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Europe
This section covers AML/CTF initiatives by European Commission, Council of Europe MONEYVAL, European Parliament, Europol and other related EU organisations.
New EU AML Package
Sixth EU ML Directive
Fifth EU ML Directive
Fourth EU ML Directive
Third EU ML Directive
European Commission Financial Crime
European Parliament Committee on Organised Crime, Corruption and ML
European Banking Federation Annual Overview of AML legislative measures
Europol Law Enforcement updates
MONEYVAL Evaluations
MONEYVAL Typologies
And many more…
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European Artificial Intelligence Act (AI Act) comes into force
The AI Act is designed to ensure that AI developed and used in the EU is trustworthy, with safeguards to protect people’s fundamental rights. The regulation aims to establish a harmonised internal market for AI in the EU, encouraging the uptake of this technology and creating a supportive environment for innovation and investment.
EBA and ECB release a joint report on payment fraud and the role of strong customer authentication
The report assesses payment fraud reported by the industry across the European Economic Areas (EEA), which amounted to €4.3bn in 2022 and €2.0bn in the first half of 2023. Also confirms the beneficial impact of strong customer authentication (SCA) on fraud levels.
Europol and New Zealand strengthen ties to fight serious crime and terrorism
The agreement includes provisions on the exchange of information and data protection, the rights of data subjects, the establishment of a supervisory authority, and administrative and judicial redress. This is the first agreement of its kind since the Europol Regulation 2017, which allows Europol to transfer personal data to an authority of a third country on the basis of an international agreement between the EU and the third country…
Finextra: Deutsche Bank agrees to settle majority of post bank shareholder claims as it is facing difficulty since 2008
Deutsche Bank has settled most claims in the Postbank case agreeing to pay former shareholders an additional €31 per share on top of the €25 previously paid though some shareholders remain dissatisfied. Following last week’s denials the banks share price fell but rose 3% with the announcement of further settlements, the bank also plans to cut its future pay out reserves by €430 million…
ESMA publishes the translations in all official EU languages of its Guidelines on funds’ names using ESG or sustainability-related terms
The objective of the Guidelines is to ensure that investors are protected against unsubstantiated or exaggerated sustainability claims in fund names, and to provide asset managers with clear and measurable criteria to assess their ability to use ESG or sustainability-related terms in fund names…
BaFin seizes €25million in a nationwide crackdown on illegal crypto ATMs
BaFin’s crackdown involved coordinated raids across 35 locations in Germany, seizing 13 unregistered cryptocurrency ATMs operating illegally under Section 32 of the German Banking Act. These ATMs facilitated euro-crypto exchanges, posing significant risks to the financial system, particularly in fraud and ML. BaFin’s actions reinforce its mandate to regulate Germany’s financial market and ensure compliance with the law…
Eurojust supports large-scale anti-mafia operation leading to arrest and freezing of EUR 50 M
Cooperation between Italian, Brazilian and Swiss authorities led to the arrest of a member of the organised crime group (OCG) during an action day on 13 August, as well as the freezing of financial assets worth EUR 50 million during several searches in Italy, Brazil and Switzerland.
Romanian and Moldovan authorities have jointly dismantled an organised crime group that, since 2022, has defrauded over 150 victims through a fake investment scheme, gaining access to their bank accounts
The OCG started their scam by posting false advertisements on the internet that promoted an investment plan that would lead to secure, quick and substantial earnings in virtual currencies. To ensure the credibility of the advertisements, pictures of well-known people, logos of banks and specialised economic publications were added…
Luxembourg Times: Luxembourg’s financial sector struggling to recruit sufficient skilled staff to comply with AML regulations
Financial institutions in Luxembourg have seen AML costs rise by 18% in two years and overall compliance costs grow 16% annually since 2015, yet they are less inclined to invest in new digital AML tools compared to their EMEA counterparts. CSSF director general Claude Marx stressed the need for adopting new technologies, including generative AI, to enhance AML efficiency, noting many institutions still use outdated systems…
Council of EU announces MONEYVAL is recognising advancements in combating ML and terrorism financing
Council of Europe’s AML body praises UK Crown Dependency of Jersey for enhancing its legal and regulatory framework to combat AML/CFT, and proliferation financing. This also brings into light to strengthen the practical implementation of its investigative and prosecutorial frameworks for ML and to better enforce sanctions related to AML/CFT measures…
ESA publishes a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCAR)
Establishes templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification.
Europol publishes the 10th edition of the Internet Organised Crime Threat Assessment (IOCTA), providing an in-depth assessment of the key developments, changes and emerging threats in cybercrime in 2023
The report highlights relevant trends in crime areas such cyber-attacks, child sexual exploitation and online and payment fraud schemes. It also provides an outlook of what can be expected in the near future, especially regarding new technologies, payment systems, AI, cryptocurrencies and illicit content online…