Vanessa Galhardo-Galhetas

🛠 A modern regulatory challenge - how to match a mix of regulatory tools and strategies with diverse compliance behaviours and motivations? 🛠 In our latest masterclass, led by Jeroen van der Heijden we explored how our understanding of compliance behaviour and the motivations of individuals and collectives has rapidly changed since the 1960s. In the slipstream of this, new regulatory tools have been developed. Besides traditional deterrence-based tools, regulators have begun to rely on positive incentives, education, and persuasion, among others. Regulators have also moved away from applying these tools in a traditional legalistic manner ('going by the book') and towards applying them in more facilitative ways to help targets of regulation achieve compliance. A central challenge for regulators has become matching a mix of regulatory tools and strategies with the diverse compliance behaviours and motivations of their targets. We explored 'responsive regulation' as a systematic model for doing so. It starts with the assumption that most targets of regulation are willing to comply but may need some help. Nevertheless, it keeps an option open for regulators to use 'the big stick' and deter fundamental non-compliers into compliance. Another challenge for regulators is to assess when to apply what mix of regulatory tools and strategies. For some regulators, it may make sense to be more formal and intrusive in the early stages of their targets' activities, for example, to prevent irreparable environmental harm, and take a more hands-off approach later by relying more on self-regulation. For others, the bulk of their activities may be towards the middle or even end of their targets' activities. This discussion was the second in the series of four masterclasses, specifically designed for executives and non-executives in regulation. 👉 Institute of Regulation offers a range of professional development opportunities, you can find out more here https://lnkd.in/eZWpA4XW 👈

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Discai and Harmoney, from now on official partners in #FinancialCrime fighting 😎🙌   Together we offer an integrated anti-money laundering (AML) solution for financial institutions.   And why should you care?   Because it’s not every day that two leading Belgian companies, specialized in fighting financial crime, bundle their expertise to redefine financial security and compliance!   Our cutting-edge, AI-based alert system and Harmoney’s comprehensive end-to-end case and process management platform deliver a full spectrum, customizable solution for generating and managing AML alerts. With this partnership, we aim to answer to the ever-changing demands of financial institution’s needs.   Discover how our collaboration is set to redefine efficiency and effectiveness in financial security. Read all about it 👉 https://lnkd.in/eb9uq-6q   #AML #AntiMoneyLaundering #FinTech #BankTech

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🚀 𝐍𝐞𝐰 𝐀𝐫𝐭𝐢𝐜𝐥𝐞 𝐀𝐥𝐞𝐫𝐭: 𝐄𝐥𝐞𝐯𝐚𝐭𝐢𝐧𝐠 𝐓𝐁𝐌𝐋 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 We're excited to announce the release of our latest article, "𝘌𝘭𝘦𝘷𝘢𝘵𝘪𝘯𝘨 𝘛𝘉𝘔𝘓 𝘙𝘪𝘴𝘬 𝘔𝘢𝘯𝘢𝘨𝘦𝘮𝘦𝘯𝘵: 𝘍𝘳𝘰𝘮 𝘞𝘪𝘯𝘥𝘰𝘸 𝘋𝘳𝘦𝘴𝘴𝘪𝘯𝘨 𝘵𝘰 𝘋𝘢𝘵𝘢-𝘋𝘳𝘪𝘷𝘦𝘯 𝘈𝘱𝘱𝘳𝘰𝘢𝘤𝘩," which delves into the critical issue of Trade-Based Money Laundering (TBML) and the necessity of a data-driven approach to combat it effectively. The article is written bij Leon Kort in collaboration with Laurent Claassen from TENSIG. 𝐖𝐡𝐲 𝐓𝐡𝐢𝐬 𝐌𝐚𝐭𝐭𝐞𝐫𝐬: Money laundering facilitates illicit funds from criminal activities, undermining financial systems and public trust. TBML, a sophisticated form of money laundering, exploits the complexity of international trade, posing significant challenges for detection and prevention. 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: 🔍 Detailed insights into TBML methods, including over-invoicing, under-invoicing, multiple invoicing, and more. 🌍 Examination of the global regulatory framework, emphasizing the role of international cooperation and standards set by the Financial Action Task Force (FATF). 🏦 Key challenges for banks regarding TBML risk management 💡 Call for a more data-driven approach, leveraging advanced analytics, AI, and blockchain technology to enhance TBML risk management. 🤝 Advocacy for collaboration between public and private sectors to improve data sharing and overall TBML risk management. 𝐈𝐬 𝐲𝐨𝐮𝐫 𝐨𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐟𝐚𝐜𝐢𝐧𝐠 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐢𝐧 𝐓𝐁𝐌𝐋 𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭? 𝐆𝐞𝐭 𝐢𝐧 𝐭𝐨𝐮𝐜𝐡 𝐰𝐢𝐭𝐡 𝐨𝐮𝐫 𝐞𝐱𝐩𝐞𝐫𝐭𝐬! Read the full article here and discover how a shift towards a data-driven approach can significantly enhance the effectiveness of TBML risk management. Let's work together to protect the integrity of our financial systems and ensure the security of global trade. Join the conversation and share your thoughts on how we can better tackle TBML challenges! 𝑫𝒐𝒘𝒏𝒍𝒐𝒂𝒅 𝒕𝒉𝒆 𝑷𝑫𝑭 𝒇𝒐𝒓 𝒐𝒑𝒕𝒊𝒎𝒂𝒍 𝒒𝒖𝒂𝒍𝒊𝒕𝒚! #Compliance #TBML #RiskManagement #AML #DataDriven #FinancialCrime #RegTech #Banking #TradeFinance #Innovation #Collaboration

