Yiannos Ashiotis

The ADGM Financial Services Regulatory Authority (FSRA) has published a Consultation Paper aimed at enhancing its regulatory framework to ensure continued alignment outlined by the Basel Committee on Banking Supervision (BCBS). The key areas of enhancements to the regulatory framework pertain to: · Corporate governance expectations · Requirements around notifications to the FSRA · Related party transactions · Provisioning for credit exposures · Stress testing expectations · Designation of domestic systemically important banks · Expectations around management of country risk and transfer risk This consultation paper should be of interest to all Authorised Persons operating in ADGM or seeking to do so, particularly banks, insurers and those entities that are authorised to carry on the Regulated Activities of Providing Credit or Managing a Profit Sharing Investment Account which is a PSIAu in ADGM. Your feedback is crucial in establishing a regulatory environment that is built on a solid foundation and supports sustainable financial practices. To access the Consultation Paper, click here: https://lnkd.in/dYJD6KsH

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MERGERS AND ACQUISITIONS BANK STRATEGY AGAINST SYSTEMATIC RISK BEFORE THE COVID-19 PANDEMIC This study, recently published in our journal Corporate and Business Strategy Review examines the relationship between the reduction of systematic risk and mergers and acquisitions (M&As) only in the Greek banking system. The authors have to mention that Adam et al. (2012) analyzed and estimated the time-varying betas of the banking sectors in eight advanced markets but they did not find strong evidence of declining systematic risk before the recent financial and sovereign crises, in contrast to our own work which deals with the systematic risk of banks in emerging economies. This research aims to investigate if the Greek systemic banks reduced the systematic risk after the main wave of M&As that started and completed soon after the international financial crisis of 2009, but before the new financial crisis that the COVID-19 pandemic brought in Greece. Findings were extracted from multiple linear regressions using the capital asset pricing model (CAPM) and showed that the reduction of systematic risk succeeded after M&As that took place in the Greek banking industry after the international financial crises but before the COVID-19 pandemic. For this reason, maybe in some other economies mainly in Europe, the banks would follow the same strategy of M&As to reduce their systematic risk. #corporategovernance #banks #mergers #acquisitions #Greece Find the full-text paper below https://lnkd.in/dPzvgmJw

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🚩 Attention to Cyprus Investment Firms (CIFs) 📣 CySEC has issued the Circular C677 to bring to the attention of CIFs the EBA Guidelines EBA/GL/2024/04 which were issued on 08/04/2024, on resubmission of historical data under EBA reporting framework. Read More 👇 https://lnkd.in/dCY-5d9T #EuropeanBanking #Cyprus #guidelines #investmentfirms #reporting #historicaldata

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📢 📰 January 16, 2024. #Fraud #guidelines. Bank of Lithuania issued Fraud Prevention Guidelines (“Guidelines”) for financial institutions providing payments services. The key points of the Guidelines: ▶️ Fraud Prevention Officer (FPO) role is critical in assessing and applying fraud prevention measures. ▶️ Regular fraud risk assessments are mandatory to adapt to new fraud trends and regulatory changes. ▶️ Fraud risk management includes monitoring tools that adapt to changing fraud patterns. ▶️ Comprehensive training for fraud prevention staff is essential for maintaining effectiveness. ▶️ Fraud risk assessment reports must detail fraud levels, effectiveness of controls, and required improvements. ▶️ Payment transaction monitoring must include new technological solutions to detect and prevent fraud. 🤷‍♂️ The So What? The Guidelines come into to force on May 1, 2024. Financial Institutions should perform the following to comply with the Guidelines: ✅ Appoint FPO responsible for assessing the effectiveness of the payment transaction monitoring process and fraud risk management measures, and for applying prevention measures. ✅ Conduct annual independent audits of security measures and fraud prevention tools. ✅ Integrate fraud prevention into regular risk assessments and internal audits. ✅ Maintain open channels for payment service user complaints and inquiries to aid fraud detection. ✅ Update fraud prevention training and tools on regular basis to align with current fraud trends. ✅ Perform annual staff competence assessment to identify the required number and competence of staff to apply fraud controls. 📩 Do you need assistance in implementation of the Guidelines? Feel free to ask in DMs :) #AdamanoConsulting   #Fraud | #compliance | #guidelines | #Lithuania

