A new Eurobarometer survey published recently shows that Europeans identify respect for democracy, human rights, and the rule of law (38%) and economic, industrial, and trading power (34%) as the main strengths of the EU, followed by the good relationships and solidarity between the EU Member States (28%). As areas the EU should address as a priority, respondents most frequently mention the environment and climate change (33%) and irregular migration (also 33%), followed by security and defence (29%) and the war in Ukraine (25%). Continue reading…

Insurers and brokers have improved governance and oversight of how products are designed, managed, reviewed, and distributed, but many still cannot show how they are providing fair value to customers or that they were receiving good outcomes. In a report published recently, the FCA set out issues with information sharing between insurers and brokers, and in identifying target markets. Continue reading…

As Ukraine celebrated its Independence Day on 24 August, the EU is reconfirming its unwavering support to the country as it defends itself against Russia, for as long as it takes. “Europe will always be at Ukraine’s side, because Ukraine is Europe,” said European Commission President Ursula von der Leyen in her video message. Ukraine has now entered its third year of conflict with Russia, which illegally invaded Ukraine in February 2022.   Continue reading…

Romanian and Moldovan authorities worked together to uncover an organised crime group (OCG) that has subjected more than 150 victims to financial scams since 2022. By selling a non-existent investment scheme, the group was able to gain access to their victims’ bank accounts. The damages resulting from their scam are estimated at approximately EUR 3 million. Following a joint investigation, supported by Eurojust and Europol, Romanian and Moldovan authorities were able to detain 12 people on 7 August.

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An investigation lasting over two years has uncovered an intricate money laundering scheme run by a mafia family from Palermo. The total value of their profits is estimated at over EUR 500 million. They reinvested the profits of their crimes in multiple companies in Brazil. 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.

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The FCA has fined PricewaterhouseCoopers LLP (PwC) for failing to report to the regulator their belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity. This is the first time the FCA has fined an audit firm. PwC encountered significant issues throughout their 2016 audit of LCF. A senior individual at LCF acted aggressively towards auditors, and the firm provided PwC with inaccurate and misleading information.

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At the end of last week we received the sad news that Michel Klompmaker had passed away due to the debilitating disease ALS. Michel was the founder and driving force behind the Risk & Compliance Platform Europe. Over the past ten years, he developed the platform into a website where tens of thousands of professionals from home and abroad could find their professional information. Continue reading…

by David Salloum

The EU AI Act, which came into force on 1 August 2024, is a significant legislative development for financial institutions (FIs). With provisions starting to apply over a period of six to 36 months, most of the Act’s rules will be enforceable after two years. And it has major implications, especially for FIs using high-risk AI systems like credit scoring models and risk assessment tools. AI’s potential in trade finance, risk management and in the fight against financial crime is vast. However, effective regulation is needed to ensure trust and safeguard fundamental rights. The EU AI Act is a key step in this direction, ensuring AI evolves safely and ethically.  Continue reading…

by Paul White

There’s much that divides our industry. We’re competitors. We’re customers and providers. We’re based across the country. We’re businesses of different sizes. We’re leaders and followers. But there’s one powerful emotion that unites us all: worry. Like Atlas, we have the weight of the world on our shoulders. Although in the case of trust and corporate services, it’s the weight of regulations and the worry that we’ll fall foul of them. Which can lead to fines, client loss, reputational damage and even personal liability.   Continue reading…

by Nadir Izrael

The 2024 Paris Olympics promises to be a spectacle of athletic prowess and global unity. Millions of fans will travel to France or be glued to their screens to witness the Olympics this Summer. In fact, it’s expected that one billion people around the world1 will watch the opening ceremony alone. Despite the excitement, however, a growing threat to the Games lurks in the shadows: cyberwarfare. It’s a growing fear of many, with 53% of global IT decision-makers2 concerned about its impact. In the context of the Olympics, the director general of ANSSI, France’s cybersecurity agency3, believes, “The Games are facing an unprecedented level of threat.” A large part of that threat is cyberwarfare. Continue reading…