Using the cross-system customer index from TOLERANT Software, companies can check in seconds whether they know a person making a request and in which systems data on this person might be stored. The customer index helps them to comply with their duty to provide information on data protection requests.  Continue reading…

The International Association of Insurance Supervisors (IAIS) has completed the first year of monitoring for the Insurance Capital Standard (ICS). The ICS aims to provide a globally comparable risk-based measure of capital adequacy of International Active Insurance Groups (IAIGs) and a common language to facilitate effective supervisory discussions of group solvency. The ultimate goal is a single ICS that includes a common methodology by which one ICS achieves comparable, ie substantially the same, outcomes across jurisdictions. The IAIS Executive Committee (ExCo) recently reviewed results from the 2020 ICS data collection and agreed to progress the 2021 ICS data collection with a small number of revisions to address issues that were identified through the data analysis and from the feedback received in the first year of the monitoring period. In June, the IAIS will publish the updated ICS specifications for the second year of the monitoring period. Continue reading…

Judicial and law enforcement authorities in Belgium, France and the Netherlands have in close cooperation enabled major interventions to block the further use of encrypted communications by large-scale organised crime groups (OCGs), with the support of Europol and Eurojust. The continuous monitoring of the illegal Sky ECC communication service tool by investigators in the three countries involved has provided invaluable insights into hundreds of millions of messages exchanged between criminals. This has resulted in the collection of crucial information on over a hundred of planned large-scale criminal operations, preventing potential life threatening situations and possible victims. Continue reading…

The European Banking Authority (EBA) recently published its Consumer Trends Report for 2020/2021. The Report identifies topical issues including irresponsible lending, creditworthiness assessments, and digitalisation, which the EBA has addressed, as well as others, such as selling practices and access to bank account, which it has recently started to work on. The Report also explains the measures the EBA has taken to mitigate the impact of the COVID-19 pandemic on consumers. In this Report, the EBA observed that mortgages continue to have a big impact on consumers’ personal finances, representing 79% of loans to households. During the same period, the volume of consumer credit has increased by 14%, and that of deposits by 14.6%. In both mortgages and consumer credit, the impact of the COVID-19 pandemic has led to a heightened engagement between lenders and borrowers with a focus on the use of moratoria and government guarantees. The EBA has supported such initiatives, with the aim of supporting the short-term operational and liquidity challenges faced by borrowers. Continue reading…

by Dina-Perla Portnaar

Spiritual care delivery has proven beneficial to patients, families and front-line healthcare providers, especially in times of COVID-19. As the negative stressors continue to rise, the need for a compassionate and caring presence becomes all the more apparent. However, there is a lack of Chaplaincy representation at the highest organisational levels, which entails many risks. This is a global issue – in fact, in all sorts of institutions. For example, if we would do a search on ‘Chief Spiritual Officer’ via LinkedIn, not a whole lot of results would show up. ‘Chief Spiritual Officers: advocating for spiritual care leadership’ was the central theme of the digital round table / panel discussion on 25th February 2021. In other words, caring for the human spirit with integrity, grace and safety. We examined how best to define the Chief Spiritual Officer, the qualifications for assuming a spiritual leadership role and how this impacts advocating for spiritual care delivery in hospice and in other organisational structures. Continue reading…

The EU and U.S. recently agreed to suspend all retaliatory tariffs on EU and U.S. exports imposed in the Airbus and Boeing disputes for a four-month period. The suspension allows both sides to focus on resolving this long-running dispute. It provides an important boost to EU exporters, since the U.S. had been authorised to raise tariffs on $7.5 billion of EU exports to the U.S. Similarly, EU tariffs will be suspended on some $4 billion worth of U.S. exports into the EU.
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The Board of Directors of the Bank for International Settlements (BIS) has re-elected Jens Weidmann, President of the Deutsche Bundesbank, as Chair of the BIS Board for a third three-year term. The term will commence on 1 November 2021, after Mr. Weidmann’s current term of office expires. He first assumed his responsibilities as Chair of the BIS Board on 1 November 2015. Continue reading…

by Frank Staelens

What is the scope and which extensions are already being considered? 

Applicability: all private and public organisations based in Europe, with exemptions for small organisations Deadline: Member States have up till 17 December 2021 to transpose the new whistleblower protection rules into national law Scope of protection: all internal and external persons related to the reporting of wrongdoing in a work related context Scope of breaches: protection of persons reporting on breaches of Union law and Member States are encouraged to extend the scope to national law breaches Some Member States have already decided to extend the scope to violations of accounting rules and shareholder rights

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The European Banking Authority (EBA) recently published its final revised Guidelines on money laundering and terrorist financing risk factors. The revisions take into account changes to the EU Anti Money Laundering and Counter Terrorism Financing (AML/CFT) legal framework and address new ML/TF risks, including those identified by the EBA’s implementation reviews. In addition to strengthening financial institutions’ risk-based approaches to AML/CFT, the revision supports the development of more effective and consistent supervisory approaches where evidence suggested that divergent approaches continue to exist. The Guidelines are central to the EBA’s work to lead, coordinate and monitor the fight against money laundering and terrorist financing. Continue reading…