MonetaGo’s Post

“Having the right structured data available is critical to our investigations […] our goal is to connect even more data.” ~ Head of Compliance, de Volksbank.   It’s easy to put off getting on top of your client data so you have a full understanding of your complete population: Who they are. What services you provide them, and whether all of the required monitoring processes are being conducted. Easy to put off until it becomes a £ multimillion cost. We’ve saved our clients £ millions by reducing the time needed to create comprehensive reports and carry out customer due diligence, and by plugging holes and patching up records to avoid fines and reputational damage caused by data non-compliance. It’s not all damage limitation either. Our clients have been able to gain a deeper understanding of their client base and serve them better with both existing and new products.

🌐 Exploring the European Banking Authority's Perspective on the 'Travel Rule' for Fund Transfers and Crypto-Assets 🚀 The fight against money laundering and terrorism financing intensifies in the realm of crypto-assets. The European Anti Money Laundering (AML) and Countering Terrorism Financing (CTF) regulations introduce the crucial 'Travel Rule' to ensure full traceability of fund transfers. Recently, the European Banking Authority (EBA) initiated a public consultation on new Guidelines regarding the implementation of the 'Travel Rule.' 🤔 What is the 'Travel Rule'? The 'Travel Rule' is a set of guidelines aimed at preventing money laundering and terrorist financing. It mandates payment service providers (PSPs) to accompany fund transfers with detailed information about the payer. This includes the name, payment account number, address, official personal document number, or date and place of birth. For the crypto industry, this represents a new requirement, originally proposed by the Financial Action Task Force (FATF). Full article here: https://lnkd.in/egBYXvQA #AML #CTF #TravelRule #CryptoAssets #EuropeanBankingAuthority #FundsTransfer #Regulations #FinTech #FinancialCompliance #CryptoRegulation #EBAConsultation

What is the #ResolutionReporting regulatory obligation and which firms must comply? What is Resolution Reporting? 👇 The Resolution Reporting is an annual reporting obligation certain Cyprus Investment Firms (CIF) must meet to achieve #regulatorycompliance with the Central Bank of #Cyprus (CBC). Which firms must comply? 👇 Cyprus Investment Firms subject to capital requirements of 750,000 EUR are required to submit the #CIRpackage in #XBRL format by the 30th of April. ✅ At FINVUS, our RegTech tool is compatible with the latest taxonomy provided by the European Banking Authority (EBA), helping a CIF seamlessly comply with the Resolution Reporting obligation. 📧 Contact our team to learn more. #FINVUS #RegTechSolutions #RegulatoryCompliance 

This Bank for International Settlements – BIS paper proposes a new approach to monitoring systemic risks arising from highly leveraged non-bank financial institutions #NBFIs such as #hedgefunds and #familyoffices. These types of entities usually employ a high degree of #leverage, with the potential to create and amplify market stress through their concentrated portfolios and interconnectedness. At the same time, they are diverse in nature, nimble and subject to little disclosure. As such, much-needed efforts to address NBFI risks from a system-wide perspective are often impeded by data gaps. In light of the ongoing policy discussions on the NBFI sector, and recent progress in collecting more granular #supervisory data, the paper highlights that multiple data sources can be integrated in new ways to extract valuable information and signals for timely NBFI monitoring. In particular, granular data from trade repositories and from regulated entities such as #banks can be used to narrow data gaps. Based on the Hong Kong Monetary Authority (HKMA)'s experience, the paper explains the analytical underpinnings of building a #surveillance framework to monitor highly leveraged NBFIs and suggests practical strategies that might be adopted by #regulators and #supervisors.

