out to the FinTech / RegTech communities Read More »
Today the Financial Action Task Force (FATF) published Guidance on Correspondent Banking. This guidance explains the FATF’s requirements in the context of correspondent banking services to manage, rather than avoid, the money laundering and terrorist financing risks associated with these business relationships. Correspondent Banking relationships are essential in the global payment system and vital to international trade …
FATF publishes Guidance on Correspondent Banking Read More »
The FATF and Asia/Pacific Group on Money Laundering (APG) conducted an assessment of Singapore’s anti-money laundering and counter-terrorist financing (AML/CFT) system, based on the 2012 FATF Recommendations, and using the 2013 Methodology. The assessment is a comprehensive review of the effectiveness of Singapore’s AML/CFT system and its level of compliance with the FATF Recommendations. Singapore …
In an Opinion issued today, the EBA welcomed the Commission’s proposal to bring virtual currency exchange platforms and custodian wallet providers within the scope of the 4th Anti-Money Laundering Directive. The Authority also makes several recommendations aimed at supporting the consistent pan-EU implementation and supervision of the proposals that the Commission had published on 5 …
EBA comments on Commission plan to bring virtual currency entities under AML Directive Read More »
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