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US FinCen updates Beneficial Ownership Information FAQs. FinCen has updated its FAQs on Beneficial Ownership Information, amending 2 FAQs and issuing 2 new ones: FAQ C. 14, which provides that a company is still required to submit its initial report to FinCen even if it is ceases to exist before the report is due, has been updated; FAQ C. 15 has been added, addressing who may submit a report on behalf of a reporting company that no longer exists; FAQ C. 16 has been added, clarifying that a foreign company that stopped doing business in the US before reporting requirements came into effect (1 January 2024) does not need to file a report; and FAQ G. 4, which details when a reporting company needs to include historical beneficial owners in its report, has been updated. #Sanctions #Russia #EUCommission #ExportControl #TradeWar #TSECS #SanctionsUpdate #TurkishSociety #Sanctions #USA #OFAC #BIS #TradeUpdates #GlobalTrade #TradeCompliance #InternationalRelations #EconomicSanctions #TradeRegulations #TurkishExports #TradePolicy #SecurityMatters #ForeignPolicy #ComplianceNews #EconomicSecurity #CrossBorderBusiness

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FSCA’s three-year regulation plan: insights into COFI transition and regulatory roadmap. The FSCA has published its latest three-year Regulation Plan, which is for the period 1 April 2024 to 31 March 2027. The plan provides financial institutions with information about the regulatory interventions they can expect in the medium term and when they can expect the relevant regulatory instruments to be implemented. Get further insights in the full article: https://buff.ly/3Lgujzu #2024RegulationPlan #COFI #ConductofFinancialInstitutionsBill #FAIS #FSCA #insurance #PrudentialAuthority

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Understanding and managing financial crime risks is crucial for organisations amidst evolving criminal practices. Explore the main pillars of sound financial crime compliance in Jonathan Camilleri's latest article. #FinancialCrimeCompliance #RiskManagement #GRCinMalta

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FSDC Publishes Annual Report for 2023/24 The Financial Services Development Council (“FSDC”) has released its annual report for the financial year from 1 April 2023 to 31 March 2024. This year, the FSDC published 6 policy research and other reports, setting forth policy recommendations to fortify Hong Kong's standing as an international financial centre. These reports cover a broad range of topics, including boosting market liquidity and diversity, advancing Hong Kong as a regional philanthropic hub, fostering blockchain technology adoption, expanding offshore Renminbi business capabilities, cultivating young talent for the industry, and others. Since 2013, the FSDC has made 234 policy recommendations, with 166 adopted by the Government, achieving an adoption rate of 71%. #report #FSDC #SaudiArabia #blockchain

