NEWS: Dutch officials aiming to seize almost €100M from convicted drug baron

Regulatory Watch News

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  EBA arrangement for the financial sector on the upcoming regime for AML/CTF

  The Danish Financial Supervisory Authority

  October 16, 2024

  On 24 October 2024, the EBA will hold an event for the financial sector on the future regime for AML/CTF that is being developed as a result of the new AML package.

  During the event, parts of the new regime will be presented to the financial companies with whom the EBA would like to discuss this before the rest of the regime is fully developed. There is thus a unique opportunity for financial companies to influence the process and gain insight into future requirements for companies.

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  FMA prohibits European American Investment Bank AG from continuing business operations with immediate effect. As a result, an official stoppage of payments has occurred. The deposit guarantee scheme will repay deposits of up to € 100,000 in accordance with legal provisions.

  FMA

  October 16, 2024

  The Austrian Financial Market Authority (FMA) has issued an emergency administrative decision (Mandatsbescheid) fully prohibiting the European American Investment Bank AG (Euram Bank), with its registered office at Schottenring 18, 1010 Vienna, from the continuation of business operations with immediate effect. Consequently an official payment stop of covered deposits occurred, so that in particular no further deposits, withdrawals or transfers can be conducted. This action triggered the deposit guarantee pay out event: Einlagensicherung AUSTRIA Ges.m.b.H. is therefore required within seven working days to pay out an amount to every depositor of this bank that is equal to the amount of their covered deposits.

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  OLAF intelligence supports Spanish Operation enforcing EU sanctions against Russia

  OLAF

  October 16, 2024

  The European Anti-Fraud Office (OLAF) assisted the Spanish authorities with the enforcement of EU sanctions against Russia during Operation “Probirka" (Russian for “Test Tube"). The operation led to the arrest of four individuals involved in the illegal export of chemicals to Russia and the seizure of 13 tons of chemical substances. Since 2022, following Russia's invasion of Ukraine, the European Union has imposed sanctions on the country, including strict bans on the export and import of certain goods. OLAF has been actively engaged in investigating, monitoring trade flows, conducting analytical work, and identifying potential attempts to circumvent these sanctions. By mapping out suspicious trade routes and identifying operators, OLAF has played a key role in preventing illegal transactions that could support Russia’s military capabilities.