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.

Continue reading…

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.

Continue reading…

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]. 
Continue reading…

The European Commission decided to refer Ireland (INFR(2018)2319) to the Court of Justice of the European Union for failure to adopt and to notify the penalties applicable to breaches of the Invasive Alien Species Regulation (Regulation (EU) 1143/2014). Invasive alien species are one of the five major causes of biodiversity loss in Europe and worldwide. They are plants and animals that are introduced accidentally or deliberately as a result of human intervention into a natural environment where they are not normally found. They represent a major threat to native plants and animals in Europe, causing an estimated damage of €12 billion per year to the European economy. Addressing them is an important aspect of the EU’s aim to stop biodiversity loss as articulated in the European Green Deal and the European Biodiversity Strategy for 2030.
Continue reading…

As in other industries, the explosion of generative AI has forced the financial services sector to quickly adapt while riding a wave of regulatory and ethical questions. How will banks, insurers and other financial firms balance the risks and rewards of GenAI and other transformative tech in the year ahead? Experts and execs from SAS anticipate a year of great promise – and potential peril – as generative AI and other technologies reshape financial services. Continue reading…

Ground-breaking new EU rules come into effect today introducing a minimum rate of effective taxation of 15% for multinational companies active in EU Member States. The framework will bring greater fairness and stability to the tax landscape in the EU and globally, while making it more modern and better adapted to today’s globalised, digital world. The entry into force of the minimum effective taxation rules, unanimously agreed by Member States in 2022, formalises the EU’s implementation of the so-called ‘Pillar 2′ rules agreed as part of the global deal on international tax reform in 2021.
Continue reading…

The Financial Stability Board (FSB) has published the Global Monitoring Report on Non-Bank Financial Intermediation 2023. The report presents the FSB’s annual monitoring exercise assessing global trends and vulnerabilities in non-bank financial intermediation (NBFI). The report mainly covers developments in 2022, when most economies experienced a rising interest rate environment in response to inflationary pressures. It describes broad trends in financial intermediation across 29 jurisdictions that account for around 85% of global GDP, before narrowing its focus to the subset of NBFI activities that may be more likely to give rise to vulnerabilities. This year’s exercise includes data enhancements on interconnectedness, sources of funding, and vulnerability metrics. Continue reading…