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📢 𝗘𝘀𝘁𝗮𝗯𝗹𝗶𝘀𝗵𝗶𝗻𝗴 𝗮 𝗦𝘂𝗰𝗰𝗲𝘀𝘀𝗳𝘂𝗹 𝗘𝗨 𝗔𝗠𝗟𝗔 – 𝗸𝗲𝘆 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀! Prominent EU AML/CTF experts share their perspectives on the establishment of a successful EU AMLA. Gediminas Šimkus, Governor, Bank of Lithuania “It is of utmost importance for AMLA to have a good overview and knowledge of the EU Member States‘ markets, as well as to promote the convergence of supervisory practices. Therefore, at least one entity per Member State should fall under direct AMLA supervision.   Extensive information exchange and deep cooperation are central for the EU AML/CFT framework.” Marcus Pleyer, German Ministry of Finance & former FATF President ‘’What is still missing, however, are measures that enable authorities to take EU-wide action at the same pace and within the same mindset as transnational money launderers. Only by doing so can we prevent criminals from exploiting the freedoms of the single market by taking the path of least resistance for their ML activities.   We should not let the opportunity pass us by to build up the AMLA from scratch and install custom-made decision making processes.’’ 𝗣𝗵𝗶𝗹𝗶𝗽𝗽𝗲 𝗕𝗲𝗿𝘁𝗵𝗼, Director AML/CFT, ACPR “For groups of obliged entities with significant cross border activity, both within the EU and in non-EU territories, comprehensive risk-based requirements at groups’ level would address ML/TF cross border and trans-sectoral nature. AMLA’s direct supervision scope needs to be crafted so that it adds value to the existing framework.’’ Jesper Berg, Director, Danish Financial Supervisory Authority “Both authorities and the private sector play a crucial role in fighting ML/TF. Increased cooperation, exchange of information and usage of technology must necessarily go hand in hand with making our common efforts more efficient. Technology and Public Private Partnership is the Greenfield Opportunity for AMLA’’   Derville Rowland, Financial Conduct Director , Central Bank of Ireland   ''AMLA must also embrace an intelligence-led approach to its direct supervision ensuring that its resources are concentrated on the areas of greatest risk. Information sharing with ESMA, the ECB, NCAs and FIUs will be essential to this intelligence led approach.   Enhanced convergence, co-ordination and cooperation between the broad coalition of actors is vital.”   Duncan DeVille, former Global Head of FCC, Western Union “A further improvement would be to require the new AMLA and the national FIUs to swiftly agree on common suspicious transaction report templates. This would streamline the reporting process and allow for the use of modern analytical tools to report suspicious transactions.   We believe individual companies should have the right to opt in to the sole and direct supervision by the AMLA.” Feel free to share your thoughts on these proposed expert perspectives! Stay tuned!

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The European Banking Authority (EBA) published its Report on the Functioning of AML/CFT Colleges in 2023, highlighting progress and challenges in the fight against financial crime. AML/CFT colleges play a critical role in coordinating supervisory efforts to address money laundering and terrorist financing risks across borders. Highlights from the Report:  ➡️ 264 AML/CFT colleges are now operational, with 34 new colleges established in 2023 to strengthen cross-border supervisory collaboration​; ➡️ Financial Intelligence Unit #FIU participation increased to 161, fostering better information sharing for actionable insights​; ➡️ Supervisors identified challenges in applying a risk-based approach and aligning joint actions, signalling the need for enhanced cooperation​; and ➡️ Greater adoption of innovative technology and RegTech is essential to tackle issues like false positives and improve monitoring​ ✅ Organisations should prioritise resource allocation, governance improvements, and RegTech integration to strengthen their AML/CFT frameworks and mitigate risks. Lear more: https://lnkd.in/eAm4rrem

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We are following the #DORA and #ESG Roundup at the Institute of Financial Services - Malta and Ganado Advocates Seminar held today with expert insights. 🔑 Key Messages: 💻 - DORA is not an ICT function or a compliance/risk function, it is a transformative regulation that needs to be led by both functions together and roping in governance from an organisation-wide perspective. - There are extensive regulatory requirements which however also apply a proportionaloty approach. The end game is not a tick-the-box race until 17 January 2025, but towards elevating the resilience of our wider (and own as an organisation) ecosystem. 🌎 - Sustainability has been on the agenda for decades but the EU has now taken the proactive approach to regulate towards this direction, to the extent of the possibility of penalties and fines under certain directives - is this too much? or is this too late? - An overview of the respective regulation includes #NFRD, #CSRD, #CSDDD and #EuropeanGreenBond Standard. The underlying theme goes against the current culture of short-term benefits but in distinguishing oneselves for longer term goals.

