by Simon Lelieveldt

We live in challenging times. A range of natural, macro-economic, technical and geopolitical factors influence the world we are living in. These developments shaped prior laws and the behaviour of regulators, supervisors and private companies and will continue to do so. Somewhere along the line, we can see a board member with the task to ensure adherence to law. He or she is responsible for compliance and has a range of compliance managers, advisors, business lines and experts available to help out. Continue reading…

The European Banking Authority (EBA) has published its report on liquidity measures, which monitors and evaluates the liquidity coverage requirements currently in place in the EU. Between June 2022 and June 2023, the EU banks’ liquidity coverage ratio (LCR) declined but remained comfortably above the minimum requirement. However, within this review period there were important fluctuations in the components of the ratio, driven mostly by changes in the banks’ allocation of funding deposits and the ongoing reduction of central bank liquidity. Unlike the LCR in domestic currency, EU banks’ LCR in foreign currencies remained below 100%.  Continue reading…

The EU’s Data Act has entered into force on 11 January, improving access to data in the EU market for individuals and businesses. In recent years, the Internet of Things has fuelled rapid growth in the amount of data out there. The new rules will encourage the use of data and ensure it is shared, stored and processed in full respect of European rules.  Continue reading…

The European Banking Authority (EBA) has recently published its Q3 2023 quarterly Risk Dashboard (RDB) together with the Risk Assessment Questionnaire (RAQ). The publication also includes information on minimum requirement for own funds and eligible liabilities (MREL). EU/EEA’s banks remained highly profitable, well capitalised and maintained robust liquidity. Banks expect the asset quality to deteriorate as higher interest rates affect borrowers. Continue reading…

by Massimo Balducci

In the ‘90s of the past century the syncopation glocal (global and local) was very popular as the challenge of that time was to be able to frame one’s everyday decisions in the flow of world’s events, the motto being ‘think global act local’. When looking at the Ukrainian war and the strengthening of international alliances, is this motto still worth while? At the opening of the new year  2024 I would like to share this question with the partners of the platform risk & compliance. My reasoning leads me to believe that not only success but even the very survival will depend more and more on the ability of framing oneself in the world scenario at large, whereas compliance is called upon to play a key role especially in the EU and its forthcoming developments. Continue reading…

Now into the second year of its 3-year strategy, the FCA has outlined some key achievements and milestones from the last 12 months, including the game changing introduction of the Consumer Duty, which came into force on 31 July 2023.

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Migration must be managed in a humane and dignified way and the latest agreements reached on 20 December 2023 by the EU on the Pact on Migration and Asylum constitute a major breakthrough towards a common system for managing migration in the EU.  Continue reading…

Macroprudential policies can significantly mitigate the financial risks associated with boom-bust cycles in the housing market, according to a report released recently by the Committee on the Global Financial System (CGFS). In the report, the CGFS – a central bank forum for assessing risks to financial stability, hosted by the Bank for International Settlements – distils four key lessons for policymakers from experiences in 14 jurisdictions. Continue reading…

In relation to Eurojust, the Belgian Presidency of the Council of the European Union will put a particular focus on tackling serious organised drug-related crime. Special attention will be paid to the use of logistic hubs for this type of cross-border crime and, more specifically, how to combat drug trafficking via major ports. The Presidency will also prioritise the importance of victims’ rights and small-scale detention as an alternative to prisons for small groups of offenders with short sentences.

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by Tareq Shaheen

Through open banking, the European Union continues to embrace its interconnected financial ecosystem; connecting, collaborating and sharing customer data instantly.
Yet, the risk of fraud looms larger than ever. Today’s criminals are relentless architects of deception, exploiting every crack in our financial systems at the touch of a button. They threaten to undermine the foundations of the EU’s open banking market, putting its expected 63.8 million users by 2024 at risk [*1]. Open banking simply extends the financial services ecosystem, expanding the attack surface and creating more entry points for fraudsters[*2]. Yes, it offers customers additional payment sources, but it simultaneously offers new opportunities for fraud. From phishing emails to ‘formjacking’ on websites that steal a user’s banking data, consumers lose on average €4,191 for fraudulent credit transfers[*3]. 
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