Europe

September 10, 2019

Ireland: Guidelines on preventing money laundering and countering terrorism financing published

The Central Bank of Ireland has launched Guidelines to assist regulated entities to meet their anti-money laundering and countering the financing of terrorism obligations.   Speaking at the launch, Director General, Financial Conduct, Derville Rowland said firms must ‘adopt a risk-based approach to fulfilling their obligations and ensure that their
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September 10, 2019

Finland: Strong customer authentication in online card payments deferred

Finland Financial Supervisory Authority (FIN-FSA) has indicated that it will, on a temporary basis, not impose administrative sanctions on supervised entities for not implementing strong controls to authenticate customers with regard to their online card payments.    According to FIN-FSA, the temporary exemption is to ensure seamless continuity of online
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September 10, 2019

Netherlands: Central Bank to supervise cryptocurrency firms

Firms offering services for exchange between virtual money (cryptos) and regular money, and crypto wallet providers will be subject to De Nederlandsche Bank (DNB)’s supervision effective January 10, 2020.   As part of the supervision, the DNB has indicated that these firms will be required to register with it.  In
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July 21, 2019

Financial Institutions Regulation: Major Developments This Week

…regulatory developments across the globe this week that may be of interest.   REGULATORY CHANGES   1. Switzerland: Pillar 3 Disclosure Requirements – Regulatory Treatment of Accounting Provisions   The Basel Committee on Banking Supervision released a technical amendment on additional Pillar 3 disclosure requirements for jurisdictions implementing an expected
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July 21, 2019

Banks and Financial Institutions Regulation

This review captures recent regulatory developments in the banking space.   1. CANADA:   i) Department of Finance: Regulations Amending Certain Regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2018   The Department of Finance published draft amendments to regulations under the Proceeds of Crime
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