Colum Lyons

Looking to open a bank account in Portugal? In our latest guide, we outline the step-by-step process, including selecting a bank, providing proof of identity, and obtaining the NIF number requirement. Explore Dixcart Portugal’s must-read article: 👉 https://lnkd.in/eaVCAC-X For more information on opening a bank account in Portugal, please contact👉 [email protected] #Dixcart #Portugalbanking #Financialadvice #Bankingaccountguide

14

"Response to the Consultation Paper: Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes under Regulation (EU) 2023/1113", published in February 2024 by 21 Analytics, Crystal Blockchain, EU Blockchain Observatory and Forum, European Crypto Initiative, Rotational Labs, Inc., VASP Holdings & Zornitsa Daskalova, Global Head of Financial Crime at Optima Partners. 👇 The primary concern highlighted in this response is the need for clearer definitions and explanations of terms within the document. Additionally, it suggests that including practical examples of how the guidelines should be implemented by the affected parties would significantly enhance understanding and #compliance. Link: https://lnkd.in/d3JBns8T #web4 #web5 #fintech #digitalera #defi #cryptocurrency #digitalcurrency #virtualassets #digitalassets #virtualcurrency #digitaltransformation #blockchain #dlt #stablecoins #cryptoassets #web3 #tokenization #RWAs #NFTs #DAOs #RWAs #staking #mining #ZKPs #tokenomics #gamefi #lending #CEXs #DEXs #DePIN #LSTs 

22

1 comentário

Action Required – FCA Expectations on Authorised Push Payments (AAP) Fraud Reimbursement Yes, it’s another call to action from the FCA. And yes, it’s another Financial Crime blog! New measures came into force on 7th October to support victims of APP fraud.  If you are not worried about this in your firm, or the impact of bad publicity, then just watch how Revolut was highlighted in a Panorama programme this week around its’ approach to customers and fraud. The FCA has again upped the ante for firms, and is actively working with firms on their anti-fraud systems and controls, in this instance around how PSP’s prevent harm to their customers, and how they tackle money mules laundering funds. The focus is on: - Having effective governance arrangements, controls and data to detect, manage and prevent fraud; - Regularly reviewing your fraud prevention systems and controls to ensure that these are effective; and - Maintaining appropriate customer due diligence controls at onboarding stage and on an ongoing basis to identify and prevent accounts being used to receive proceeds of fraud or financial crime. The FCA are also highlighting the Consumer Duty issue here, in that firms must avoid causing foreseeable harm. They specifically call out that if customers are scammed and this relates to a firm’s financial products and are due to the firm’s inadequate systems to detect and prevent scams, or inadequate processes to design, test, tailer and monitor the effectiveness of scam warning messages, then this would be a breach of that Consumer Duty. If your fraud detection processes are not sufficiently effective, then you will be at risk. - Have you got a fraud payment team? - Have you got transaction monitoring working real time? - Are you confident that your transaction monitoring rules are configured to highlight the right issues at the right time? - Have you got your alert systems flagging stuff early enough that your people can deal with this effectively? This is becoming another hot potato that could easily burn an organisation. Here at Brighter Consultancy we have experts who work with banks and payment providers on fraud and transaction monitoring systems and controls, to help you be compliant and deal with all APP fraud issues effectively. Do reach out for a confidential chat. #financialcrime #Fraud #riskmanagement #financialcrimecontrols https://lnkd.in/e9ydScGY

10

📢 📰 May 30, 2024. #AML. The European Council approved the EU’s new and final AML package, which consists of: ▶️ 6th Anti-Money Laundering Directive (6AMLD) provides national rules for supervision and powers of national AML authorities, giving them access to necessary and reliable information like beneficial ownership registers. ▶️ Anti-Money Laundering Regulation (AMLR) extends AML rules to new obliged entities, i.e. crypto-sector, traders of luxury goods and football clubs and agents. AMLR sets tighter due diligence requirements, regulates beneficial ownership and much more. ▶️ European Anti-Money Laundering Authority (AMLA) authority is set to have direct and indirect supervisory powers over high-risk obliged entities in the financial sector. 🤷‍♂️ The So What? ✅ This is the final step of the adoption procedure. The texts will now be published in the EU’s Official Journal and enter into force. ✅ The AMLR will apply three years after the entry into force. ✅ Member states will have two years to transpose some parts of the 6AMLD and three years for others. ✅ AMLA will be based in Frankfurt and start operations in mid-2025. 📩 Do you have any questions about the new regulations and how do they impact your business? Feel free to ask in DMs :) #AdamanoConsulting #AML | #Compliance | #riskmanagement | #moneylaundering