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New report - Compliance Insights 2024 EU’s Regulatory Evolution from ComplyLog & Loyens & Loeff covering a range of regulations, risks, risk mitigation, regulatory enforcement and sanctions. 💥Regulatory Landscape 🔑Market abuse 🔑MiFID II & MiFIR 🔑EU Retail Investment Package 🔑AML/CFT 💥Risk Assessment and Mitigation 🔑Types of risks 🔑How to assess and mitigate risks 🔑Best practices 💥Regulatory Enforcement & Sanctions 👀If you would like to know how Corlytics is working with regulatory compliance teams helping them to better manage their regulatory burden, untangling the red tape and providing horizon scanning and automated workflows then please email 📩[email protected] for more information and a demo. #regtech #regulatorycompliance #compliance #regulation To download full report https://lnkd.in/ggsG2DDG

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On 2 July, the Luxembourg law transposing the EU's Digital Operational Resilience Act (DORA) was officially published. DORA, which takes effect on 17 January 2025, establishes a standardized framework for managing digital risks across the European financial landscape. This new law designates the CSSF and CAA as the responsible authorities for overseeing DORA compliance within Luxembourg. It also empowers them to enforce regulations and impose sanctions for non-compliance. If you operate in Luxembourg's financial sector, it's time to start preparing for DORA! Discover the key implications and features of this new legislation in our latest client alert : https://lnkd.in/g5qNu3tq For further information on what these developments mean for your organization, please get in touch with Jean-Francois Trapp and Ana Vazquez. Baker McKenzie Baker McKenzie Luxembourg #DigitalResilience #FinancialSector #DORA #LuxembourgLaw #ClientAlert #BakerMcKenzieLuxembourg #BakerMcKenzie #LegalUpdate 

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Stijn Geerts, Compliance Legal & Operational Risk Manager at Buy Way Personal Finance, will speak on the panel "Experiences of Compliance Programs in the Financial Industry" on October 17th, at the 1st Edition of the Leaders League Compliance Summit: BENELUX, taking place at Comet Meetings - Louise in Brussels, Belgium. 📅 See the 2024 edition program: https://lnkd.in/dJJRRrRW Banking compliance has become increasingly complex and critical in today's regulatory landscape. General counsels face mounting pressure to navigate evolving regulations, manage risks, and ensure accountability across hybrid work environments. This conference will explore cutting-edge strategies for building robust compliance programs that protect banks while enabling innovation and growth in a rapidly changing industry. --- The Leaders League Compliance Summit: BENELUX will bring together over 150 high-level professionals (general counsels, legal directors, compliance officers, risk managers, consultants and experts in the field) in a unique day entirely dedicated to promoting the best compliance practices in the BENELUX region. Over the course of 10 panels, the regions' top leaders and experts will debate on the latest trends and best practices, disseminating knowledge as well as participating in unique networking moments all throughout the day. To learn more about the Summit, contact us at [email protected] #compliance #benelux #avocats #leadership #conformite

