The Luxembourg ‘Central Register Law’ (Law of 25 March 2020 establishing a central data retrieval system for bank, payment accounts and safe-deposit boxes) is implementing certain provisions of EU Directive 2018/8431 (the “5th AML Directive”) by establishing a central electronic data retrieval system (CEDRS). It enables the identification of any natural or legal person holding or controlling payment accounts, bank accounts identified by an IBAN and safe-deposits boxes in Luxembourg, in a timely manner. The CSSF Circular 20/747 published on 23 July 2020 contains the technical arrangements related to the application of the Law of 25 March 2020.
DBRS Morningstar has released a commentary discussing the increasing focus on the impact of climate and environmental risks by bank regulatory authorities in Europe.
After a plenary vote in the European Parliament on 8 July 2020, François-Louis Michaud was confirmed as the new Executive Director of the European Banking Authority (EBA). François-Louis Michaud, who will serve a five-year renewable term, was selected by the EBA Board of Supervisors from a shortlist of candidates compiled by the EBA Selection Committee.
Maitland, the leading global advisory and fund administrator, has announced it is enhancing its AML regulatory compliance capabilities to meet rising demand among Luxembourg fund managers.
The European leader in crypto AML and compliance solution, Scorechain, released a new layer of risk management feature with Risk Indicators.
Last May, Finologee and Harmoney announced a joint venture and the creation of an innovative product aiming at redefining KYC processes and therefore at accelerating the digital transformation of financial institutions. We recently met with Raoul Mulheims (Co-founder & CEO, Finologee) and Thomas Van Maele (Co-founder & CEO, Harmoney) to further discuss this collaboration and the actual reasoning behind its production, as well as the future ambitions and common values of the two Fintechs.
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published today a supervisory briefing on the supervision by National Competent Authorities (NCAs) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs).This briefing comes in response to the need to improve convergence across NCAs in the approach to undue costs.
EFA is pleased to announce that it has chosen i-Hub's technology as its platform for customer due diligence (AML/KYC) services.
La Commission européenne a proposé aujourd'hui une approche globale pour renforcer encore davantage la lutte de l'UE contre le blanchiment de capitaux et le financement du terrorisme.
LexisNexis Risk Solutions publie son rapport mondial sur le coût réel de la conformité aux lois sur la criminalité financière, qui fournit des renseignements sur l'industrie mondiale pour les entreprises de services financiers de la région Asie-Pacifique (APAC), de l'Europe, du Moyen-Orient et de l'Afrique (EMEA), de l'Amérique latine (LATAM) (y compris le Mexique) et des États-Unis et du Canada. Le rapport révèle que le coût total prévu de la mise en conformité avec la législation sur la criminalité financière sur ces marchés s'élève à 180,9 milliards de dollars.