50

2 comentários

#financialcrime and #AML face new challenges daily. Some #fraud vectors are barely recognisable compared to only a few years ago. So what challenges are coming next? I'll be participating in a panel discussion on exactly this topic at the The European Anti-Financial Crime Summit 2024 by AMLintelligence.com, sponsored by ID-Pal on Thursday May 16th. Come see me as part of the panel on the Future of Anti-Financial Crime or come chat with me at any point during the day. How do we stay one step ahead of the fraudsters, or least make sure we can look back along the #chainoftrust clearly? There's a little hint for what I'll be talking about on the day there... #EAFCS

67

1 comentário

In the financial services arena, #AML professionals are constantly seeking innovative ways to enhance the efficiency and accuracy of #KYC and #KYB processes. One of the most transformative technologies in this arena is #AI. Diogo Xavier Luis, CTO, explores how financial institutions can significantly streamline their operations, particularly in areas such as analysing #PEPs and #sanctions screening data by integrating AI into KYC and KYB procedures. Learn more >> https://lnkd.in/exF5edTM #RegTech #insurance #duediligence

19

🇪🇺 The European Banking Authority (EBA) has announced the entry into force of the new EU framework aimed at enhancing the fight against #moneylaundering and #terroristfinancing. This significant step includes the establishment of the #AntiMoneyLaunderingAuthority (#AMLA), set to transform Europe's approach to #financialcrime. Since 2020, the EBA has been at the forefront of coordinating and monitoring the EU's efforts against money laundering (#ML) and terrorist financing (#TF). Once established, AMLA will directly supervise cross-border credit and financial institutions exposed to the highest ML/TF risk. It will also draft #AML/ #CFT standards and guidelines, oversee AML/CFT supervisors, and coordinate #FinancialIntelligenceUnits (FIUs). In accordance with Articles 103 and 108 of Regulation 2024/1620, the EBA will transfer its AML/CFT mandates, powers, and resources to AMLA by the end of 2025.

101

1 comentário

🔔 Crypto Alert: Essential Guidelines for CASPs to Combat Money Laundering and Terrorist Financing Risks! 🔔 The European Banking Authority (EBA) has recently finalised their guidelines aimed at crypto-asset service providers (CASPs) to fortify their defenses against money laundering (ML) and terrorist financing (TF). Here’s a concise overview of the new measures and why they matter: 1️⃣ Enhanced Diligence Requirements: CASPs must now adopt rigorous checks and balances. This includes enhanced scrutiny of transactions involving high-risk jurisdictions, self-hosted wallets, and decentralized platforms. It's critical for service providers to assess and mitigate the heightened risks associated with such features, which may mask the identities of those involved. 2️⃣ Advanced Monitoring Tools: The guidelines underscore the necessity for CASPs to employ advanced analytics tools. These tools are vital for monitoring and analyzing transaction patterns to detect anomalies that may indicate ML/TF activities. 3️⃣ Comprehensive Risk Assessment: CASPs are encouraged to conduct thorough risk assessments based on their customers' behaviors, the types of transactions, and the products offered. These assessments are crucial for understanding and managing potential exposure to ML/TF risks effectively. 🚀 Implications for the Crypto Market: These guidelines are not just about compliance; they are about ensuring that the crypto market remains a trustworthy and secure space for financial innovation and legitimate transactions. By adhering to these guidelines, CASPs can contribute to a safer financial environment and enhance their operational integrity. 🌐 For a Deeper Dive: CASPs and stakeholders are advised to review the complete guidelines to fully understand the scope and specifics of the required measures. 💡 Pro Tip: Stay ahead by integrating these guidelines into your compliance strategies today. Safeguarding against risks not only complies with regulatory frameworks but also builds trust with your users and partners. #CryptoRegulation #AML #CFT #EBA #CryptoCompliance #CASPs #BlockchainSecurity https://lnkd.in/diM288wG

