Tag: Financial crime

Regulatory Watch News

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  EBA publishes a Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive

  European Banking Authority

  January 17, 2022

  The European Banking Authority (EBA) published today a Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive (PSD2), as reported by the industry for the years 2019 and 2020. This Paper presents the main findings related to three payment instruments: credit transfers, card-based payments and cash withdrawals and also outlines other patterns that appear to be inconclusive and that would benefit from comments and views from market stakeholders. The responses to the questions raised in the Discussion Paper will support the EBA, the European Central Bank (ECB) and national authorities in interpreting the fraud data that will be reported in future years.

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  Sanctions Notice – Global Human Rights

  Guernsey Financial Services Commission

  January 17, 2022

  Please be advised that two individuals have been designated under the Global Human Rights Sanctions Regulations 2020; these are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. Dmitry Vadimovich KOVTUN and Andrey Konstantinovich LUGOVOY are subject to an asset freeze and will appear on the consolidated list. MEASURES WHICH SHOULD BE TAKEN All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with the persons referred to above or to any other natural or legal person, entity or body designated under the legislation referred to above and must treat any funds, other assets or economic resources

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  Download Regulatory Watch 2021 FinCrime Fines Report

  AML Intelligence -Regulatory Watch

  January 17, 2022

  AML Intelligence has launched its inaugural Financial Crime Fines Review for 2021.

  The report, which details financial crime fines given out across the world, focuses on three categories. These include:

  • AML Breaches
  • Corruption, Bribery & Fraud
  • Sanctions Violations

  Speaking today, James Treacy AML Intelligence CEO said: “2021 saw a sharp reduction in fines across the 3 main categories, but especially in the AML fines which were notably down by almost 78% from €11.5BN in 2020 to just €2.5BN in 2021”. He added: “It may be too early to say that AML defences in the big banks are impacting the flow of dirty money through the banking system. However, they are now spending record amounts on financial crime compliance, and that coupled with the introduction of personal accountability regimes throughout the world seem to be having a positive effect – for now.”