Regardless of the withdrawal of recognition by the European Securities and Markets Authority (ESMA), JSE Clear remains a fully licensed clearing house and central counterparty (CCP) in South Africa. The JSE has reassured its members that it will continue to provide clearing services to clients within South Africa and worldwide. Following the Financial Actions Task Force's (FATF's) decision to put South Africa on their greylist in February this year, the European Commission (after its own investigation) and ESMA had no alternative but to include South Africa on the anti-money laundering blacklist, consequently terminating ESMA's third-country central counterparty (TC-CCP) clearing recognition for JSE Clear in Johannesburg. This means JSE Clear can no longer provide clearing services to EU trading venues or clearing members. The termination will take effect on 29th December 2023, following a three-month adaptation period as mandated by European Market Infrastructure Regulation (EMIR) regulations. Related links: ESMA withdraws third-country clearing recognition from JSE Clear - https://lnkd.in/dtUqtHRj ESMA withdraws the recognition decision of JSE Clear - https://lnkd.in/dXGRHMuy ESMA's recognised list of TC-CCP - https://lnkd.in/er6rXCvy EC High Risk Third Countries List - https://lnkd.in/dgXkQRve South Africa has officially been Greylisted - https://lnkd.in/dss72ih6 #jseclear #jse #amlcft #blacklist #greylist #esma #clearhouse Kashnie Naidoo - CSb (SA), CAMS, ACAMS SA Board Member and Regulatory Activist Krishna Govender Charlotte Gamede

The European Banking Authority (EBA) published new draft Guidelines on the so-called 'Travel Rule', aiming to make it tougher for financial crimes to thrive and easier for authorities to trace illicit transactions. With their new Guidelines, the EBA revamps Regulation (EU) 2023/1113, expanding its scope to include certain crypto-assets. The Guidelines offer a targeted, risk-based model for Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), Crypto-asset Service Providers (#CASPs), and Intermediary CASPs (ICASPs). This flexible framework is grounded in the currently applicable ALMD5, TFR, and #MiCA. ⏰ Next steps: - 17 January 2024: the EBA will hold a virtual public hearing on the consultation paper. The registration deadline is set for 3 January 2024 - Comments to the consultation paper are accepted until 26 February 2024 Find below the links to register for the virtual public hearing and submit your comments ⤵ #CryptoRegulation #TravelRule #CryptoAssets

Bermuda Shorts: Disintermediation and decentralisation At the World Federation of Exchanges Annual Meeting, CFTC Commissioner Kristin Johnson spoke on how disintermediation and decentralisation have been touted as having many practical, commercial, and regulatory benefits. In particular, many proponents argue that we can provide greater access and achieve faster, cheaper, more efficient, and more frictionless transactions by removing intermediaries in direct trading, listings, or clearing models.   However, the Commissioner reminded listeners of the important role of the Futures Commission Merchant (FCM) - in particular, the statutory and regulatory obligations fulfilled by the FCM to verify and confirm the identity of customers transacting in our markets. Johnson also highlighted that compliance with anti-money laundering (AML) and know-your-customer (KYC) requirements protects the integrity of our markets by creating the data repository necessary for surveillance - an important tool to safeguard customer assets and ensure our markets do not become a playground for illicit transactions.   The Commissioner cautioned that without proper regulation and oversight, the opportunities to exploit holes in a disintermediated or decentralised market framework could overshadow the potential benefits of responsible innovation. #WFEGA

How TMNL is Changing the Way Dutch Banks Fight Financial Crimes You might have heard the name TMNL in the news lately. But what is it, and why is it important? This short post will give you the basics. 🏦 What is TMNL? TMNL stands for Transaction Monitoring Netherlands. It's a team effort by five big Dutch banks—ABN AMRO, ING, Rabobank, Triodos Bank, and de Volksbank. Their main goal? To fight financial crimes such as money laundering and terrorist financing. 💰 How Does TMNL Work? TMNL monitors all financial transactions within these banks. They use sophisticated tools to find any transactions that seem unusual. And they make sure to do this responsibly, so no one is unfairly targeted. 🤝 Why Does This Matter? By working together, TMNL makes it easier and more effective for banks to detect financial crimes. This way, the banks can share the compliance burden. How do you feel about banks teaming up to fight financial crimes? We'd love to hear your thoughts; feel free to leave a comment below!📣 #transactionmonitoring #cddsolutions #compliance