9

1 comentário

Today, I had the pleasure of speaking with Inda Dewi Y. Diponegoro, a talented #FinancialCrime #ComplianceAnalyst living in Belfast. With two years of experience in #compliance, she reached out to ask how she could expand her #knowledge and #diversify her #regulatoryskills across different jurisdictions. Her question was thoughtful: "Is it easy to learn regulations from other countries? I've spent my career in the UK—how do you gain the knowledge to work in other locations?" The answer to the question is simple — just dive in the deep end! #Regulation is a crafted art, with each country shaping its own frameworks. In #financialcrime, there are #synergies thanks to global bodies like Financial Action Task Force (FATF), but every regulator loves to see their own language in policy. Navigating these variations is part of the challenge and the excitement. But what impressed me most about Inda wasn’t just her curiosity but her #passion and #capability for the work we all do. As a relatively new compliance professional, she confidently engaged in conversations about regulatory challenges and control development. And when I learned she also writes a blog about her journey into working in compliance and key issues to help in educating others, I had to check it out—it's fantastic and informative. Inda has not only grasped key issues but is also passionate about using her knowledge to #educate others. This is what our global #compliancecommunity is all about — #cooperation, #integrity, and #teamwork. Inda embodies these #values and more. Having successfully completed a 2:1 degree in Criminology and Criminal Justice from Ulster University, and with a strong two-year foundation in the compliance field, Inda now however faces a challenge: her #postgraduate #visa is about to expire. Unless she can find a #sponsor, she will have to return to Indonesia - hence her preparation to expand her regulatory knowledge. That being said she is an incredible resource so if you know of any roles in organisations the #UK, #Ireland #europe that are open to #sponsorship, you have the opportunity to hire an outstanding compliance talent. In my honest opinion you will not only be getting a well-educated and engaged professional but a #futureleader for your team and organisation. James Treacy Stephen Rae Mark Wilson Mark Swash 🎲Compliance Professionals Quentin Downes Nick Leeson Black Swan Group Tom Griffiths Mark Bain fscom FinTrU Napier AI AML Analytics

20

2 comentários

🚨 𝗘𝘂𝗿𝗼𝗽𝗼𝗹'𝘀 𝟐𝟎𝟐𝟒 𝗜𝗢𝗖𝗧𝗔 𝗥𝗲𝗽𝗼𝗿𝘁: 𝗧𝗵𝗲 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗖𝘆𝗯𝗲𝗿𝗰𝗿𝗶𝗺𝗲 𝗧𝗵𝗿𝗲𝗮𝘁 𝗶𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 In its Annual Internet Organised Crime Threat Assessment 2024, Europol provides a comprehensive analysis of the escalating cybercrime landscape across Europe. 𝗞𝗲𝘆 𝗳𝗶𝗻𝗱𝗶𝗻𝗴𝘀   • 𝗖𝗿𝘆𝗽𝘁𝗼𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝗶𝗲𝘀 - prominently used for various financial crimes, particularly investment fraud and ML, stablecoins and alternative cryptocurrencies (altcoins) to evade detection.   • 𝗗𝗮𝗿𝗸 𝗪𝗲𝗯 - remains a critical platform for cybercriminal activities, serving as a marketplace for illegal goods and services, despite increased law enforcement crackdowns. • 𝗖𝗵𝗶𝗹𝗱 𝗦𝗲𝘅𝘂𝗮𝗹 𝗘𝘅𝗽𝗹𝗼𝗶𝘁𝗮𝘁𝗶𝗼𝗻 - rise in self-generated child sexual abuse material (CSAM) poses new challenges for law enforcement.   • 𝗢𝗻𝗹𝗶𝗻𝗲 𝗮𝗻𝗱 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗙𝗿𝗮𝘂𝗱 𝗦𝗰𝗵𝗲𝗺𝗲𝘀 - digital skimming attacks continue to threaten e-commerce platforms, leading to significant financial and data losses.   📌 𝗖𝘆𝗯𝗲𝗿𝗰𝗿𝗶𝗺𝗲 𝗼𝗳𝗳𝗲𝗻𝗱𝗲𝗿 𝗽𝗿𝗼𝗳𝗶𝗹𝗲𝘀   The majority of criminals are young, especially considering the disruptive nature of this crime area and its harm potential. While their offences damage their victims, they also have a potentially far-reaching impact on their own future, as many of these individuals are unaware of the legal consequences of what they view as a mere challenge or a game. 📌 𝗥𝗲𝗻𝗲𝘄𝗲𝗱 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻 𝗼𝗳𝗳𝗲𝗻𝗱𝗲𝗿 𝗽𝗿𝗲𝘃𝗲𝗻𝘁𝗶𝗼𝗻   Law enforcement and policymakers are focusing on offender prevention to address the root causes of cybercrime, such as lack of awareness and socio-economic factors. Many cybercriminals are young and unaware of legal consequences, so authorities aim to redirect their skills positively. Europol'𝘀 𝗜𝗻𝘁𝗲𝗿𝗖𝗢𝗣 𝗻𝗲𝘁𝘄𝗼𝗿𝗸, 𝗮𝗰𝘁𝗶𝘃𝗲 𝘀𝗶𝗻𝗰𝗲 𝟐𝟎𝟐𝟑, 𝘂𝗻𝗶𝘁𝗲𝘀 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗟𝗘𝗔𝘀 𝗮𝗻𝗱 𝘀𝘁𝗮𝗸𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀 𝘁𝗼 𝗱𝗲𝘃𝗲𝗹𝗼𝗽 𝗖𝘆𝗯𝗲𝗿 𝗢𝗳𝗳𝗲𝗻𝗱𝗲𝗿 𝗣𝗿𝗲𝘃𝗲𝗻𝘁𝗶𝗼𝗻 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀, 𝗳𝗼𝘀𝘁𝗲𝗿𝗶𝗻𝗴 𝗮 𝘀𝗮𝗳𝗲𝗿 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝗲𝗻𝘃𝗶𝗿𝗼𝗻𝗺𝗲𝗻𝘁.   We welcome any insights you have on the rising threat of cybercrime. Please share to raise awareness and stay vigilant.   ☀ Enjoy the summer!   Stay tuned!