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🔍 Strengthening AML/CFT Compliance for CASPs: A Step Forward in Europe The European Banking Authority (EBA) is taking significant strides to enhance the fight against 💸 money laundering and ⚖️ terrorism financing within the EU’s crypto-asset ecosystem. In a newly launched public consultation, the EBA proposes criteria for appointing central contact points (CCPs) for crypto-asset service providers (CASPs) operating across Member States without traditional branches. These CCPs would play a critical role in ensuring compliance with local AML/CFT obligations, even in complex operational models. Key highlights: ✅ CASPs offering services in host Member States must navigate local AML/CFT rules, even if their establishments are not classified as ‘obliged entities.’ ✅ The draft Regulatory Technical Standards (RTS) outline when CCP appointments are appropriate and detail their functions, adapting a framework initially designed for electronic money issuers (EMIs) and payment service providers (PSPs). ✅ This initiative extends existing provisions under EU regulation to CASPs, recognizing the unique challenges posed by their business models. The consultation is open until 4 February 2025 📅, and stakeholders are encouraged to share their insights. A virtual public hearing 🖥️ will also be held on 16 January 2024. This move underscores the importance of evolving regulatory frameworks to address the dynamic risks in the digital asset space. 🌐 How do you think CCPs will impact compliance and operational efficiency for CASPs? Let us know your thoughts below 💬 or join the conversation during the public consultation! Read more here: https://lnkd.in/dnwePbQf #Compliance #CryptoAssets #AML #CFT #Regulation #DigitalAssets #Innovation

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New DFSA Thematic Review: Client Agreements and Disclosure Requirements for Crowdfunding Platform Operators The DFSA expects all Operators in the DIFC to consider the key themes and findings in this Review in the context of their specific activities and obligations, and, where appropriate, consider further enhancements to their Client Agreements, website disclosures, and associated systems and controls. 

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𝐄𝐁𝐀 𝐏𝐫𝐨𝐩𝐨𝐬𝐞𝐬 𝐀𝐌𝐋 𝐑𝐮𝐥𝐞𝐬 𝐟𝐨𝐫 𝐂𝐀𝐒𝐏𝐬 The European Banking Authority (EBA) has launched a public consultation on new Regulatory Technical Standards (#RTS) focused on anti-money laundering (#AML) compliance for crypto-asset service providers (#CASPs). These proposals aim to address vulnerabilities in the crypto sector by requiring CASPs to appoint central contact points (#CCPs) in host member states. CCPs will ensure adherence to local AML/CFT regulations, acting as liaisons with national authorities. Read more here: https://lnkd.in/dhCWGVgR #GTG #CryptoCompliance #CryptoRegulation #EBA #RegTech Cherise Abela Grech l Catriona Cuschieri

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The KYC360 AML Roundup for 28 June 2024👇 Some key articles from this week's Roundup: 👉EU Anti-Money Laundering Authority Comes Into Force 👉Bank of Italy Flags Suspicious Transactions From Italian Accounts to Russia 👉FCA Provides Update on Controversial “Name and Shame” Proposals 👉Singapore PM Sets Out Asset Recovery Strategy 👉U.S. Imposes Fresh Sanctions on Iran 👉EU Imposes 14th Package of Sanctions Against Russia 👉China Removes Two Ex-Defence Ministers on Corruption Charges 👉Mastering High Risk Relationships Effectively To Outperform: Full Webinar Replay 👇📃 Read the AML Roundup: https://lnkd.in/e4G5bQJy 📩 Sign up for weekly updates here: https://lnkd.in/eqEB8yJi

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🚨 Important Update from #CySEC 🚨 The Cyprus Securities and Exchange Commission (CySEC) has issued Circular #C655 addressing compliance obligations for regulated entities. Key points include: 📌 Annual assessment of Compliance Officers' and Internal Audit Reports. 📌 Identification of common weaknesses and deficiencies. 📌 Requirement for immediate corrective actions on identified issues. 📌 Thorough and detailed Compliance and Internal Audit Reports are crucial for regulatory adherence. CySEC emphasizes the critical need for strict adherence to regulatory requirements and warns of rigorous compliance checks and strict administrative sanctions for non-compliance. 🛡️ Don’t risk non-compliance and potential sanctions. Contact CJ Solutions Ltd. today to ensure your business meets all regulatory standards. [email protected] and www.cjsolutionsltd.com #cjsolutionsltd #regulatorycompliance #AML #CFT

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AUSTRAC Launches Consultation on New AML/CTF Rules Framework This consultation covers several areas including #AML/ #CTF programmes, risk assessments, customer due diligence and travel rule information requirements. AUSTRAC https://lnkd.in/dupWyeTK

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