Banking, Compliance News, Financial Services, North America
A new survey in the United States suggests that amidst large-scale change in AML rules, firms are lacking detail on what makes a good compliance programme.
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SEC
Central Bank of Ireland
The Central Bank of Ireland has today (Thursday 19 December 2024) announced the establishment of a dedicated Fitness and Probity Unit. The fitness and probity regime is a critical element of financial regulation; protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethical and of integrity and financially sound. Since 2020 the Central Bank of Ireland has approved appointments to more than 11,000 roles under the regime. Speaking today, Governor of the Central Bank of Ireland Gabriel Makhlouf said: “The Enria report, published in July 2024, identified several key areas for improvement in our operation of the fitness and probity regime. We accepted the findings of the report and have used them as a basis for implementing reforms to enhance the regime’s overall effectiveness. We also committed to implementing the reforms as early as possible and before end 2024.
European Public Prosecutor's Office
(Luxembourg, 20 December 2024) – In an investigation led by the European Public Prosecutor’s Office (EPPO) in Venice (Italy), three more suspects have been convicted of participation in a criminal organisation selling toner cartridges and office supplies at cheap prices, by systematically evading VAT. Prior to these convictions, four other suspects had also been found guilty in this investigation, code-named ‘Cheap Ink’, which uncovered a massive VAT carousel fraud, with profits estimated at €58 million.
