Featured Product

    DFSA Finds Improvements Needed in ML/TF Monitoring and Payments Rules

    February 04, 2022

    The Danish Financial Supervisory Authority (DFSA), announced that blockchain proved its potential in a test in its regulatory sandbox, known as FT Lab. However, it can be difficult to determine how to handle services based on blockchain within the existing regulation. DFSA expects that the current issues, when using blockchain as an infrastructure for payment services, will be addressed at the European Union level, including in the upcoming review of the Payment Services Directive. The test also showed that blockchain-based payment services have the potential to compete with existing payment solutions that use the existing payment infrastructure. In a separate assessment, DFSA investigated transaction monitoring at the seven largest banks in the country. The study showed the need for changes and improvements in a number of areas and this finding applies to both the monitoring systems and the procedures in the field.

    The study on transaction monitoring was conducted with the assistance of international consulting firms—Deloitte, McKinsey & Company, and Duff & Phelps, to carry out inspections of transaction supervision in seven largest banks in Denmark—Jyske Bank, Nykredit, Spar Nord Bank, Handelsbanken, Sydbank, Danske Bank, and Nordea Danmark. The study investigated bank compliance with rules in the area of ​​money laundering and terrorist financing (or ML/TF)DFSA Finds Improvements Needed in ML/TF Monitoring and Payments Rules and monitored the quality of transactions. DFSA concluded that monitoring scenarios should be flexible and constantly evolving to enable banks to consider developments in their risks, including new forms of crime and new methods of money laundering and terrorist financing. DFSA also emphasized that trade finance transactions and capital market transactions must be monitored with increased focus on money laundering and terrorist financing. There is a need for banks to spend significant resources on updating and improving their transaction monitoring and alarm processing.

     

    Related Links

     

    Keywords: Europe, Denmark, Banking, Blockchain, Regtech, Bank Transaction Monitoring, ML TF Risk, AML CFT, DFSA

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514