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🔔 𝗡𝗲𝘄𝘀𝗳𝗹𝗮𝘀𝗵 | On 26 July 2024, the European Supervisory Authorities (𝗘𝗦𝗔) published the updated Q&As on SFDR. 💡 Discover the key elements of the updates by reading our newsflash now and do not hesitate to reach out to Aurélien Hollard, Julie Pelcé or Clémence Richard if you wish to discuss this further ➡️ https://lnkd.in/g5bMrFUp #CMSLuxembourg #CMSLaw #Luxembourg #sustainablefinance #sustainability

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📢Netherlands Expands Electronic Filing in iXBRL for the Trade Register 📢 Our colleagues from the XBRL Netherlands community have highlighted an important update and consultation. Starting from the financial year 2025, all legal entities in the Netherlands will be required to electronically file their annual accounts via Standard Business Reporting (official SBR company page) with the trade register of the Kamer van Koophandel (Dutch Chamber of Commerce). The Decree on Electronic Filing for the Trade Register will be amended in 2024 to facilitate this shift, aligning with the ongoing digitalisation of our society and promising increased efficiency and innovation. Key Changes: 🔹Scope Expansion: Previously exempt categories, such as large enterprises and medium-sized subsidiaries, will now be included in the electronic filing requirement. 🔹Efficiency and Accuracy: Electronic filing enables automated processing, enhancing the accuracy and speed of the filing process. 🔹Transition Period: To ensure a smooth transition, a one-year voluntary filing period will begin in 2025 for the financial year 2024. To support this transition, various documents are open for consultation, with feedback welcomed until October 31, 2024. These documents include guidelines on the SBR Agreement Framework, sample annual accounts, and relevant XBRL taxonomies. This move marks the culmination of a multi-year digitalisation effort, aligning with European regulations on electronic data submission, such as sustainability reporting. For more details and to provide feedback, please visit the consultation documents: https://lnkd.in/dX66SVRJ . Since this is an iXBRL requirement, CoreFiling can assist with our tools and expertise. Let's embrace this digital transformation together! https://lnkd.in/deAyExZB #DigitalTransformation #ElectronicFiling #Innovation #Efficiency #AnnualAccounts #RegulatoryCompliance #Netherlands #FinancialReporting #sustainability #CSRD

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On 19 June 2024, the Regulation on the Prevention of the use of the Financial System for #Money #Laundering or #Terrorist #Financing (#AMLR) was published in the Official Journal of the #EU. The AMLR will enter into force 20 days after publication and will apply from 10 July 2027. Additionally, the Directive on Mechanisms for Preventing the use of the Financial System for #Money #Laundering or #Terrorist #Financing (AMLD6) was published on the same day, repealing Directive (#EU) 2015/849. Member States have three years to transpose #AMLD6 into national legislation. The #AMLR introduces #EU-wide rules on the scope of obliged entities, internal policies, customer due diligence, beneficial ownership transparency, reporting obligations, record retention, and measures to mitigate risks from anonymous instruments. The regulation expands the scope of obliged entities to include #Crypto-Asset Service Providers (CASPs), crowdfunding platforms, and other high-risk sectors, addressing emerging risks associated with virtual currencies. Read more here https://lnkd.in/e9iyiZqN #AML #CFT #Money #Laundering #Terrorist #Financing #Crypto #EU