39

#aml #antimoneylaundering #moneylaundering #financialcrime #fincrime Good to see a tool of use and value. If you haven’t checked out STOP THE TRAFFIK’s ‘Exploitation Analytics’ section and ‘Exploitation Analytics Services 2023 Proposal’, both are worth a look (links in comments). Check it out plus much on The Laundry® at: thelaundrynews.com

2

1 comentário

#aml #antimoneylaundering #moneylaundering #financialcrime #fincrime Speaking of cash, for those that haven’t been following the cash smuggling cases out of the UK, here’s some recent ones from the NCA (all links in comments), with the predominate one being the UK to UAE case: UK to UAE: 26 April 2024 - Cash couriers who smuggled millions in suitcases are sentenced 19 March 2024 - Money laundering network boss hit with multi-million pound confiscation order 12 January 2024 - Two more convictions in £100 million ‘cash in suitcases’ conspiracy 22 December 2023 - Woman charged as part of NCA cash smuggling investigation 02 December 2023 - Three more convictions after £100 million 'cash in suitcases' conspiracy UK to Albania: 15 April 2024 - Four arrested on suspicion of smuggling money from UK to Albania UK to ???: 11 January 2024 - Husband and wife arrested over alleged airline crew smuggling plot Additionally, when to comes to flying illicit cash, one of the books that always comes to mind is ‘The Cleaner’ by Bruce Aitken - link in comments. Check it out plus much on The Laundry® at: thelaundrynews.com

6

1 comentário

A number of directives in adition to PSD2 are being brought together to create a different set of directives and regulations, most notably PSD3 and PSR1, the Payment Services Regulation. This aproach aims to both harmonise how different actors in payments are treated, but also level the playing field for some. https://lnkd.in/gv46SGav #payments #banking #openbanking #openfinance

21

#aml #antimoneylaundering #moneylaundering #financialcrime #fincrime There’s a fair few posts about Monzo’s latest annual report announcing profitability BUT… There was other news that received less attention, the FCA will no longer be looking at criminal liability in their money laundering investigation of Monzo and will only be looking at it from a civil perspective. All links comments.

