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
Strict classification of structured products into 'complex' and 'non-complex' criticised
SA-CCR is mooted successor to 27-year-old CEM, but sensitivity may count against it
Financial stability fears drive regulators to raise capital levels for banks
Global banks refusing to sign representation letters with regional players
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.