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🚨 Important Update for Financial Entities on DORA Compliance 🚨 The European Supervisory Authorities (ESAs) have announced key timelines for submitting registers of information on contractual arrangements with ICT third-party service providers, as required under the Digital Operational Resilience Act (DORA). Deadline: Financial entities must prepare and submit these registers to competent authorities ahead of the 30 April 2025 reporting deadline. To assist financial entities in navigating this process, the ESAs are hosting a virtual workshop: 🗓 Date: 18 December 2024 ⏰ Time: 10:00–13:00 CET 🔗 Register by 16 December: https://lnkd.in/dhAuG64r This workshop will cover: ✅ Insights on preparing registers of information for compliance. ✅ Lessons learned from the 2024 Dry Run exercise with 1,000 financial entities. ✅ An overview of validation rules and the updated reporting technical package. With the deadline approaching, we encourage all financial entities to start preparing and take advantage of this workshop to ensure compliance. Let’s stay ahead of DORA together! 💪 #DigitalTransformation #DORA #Compliance #ICT #FinancialEntities            

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▶ NEW PODCAST EPISODE | The Digital Services Act and the TCO Regulation – Comparing these Regulatory Frameworks In this episode, we explore the European regulatory landscape, focusing on two major EU regulations: the Terrorist Content Online (TCO) Regulation and the Digital Services Act (DSA). Sophia Rothut (Ludwig-Maximilians-Universität München) is joined by two experts from the European Commission: Friederike Wegener, who works on the evaluation and implementation of the TCO Regulation, and Martina Maiello, who specializes in the DSA. Together, they unpack the differences and synergies between these two critical frameworks, discussing the obligations for online platforms, tools and mechanisms for enforcement, and the impact on both small and large platforms. Whether you're an online platform operator or a policy enthusiast, this episode offers valuable insights into how these regulations work together to create a safer, more accountable online environment. Listen to the podcast here: 🎧 Spotify: https://lnkd.in/dXAg7BrH 🎧 Youtube: https://lnkd.in/dHT2pmXr Dublin City University, UGent, The JOS Project , Ludwig-Maximilians-Universität München , SAHER (Europe), Swansea University, Tech Against Terrorism, Team Rieger (LMU Munich | Department of Media and Communication) #Counterterrorism #OnlineCounterterrorism #OnlineRegulation #ContentModeration

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📢 AML DIRECTIVE AMENDMENT | KEY CHANGES INTRODUCED BY CySEC's NEW DIRECTIVE 282/2024 The regulatory environment within the #European #Union remains dynamic, necessitating regular revisions to legislative frameworks to adapt to emerging challenges and technological advancements. A recent significant development involves the amendment of the AML Directive by the Cyprus Securities and Exchange Commission (“CySEC”) through Directive 282/2024. This updated directive introduces substantial changes, notably expanding the scope of the term #identification #document and replacing the former exemption rule related to client onboarding via video call, which previously had a #capped annual deposit limit of EUR 2,000. #AML #EU #KYC #EDD #Cyprus

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Don't be a template trap: tailoring #AML compliance to your business 🧩 In the complex world of AML regulations, a one-size-fits all approach isn't really suitable. While templates offer a convenient starting point, they often fall short in addressing the uniqueness of your business, potentially leaving you vulnerable to compliance gaps. Why customization is key👇 🔵 Tailored risk assessment: your business faces unique risks based on its industry, customer base, and georgraphical location. A customized AML strategy strats with a comprehensive risk assessment specific to your operations, enabling you to start focus resources where they matter most. 🔵 Optimized compliance: generic templates might include unnecessary measures that burden your business without adding value. A tailored approach streamlines the compliance efforts, saving time and resources while ensuring regulatory requirements are met effectively. 🔵 Enhances effectiveness: by understanding your specific vulnerabilites, you can design AML controls that are more effective in detecing and preventing suspicious activities. This proactive approach strenthens your defense against financial crime. By customizing your AML strategy, you not only ensure regulatory compliance but also strengthen your defenses against financial crime, ensuring long-term sustainability. #aml #compliance #regtech #riskmanagement

