EBI - European Banking Institute’s Post

This is a very important subject. Every financial AML supervisor must have asked herself/himself the questions: 👉 where is the crossroad of my (AML/CFT) supervison and the prudential supervision? 👉 how does the first translate to the other (and possibly vice versa)? The SREP assessment exercise is the occasion that such questions are most frequently raised. Here are these crossroads (the meeting/translation space) of the two supervisory perspectives.

Eu I wish to inform you that the European Banking Authority (EBA) has recently released its annual #riskassessment report for the European banking system. This report is complemented by the 2023 EU-wide #transparency exercise, providing detailed data for 123 banks across 26 countries in the European Union and the European Economic Area. Included within this comprehensive #report is a specific section dedicated to the practices and challenges of #AntiMoneyLaundering (#AML) in the banking sector. This excerpt is particularly relevant for those interested in the current dynamics and challenges in the field of #AML. The #EBA highlights the increasing importance of #AMLrisk in the banking sector and its implications for the stability and integrity of financial institutions. The AML-focused section of the report offers a detailed and current analysis, essential for professionals in the industry. I thought it important to share this excerpt with the community.

“The EU Anti-Money Laundering Authority (AMLA) should serve as a central AML supervisory body, coordinate with Financial Intelligence Units, and facilitate information sharing among all AML stakeholders, especially through Public-Private Partnerships,” concluded Roger Kaiser, EBF’s Head of Tax & Compliance, at the 24th Policy Series seminar titled “The new European Anti-Money Laundering Authority (AMLA) – An Introduction,” hosted by the EBI - European Banking Institute. During the event, which also featured insightful contributions from Andrea Minto of the University of Venice and Olena Loboiko from the European Commission, Kaiser emphasized that the establishment of AMLA presents a unique opportunity to enhance the effectiveness of AML/CFT regulation and supervision. This improvement is essential for maintaining financial stability, ensuring security in Europe, and preserving the integrity of financial markets.

🚀 The European Banking Authority (EBA) has published a report highlighting divergences in the issuance and regulation of 'virtual IBANs' (vIBANs) across the EU. Here are some key takeaways: 🔸 Lack of common definition: vIBANs are not always recognised consistently due to the absence of a common definition, complicating effective supervision and risk management. 🔸 Divergent practices: The industry issues vIBANs in different ways and for different purposes, leading to inconsistent regulatory interpretations and applications. 🔸 Identified issues: Concerns include money laundering and terrorist financing risks, consumer protection, authorisation, passporting, and regulatory arbitrage. 🔸 Recommendations: The EBA suggests clarifying EU laws and proposes actions for national authorities to better manage these issues. The report also underscores the need for a common definition of vIBANs to ensure effective supervision and risk management. Stay ahead in the regulatory landscape! Subscribe to our Watson Newsletter for the latest insights and updates. 🔗 Link to subscribe in the comments below! #VirtualIBAN #Regulation #FinancialServices #Compliance #RiskManagement Willem-Jan Smits Camiel Vermeulen Eline Janssen Rens Kattenbelt Marlinde Nannings

Recent EU regulations have significantly reshaped the banking and finance sectors, enforcing stricter compliance and risk management standards across member states. This topic will be explored in detail during the conference to be held today, July 1st, and July 2nd at the University of Oslo. Among various high-level professionals and institutional speakers, Vincenzo Troiano, Partner #Chiomenti, will provide his insights on the transition from open banking to open finance in EU Regulation, together with Chiomenti professionals Alessandro Pappadà and Carlotta Giustiniani. The event is an occasion to delve into crucial topics such as anti-money laundering, financial fraud against consumers and the regulation of digital bonds. #EURegulation #Banking #Finance

🌐 VII International Banking Forum Update 🌐 We are proud to share that Dr. Elvin Afandi, Head of Corporate Strategy and Research at the Islamic Corporation for the Development of the Private Sector (ICD), recently graced the VII International Banking Forum with an insightful speech. 📅 Held in the historic city of Baku, Azerbaijan from November 1-2, 2023, the forum convened thought leaders and industry experts to spearhead discussions on the future of banking. 🔍 Key Focus Areas: ✔ The drive towards a cashless economy ✔ Latest trends in digitalization & financial technology ✔ Innovation in banking products ✔ Modern compliance, judicial challenges, and adaptation ✔ Strengthening financial sustainability Dr. Elvin emphasized the substantial potential for the private sector in harnessing partnerships with multilateral/bilateral institutions and government organizations. "Such collaborations are crucial for advancing digitalization and implementing equitable policies at national levels." ✨ ICD remains committed to supporting these initiatives, fostering efficiency, and enabling a transformative impact on the financial landscape. Stay tuned for more insights and developments from ICD! #ICD #InternationalBankingForum #DigitalTransformation #FinancialSustainability #PublicPrivatePartnership

The European Banking Authority (EBA) has issued guidelines and final drafts of RTS - Regulatory Technical Standards on governance, conflicts of interest and remuneration for issuers of ART - asset-referenced tokens under MiCAR. Key points include: • Governance Guidelines Specify the minimum content of governance arrangements, clarify responsibilities and organizational structures, and emphasize risk management. • Remuneration Policy RTS Ensure remuneration policies promote sound risk management, avoid lowering risk standards, and maintain cross-sectoral consistency. • Conflicts of Interest RTS Detail requirements for policies and procedures to effectively manage and disclose conflicts of interest, ensuring adequate resources and attention to potential group-related conflicts. These guidelines and standards will apply three months after publication on the EBA website. #EBA #Banking #Finance #Fintech #Governance #Regulatory

New Examination Priorities for Supervisors🎓 One of the main goals of the European Banking Authority (EBA) is to promote supervisory convergence across the European Union regarding supervisory practices. To further promote this, the EBA annually outlines key areas of supervisory attention in its European Supervisory Examination Programme (ESEP). On 19 October 2023, the EBA announced the primary focus points for 2024. 📑Read the full article here: https://lnkd.in/eXd92N8V #eba #esep #irrbb #supervisorypractices