Two new European Commission reports look to strengthen defence against payment fraud, AML and terrorist financing
BRUSSELS – The European Commission has published two new reports: one on payment fraud and another on money laundering and terrorist financing.
The first report concerns the results of a study conducted last year and looks at steps taken to prevent non-cash payment fraud between 2004 and 2007. It highlights the importance of increased security for consumer confidence and suggests that upping commitment and information will produce better results than legislation. It is also hoped that the Single Euro Payments Area (Sepa) will foster improvements in security and trust.
The second report, Feedback on Money Laundering and Terrorist Financing Cases and Typologies, is the result of work done by the European Union Financial Intelligence Unit. The unit was created in 2006 to foster closer links between the financial intelligence units (FIUs) of individual EU member states. The report analyses the existing international structures and contains more specific examples and suggestions for trends observed, closer links between the FIUs and law enforcement bodies and EU level co-ordination.
More on Regulation
September ban on variable life insurance products intended to lengthen asset portfolio
Massad’s CFTC appears to be moving away from mistakes of Gensler era
Repeated conduct failures lead to increase in average penalty amount
Tougher leverage ratio in US prompts early review
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.