The EU is clamping down on corruption. Its anti-corruption directive came into force and significantly raises the bar, with measures to close enforcement gaps and improve cross-border cooperation.
Europe
Posted inSanctions
Inconsistent sanctions programs leave compliance struggling, while shadow fleet ships slip beneath the radar
Russian “shadow-fleet” ships are using simple tactics to evade sanctions from the U.S., U.K, and EU.
Posted inArtificial Intelligence
New transparency rules come into force for AI-generated content under EU’s AI Act
Key transparency rules aimed at informing consumers when they are interacting with AI or are exposed to AI-generated content came into effect from August 2 across the EU.
Posted inCryptocurrency and Digital Assets
Thousands of crypto firms miss EU license deadline
Less than 10 percent of crypto firms that were operating in the European Union up until new rules came in on July 1 have been authorized to continue. The rest—an estimated 3,000—are supposed to cease servicing EU clients from within the single market with immediate effect.
Posted inBanking
ECB wants top bank CEOs to set out plans for AI-related cyber risks
The European Central Bank has written to the CEOs of Europe’s top banks to ask what plans they have in place to deal with potential AI-related cybersecurity threats.
Posted inOpinion
Malta AML expert discusses how country is staying ahead of EU AML rules
Elena Tabone of Malta’s FIAU discusses AML/CFT supervision priorities as the unit prepares for AMLA’s 2028 rollout, new EU rules in 2027, a MONEYVAL evaluation, and rising AI-enabled fraud risks.
Posted inFinancial Services
Review into EU fund managers highlights compliance, internal audit ‘vulnerabilities’
Feedback from regulators across the EU has found that some fund managers’ compliance and internal audit functions could be sidelined, under-resourced, and lack independence.
Posted inSanctions
U.S. continues to dominate sanctions penalties, but EU and U.K. penalties are increasing
Sanctions regimes in the U.S., U.K. and EU are evolving rapidly, causing continual changes, and the penalties for failure – civil and criminal – are potentially huge. Multiple inconsistent sanctions lists and increased focus on supply chains and third-party entities are making compliance for global organizations a full-time headache.
Posted inESG/Social Responsibility
The revised EU Deforestation Directive: What compliance should do now
Leather, re-treaded tires and some packaging materials will no longer be in scope for the EUDR, due to apply in law from December 30 this year.
Posted inData Privacy
GDPR 10 years on: Differences in regulatory enforcement still problematic
In the decade since the EU’s groundbreaking privacy legislation, the GDPR was approved, companies have faced increased scrutiny over the reasons they collect, retain, and share personal information, as well as the measures they take to ensure its security.