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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
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Europol and the Basel Institute co-host a Global Conference on Cryptocurrencies and Financial Crime, focusing on developing a strategic approach to enhancing security
These public-private collaborations have enabled officers to trace illicit crypto transactions across multiple blockchains before ultimately seizing the funds, de-anonymising the perpetrators and often being able to return significant quantities of crypto assets to victims…
EU hosted a meeting of the Africa Joint Group of the FATF to assess the progress of jurisdictions with strategic deficiencies in their AML & CTF measures
The European Union recognises the fight against money laundering and financing of terrorism as a priority both to ensure the security of its citizens and to preserve the integrity of the international financial system. The key elements in this process are effective anti-money laundering and countering the financing of terrorism policies, in line with international standards such as those set by the FATF…
OECD issues policy paper on ‘Regulatory Approaches to Artificial Intelligence in Finance’ providing an analysis of how different jurisdictions are addressing the use of AI in the financial sector
The use of Artificial Intelligence (AI) in finance has increased rapidly in recent years, with the potential to deliver important benefits to market participants and to improve customer welfare. At the same time, AI in finance could also amplify existing risks in financial markets and create new ones. This report analyses different regulatory approaches to the use of AI in finance in 49 OECD and non-OECD jurisdictions based on the Survey on Regulatory Approaches to AI in Finance…
EP’s briefing on “golden passport” and visa schemes in the EU warns that these programs pose significant security risks, particularly by facilitating ML and corruption
This briefing provides an overview of CBI and RBI schemes in the EU, the Parliament’s stance on these schemes and the Commission’s actions to address the identified problems. It also covers the situation of Russian nationals who, prior to the Russian invasion of Ukraine in 2022, represented a large share of applicants for CBI and RBI schemes in the EU. In the wake of the invasion, the Commission urged Member States to repeal any existing CBI schemes with immediate effect…
EPPO in Greece dismantles a criminal organisation involving in a €30 million VAT fraud scheme
The investigation, which started after a report from the Hellenic Financial Intelligence Unit has revealed that the suspects created a complex web of companies in Greece and other EU Member States (Cyprus and Slovakia), in order to take advantage of EU rules on cross-border transactions between its Members States, as these are exempt from VAT…
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.