2

2 comentários

#aml #antimoneylaundering #moneylaundering #financialcrime #fincrime Something to keep an eye out for later in 2024: “In addition to its annual APP fraud performance data, the PSR has been collecting data on how fraud starts. Later in 2024, the regulator will publish this data to raise awareness about the different ways fraudsters can target victims, including through social media platforms. By sharing this information, the PSR aims to raise greater consumer awareness and encourage wider accountability and action from other parties in the chain to prevent fraud from happening in the first place.” Check it out plus much more on The Laundry® at: thelaundrynews.com

6

💡𝗡𝗲𝘄 𝗘𝗨 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲 𝗦𝘂𝗽𝗲𝗿𝗰𝗵𝗮𝗿𝗴𝗲𝘀 𝗖𝗿𝗼𝘀𝘀-𝗕𝗼𝗿𝗱𝗲𝗿 𝗕𝗮𝗻𝗸 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 𝗔𝗰𝗰𝗲𝘀𝘀: 𝗧𝗵𝗲 𝗡𝗲𝘅𝘁 𝗪𝗮𝘃𝗲 𝗶𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 𝗖𝗿𝗮𝗰𝗸𝗱𝗼𝘄𝗻! This EU update, 2 Sep 24, is a briefing on the proposal to amend Directive (EU) 2019/1153, which focuses on creating a single access point to bank account registries within the EU to enhance the efficiency of financial investigations. The Directive, which took effect on 9 July 24, aims to enhance cross-border cooperation and access to financial information for law enforcement authorities to track and confiscate the proceeds of crime. 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗣𝗼𝗶𝗻𝘁𝘀 • 𝗦𝗶𝗻𝗴𝗹𝗲 𝗔𝗰𝗰𝗲𝘀𝘀 𝗣𝗼𝗶𝗻𝘁: Establishes a centralised system managed by the EC to access bank account registries across EU member states • 𝗥𝗲𝗰𝗼𝗿𝗱𝘀 𝗔𝗰𝗰𝗲𝘀𝘀: The directive will require financial institutions to share transaction records, i.e. bank statements as part of an investigation • 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗔𝗰𝗰𝗲𝘀𝘀: Law enforcement will have the same level of access to financial records as FIUs • 𝗔𝗿𝘁𝗶𝗰𝗹𝗲𝘀 𝟓 & 𝟔 𝗼𝗳 𝘁𝗵𝗲 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲: Access to and processing of data can be undertaken only on a case-by-case basis by staff that have been specifically designated and authorised • 𝗗𝗮𝘁𝗮 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻: Includes robust safeguards to protect personal data, ensuring compliance with GDPR and related EU regulations • 𝗖𝗿𝘆𝗽𝘁𝗼 𝗮𝘀𝘀𝗲𝘁𝘀: This directive also includes provisions for accessing records from crypto-asset service providers and financial institutions 𝗙𝗼𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝘀, 𝘁𝗵𝗶𝘀 𝗺𝗲𝗮𝗻𝘀 𝘀𝗲𝘃𝗲𝗿𝗮𝗹 𝗸𝗲𝘆 𝗰𝗵𝗮𝗻𝗴𝗲𝘀: 1. 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀: Institutions may face heightened demands for timely and accurate reporting of financial data 2. 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗗𝗮𝘁𝗮 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: Institutions will need to ensure that their systems are capable of interfacing with the new single access point and securely managing the increased volume of data exchanged 3. 𝗦𝘁𝗿𝗶𝗰𝘁𝗲𝗿 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗣𝗿𝗼𝘁𝗼𝗰𝗼𝗹𝘀: Financial institutions will need to adapt their internal compliance procedures including implementing enhanced mechanisms for responding to law enforcement requests. 4. 𝗧𝗿𝗮𝗶𝗻𝗶𝗻𝗴 𝗮𝗻𝗱 𝗥𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀: Institutions may need to invest in additional resources to support these changes. 𝗡𝗲𝘅𝘁 𝘀𝘁𝗲𝗽 Member States have until 10 July 2027 to enact the appropriate legal provisions required to comply with this directive. Overall, while the Directive aims to enhance financial transparency and assist in tracking criminal proceeds, it will require financial institutions to adapt their operations to meet these new regulatory demands. 📌 Please feel free to share your thoughts on how you believe this directive will impact the day-to-day compliance operations of financial institutions. Stay tuned!

72

7 comentários