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ANALYSIS: The weakness of EU supervision of payment institutions identified in EBA report

Premium June 17, 2023

REPORT: The European Banking Authority headquarters in Paris, France.

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NEWS: Netherlands ban on cash payments over €3,000 approved by Dutch Parliament

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NEWS: Plan to ‘name and shame’ UK banks in AML probes grew into controversial ‘lightning rod,’ FCA admits

NEWS: UK considers changing how bust e-payments firms handle customer compensation

THE European Banking Authority (EBA) this week revealed weaknesses in the supervision of payment institutions over their AML controls. The report, based on the EBA’s review of its guidelines on authorizations and risk-based supervision, raises concerns about the adequacy of internal controls, risk assessments and supervision practices across EU member states. It also highlights deficiencies…

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Premium

NEWS: Netherlands ban on cash payments over €3,000 approved by Dutch Parliament

 Premium

NEWS: Plan to ‘name and shame’ UK banks in AML probes grew into controversial ‘lightning rod,’ FCA admits

NEWS: UK considers changing how bust e-payments firms handle customer compensation

Regulatory Watch News

  • G7 Cyber Expert Group Recommends Action to Combat Financial Sector Risks from Quantum Computing

    US Department of the Treasury

    WASHINGTON – The G7 Cyber Expert Group (CEG) - chaired by the U.S. Department of the Treasury and the Bank of England - released a public statement today highlighting the potential cybersecurity risks associated with developments in quantum computing and recommending steps for financial authorities and institutions to take to address those risks.  

  • Great interest in artificial intelligence in the financial sector

    The Danish Financial Supervisory Authority

    The Danish Financial Supervisory Authority has uncovered how and to what extent the financial companies use artificial intelligence in their business. The conclusions are that the financial sector is in full swing using AI, including generative AI, and that the development will continue in the coming years.

    With artificial intelligence (AI), many activities and business processes can be carried out faster, better or cheaper than before. Therefore, many companies are testing the possibilities of the technology. This also applies to financial companies.

  • Romania: Searches in EPPO investigation involving public officials of Maramureș County

    European Public Prosecutor's Office

    (Luxembourg, 25 September 2024) – Today, the European Public Prosecutor’s Office (EPPO) in Cluj-Napoca (Romania), is conducting searches at the premises of the Maramureș County and 14 private residences of some of its officials. The searches are happening in the wake of an ongoing investigation into possible procurement fraud, forgery of documents and abuse of office linked to renovation works of a public administration building.

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