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On 13 March 2024, the EBA published the final draft technical standards on complaints handling for issuers of asset-referenced tokens (ARTs), based on Article 31(5) of MiCAR, which provides that the EBA shall develop, in close cooperation with ESMA, draft RTS to further specify the requirements, templates, and procedures for handling complaints. The draft Regulatory Technical Standards (RTS) set out the requirements regarding: 🔹Complaints management 📘 policy and function, 🔹The provision of information about the complaints-handling procedure to holders of ARTs and other interested parties, 🔹Templates for filing complaints and their 🔠 languages, 🔹Recordings of all complaints through a secure electronic register, 🔹Languages for the description of the complaints handling procedure and in which complainants may file complaints, 🔹The procedure to 🔎 investigate complaints and to communicate the outcomes of the investigations to complainants, and 🔹Specific provisions for complaints handling involving tokens distributed, partially or totally, through third-party entities. The proposed RTS does not set out any specific ⌚️ timeframe for internally recording complaints and measures taken in response thereto. Instead, the draft RTS refers to the need to respect national timing requirements when applicable. Once finalized and approved, the RTS shall enter into force on the twentieth day following its publication in the Official Journal of the European Union. #MICAR #MICA #CASPs #CryptoAssets #Blockchain #LegalCompliance #Poland

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⏰ In the current dynamically expanding and risk-abundant business environment, a comprehensive new piece of legislation, as part of a the larger EU AML package, emerged at the #EU level: 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧 (𝐄𝐔) 2024/1624 𝐨𝐟 𝐭𝐡𝐞 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐏𝐚𝐫𝐥𝐢𝐚𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐨𝐮𝐧𝐜𝐢𝐥 𝐨𝐟 31 𝐌𝐚𝐲 2024 𝐨𝐧 𝐩𝐫𝐞𝐯𝐞𝐧𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐮𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐲𝐬𝐭𝐞𝐦 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐟 𝐦𝐨𝐧𝐞𝐲 𝐥𝐚𝐮𝐧𝐝𝐞𝐫𝐢𝐧𝐠 𝐨𝐫 𝐭𝐞𝐫𝐫𝐨𝐫𝐢𝐬𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠. It is crucial for corporations to prepare for the compliance context, with a key aspect being the identification and supervision of beneficial owners. To assist companies digest the context and concepts, as well as the nuances introduced by the new legislative framework that will go into force in 2027 and is directly applicable in all Member States, Adela Nuta discussed with Alexandru Boiciuc, editor-in-chief at avocatnet.ro, key elements that need to take the spotlight on the executives' agendas for the coming period. Questions addressed during the discussion, and that should be considered by corporates while reviewing their #AML related policies are: 📌 What are the main changes the new Regulation brings in terms of identifying the beneficial owners (compared to the legislation currently in force in Romania)? 📌 What are the main novelties brought by the new European Regulation regarding the declaration of beneficial owners to the authorities (compared to the legislation currently in force in Romania)? 📌 Under the European Regulation, will there still be entities exempted from identifying their beneficial owners and from reporting information about them to the authorities? 📌 Why is the transition to a directly applicable EU Regulation in the field of money laundering prevention necessary? 📌 Are there any problematic aspects in the new European regulation regarding the identification of beneficial owners? If so, what are they? The piece invites you to find the angles that would help you explore the topic in mode details, while giving you actionable insights. Thank you, Alexandru and avocatnet.ro for the opportunity. The full piece in English is available here: https://lnkd.in/d_pdG4kv, The Romanian version is available here: https://lnkd.in/da56Uix7

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🌍 Urgency in Clarifying ESG Regulations The CSSF warns that the clock is ticking for the EU to clear up ambiguities in its new green regulations. Without unified guidance from ESMA, inconsistent application across Europe could undermine confidence in green bonds and sustainable investments. 📢 The call for clear definitions, especially around key terms like "sustainable" and "meaningful," is crucial for maintaining market integrity and preventing fragmentation. 💡 What’s your take on how this might shape ESG investments? Read the full article:

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How do you solve a problem like DORA? (Let us know in the comments if you spotted what we did there 😊) DORA places new obligations on financial entities operating in (or supporting other entities in) the EU. The compliance deadline is 17 January 2025. Key areas of focus: 🛡️ DORA aims to bolster resilience in ICT systems for financial entities. 🔍 A significant focus lies on managing third-party risks. Let CRMG guide you through the essentials and join us as we answer your #DORA related queries. #Finance #Financial #Cyber #CyberRisk #Cybersecurity

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