Tag: European Union

As of July 2024, credit and financial institutions within the EU are mandated to adhere to stringent reporting requirements for transactions associated with Russian ownership, as detailed by the European Commission.

Money laundering continues to pose a significant threat across the Asia Pacific region, with sophisticated tactics challenging financial institutions. As technological advancements emerge, so too do the strategies of those intent on manipulating financial systems. In response, both regulatory bodies and financial institutions are developing innovative approaches to counter these threats.

Okredo, a Lithuanian company specializing in open data solutions, has successfully secured €1.2m from the EU.

The integration of AI within compliance frameworks is revolutionising how companies process vast amounts of data, bringing unprecedented efficiency and effectiveness.

Customer Due Diligence (CDD) stands as a cornerstone in the ongoing battle against money laundering and terrorist financing. It compels regulated entities to collect and verify personal details—name, address, date of birth, and government-issued identification—from customers to authenticate their identities and assess potential financial crime risks.

Fortegra Group, a global specialty insurer and part of Tiptre, has officially received clearance to extend its operations to Belgium and the European Union.

Eye Security, a Netherlands-based cybersecurity firm, has successfully closed a €36m Series B funding round.

Finom, a challenger bank based in Europe and specifically tailored for SMEs and freelancers, has recently announced a substantial boost to its operations with a Series B equity funding round, raising a noteworthy €50m.

The Council and the European Parliament have made a significant step forward by reaching a provisional agreement on the Net-Zero Industry Act (NZIA).

The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) have released a comprehensive report, shedding light on the direct provision of financial services by BigTech companies in the EU.