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4th AMLD Insights & Analysis
European Parliament Agrees To Strict Controls On Anonymous Prepaid Cards
4th Sep 2018 | Written by:
European parliamentarians have given the seal of approval to reforms that will classify anonymous prepaid cards as cash in efforts to combat illicit funds moving in and out of the EU.
Europe Ends Wait For 4th AMLD Technical Standards
15th Aug 2018 | Written by:
The EU has finally introduced new anti-money laundering rules for payment firms operating through networks of agents or distributors, more than a year after a final draft text was submitted to the...
UK E-Money Firms Urged To Improve Financial Crime Controls
10th Aug 2018 | Written by:
A UK-based consultancy specialising in financial crime has warned that many e-money firms “have areas for improvement” in how they approach anti-money laundering requirements.
Danske Bank Vows To Cooperate As Criminal Investigations Stack Up
8th Aug 2018 | Written by:
Danske Bank has promised to cooperate with Danish authorities, after authorities announced they were launching criminal investigations into alleged money laundering failings dating back to 2007.
European AML Laws Likely To Change After Data Aggregator Slip-Up
17th Jul 2018 | Written by:
The European Commission has indicated that amendments will likely be made to existing anti-money laundering (AML) laws so that third-party providers accessing account data are kept out of scope.
Tensions Over Third-Party Access Emerge In Spain Despite PSD2 Delays
11th Jul 2018 | Written by:
Spain’s delayed transposition of the revised Payment Services Directive (PSD2) has meant that fintechs in the country are still relying on screen scraping for account access — a situation that...
Commission Reassures Non-EU Countries Over Financial Crime ‘Blacklist’
27th Jun 2018 | Written by:
A senior European Commission official has reassured parliamentarians that countries added to an enhanced EU blacklist of high-risk jurisdictions “will not be taken by surprise” by the decision.
Fintechs Urge Germany To Ease Digital KYC Rules
19th Jun 2018 | Written by:
German authorities have been urged to relax rules around customer onboarding, with payment and fintech associations complaining that the national anti-money laundering regime discriminates against...
International Pressure Drives Swiss AML Reform
12th Jun 2018 | Written by:
Swiss legislators, feeling the heat from international watchdogs, have committed to bringing anti-money laundering (AML) standards up to scratch — but some observers claim that industry is already...
Malta Authority Faces EBA Investigation Over Pilatus Bank Case
11th Jun 2018 | Written by:
The European Banking Authority (EBA) has decided to launch a formal investigation into whether Maltese financial crime authorities were in breach of EU anti-money laundering (AML) laws.
5th AMLD: Clarity And Consistency Vital For Crypto, EU Told
5th Jun 2018 | Written by:
EU member states must ensure transposition of the 5th Anti-Money Laundering Directive (5th AMLD) is clear and consistent with regard to cryptocurrency firms, according to a report commissioned by...
Nordic Banks To Seek Approval For Shared KYC System
4th Jun 2018 | Written by:
Five major Nordic banks have unveiled plans to develop a shared know your customer (KYC) scheme available to third parties, although the project has not yet gained approval from EU-level...
Estonia Defends Supervisory Response To Money Laundering
30th May 2018 | Written by:
More than €11bn of suspicious funds were funnelled through Estonian financial institutions between 2011 and 2016 in large-scale laundering schemes, as the Baltic state’s anti-money laundering...
Ignorance Is Bliss For Polish Merchants Facing Fraud
29th May 2018 | Written by:
Polish payment and e-commerce companies have been spared the effects of recent fraud trends as a result of largely outdated payment methods prevalent in the country, but companies need to do more...
In Depth: Member States Too Slow On Terror Financing, Says FATF
18th May 2018 | Written by:
Despite a raft of urgent EU regulatory reforms aimed at tackling terrorist financing, officials remain concerned about a lack of visible progress at member state level — with cash, prepaid cards...
Industry Giants Back Crypto To Push Through Growing Pains
9th May 2018 | Written by:
The influential UK-based Electronic Money Association has told an inquiry into cryptocurrencies that regulators should give the technology room to grow, resisting scathing criticism from other...
5th AMLD: European Commission Rues Beneficial Ownership Compromise
1st May 2018 | Written by:
The European Commission has joined parliamentarians and representatives from Austria in expressing disappointment at the final text of the 5th Anti-Money Laundering Directive (5th AMLD).
In Depth: Passporting Firms Pressured As Regulators’ Trust Issues Grow
30th Apr 2018 | Written by:
Payment and e-money firms passporting throughout Europe are caught in the middle of escalating tensions between home and host regulators, due in part to mistrust over supervision of cross-border...
Regulators Blasted Over AML Enforcement As EU Strengthens Hand
27th Apr 2018 | Written by:
A European Parliament special committee has accused financial enforcement authorities in three EU member states of failing in their duty to fight financial crime, after major institutions under...
In Depth: Financial Sector Feels The Heat As Latvia Confronts AML Failings
23rd Apr 2018 | Written by:
Latvian authorities, spooked by a recent high-profile failure, have launched a belated assault on the dirty money coursing through the veins of the Baltic nation’s financial system — prompting...
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