The Pandora Papers have brought further scrutiny to the crypto sphere.
The publication of the Pandora Papers has not only set political and diplomatic realms ablaze, but it has, once again, highlighted a specific industry that is receiving far fetched scrutinized attention- fintech, and primarily the crypto sphere on centre stage.
The Papers themselves mention a significant amount of crypto exchange companies. This issue is not only troubling the crypto exchanges, which now have to deal with the long term consequences of being flagged under indication for money laundering and problematic structuring with direct relations to unregulated Forex enterprises in the Caribbean.
The timing of the publication comes across the implementation of 6 AMLD (the Sixth Anti Money Laundering Directive) and the publication of the AMLA Regulatory Framework of the EU.
It seems that there is no direct correlation between the three main AML events of the year, be that as it may, as Ian Fleming once mentioned, once is considered a happenstance, twice coincidence and third time- enemy action.
Though the publication of the Pandora Papers is not enemy action, and cannot be deemed as such, the spiralling effect of the indication is what the Papers bring about.
AMLA, the new anti-money laundering regulatory framework of the EU, rekindles the flame of the EU Commissionβs novel idea of a separate AML Authority, which will not be part of ESMA, an additional Regulation of AML (on top of 6 AMLD- which is dire enough to implement within each Member State) and revision of EU Directive 2015/847 of transfer of information between payment institutions towards a joint brink for financial services and capital markets union.
This ambitious, yet achievable, agenda of the EU not only affects the EU market as one market but the global fintech economy as a whole. Bearing that in mind, the Pandora Papers raise many questions about AML and CTF offences in the EU and the Caribbean. The companies that popped up in indication, have a significant issue with their banking solutions and payment methods.
Once a company is flagged under the publication of the Papers, the access that those companies have to their typical banking solution is hindered, due to the fact that the risk analysis of the financial institutions, which is conducted by the risk committee, compliance and regulatory departments, is now under extreme scrutiny to an extent that the bank would not like to extend the strain of their banking license, issued by the central bank in the same operating state.
When assessing their risk assessment of the financial institution, the issue of the risk appetite of the bank is at stake. Whether the bank would like to continue operating with the indicated financial institution is a matter of how avant-garde the risk appetite is, and how it is possible to manage the exact same risk.
The stake of the Pandora Papers is too early to be determined, be that as it may, the banks are now at the most critical point of the past year- the implementation of 6 AMLD into each Member State of the EU, the announcement of AMLA, and now the latest regulatory and risk drama. This leaves the banks at the pinnacle of risk assessment and management, meaning that their AML, risk and due diligence policies will have to be reassessed.
The publication of the Pandora Papers has not only set political and diplomatic realms ablaze, but it has, once again, highlighted a specific industry that is receiving far fetched scrutinized attention- fintech, and primarily the crypto sphere on centre stage.
The Papers themselves mention a significant amount of crypto exchange companies. This issue is not only troubling the crypto exchanges, which now have to deal with the long term consequences of being flagged under indication for money laundering and problematic structuring with direct relations to unregulated Forex enterprises in the Caribbean.
The timing of the publication comes across the implementation of 6 AMLD (the Sixth Anti Money Laundering Directive) and the publication of the AMLA Regulatory Framework of the EU.
It seems that there is no direct correlation between the three main AML events of the year, be that as it may, as Ian Fleming once mentioned, once is considered a happenstance, twice coincidence and third time- enemy action.
Though the publication of the Pandora Papers is not enemy action, and cannot be deemed as such, the spiralling effect of the indication is what the Papers bring about.
AMLA, the new anti-money laundering regulatory framework of the EU, rekindles the flame of the EU Commissionβs novel idea of a separate AML Authority, which will not be part of ESMA, an additional Regulation of AML (on top of 6 AMLD- which is dire enough to implement within each Member State) and revision of EU Directive 2015/847 of transfer of information between payment institutions towards a joint brink for financial services and capital markets union.
This ambitious, yet achievable, agenda of the EU not only affects the EU market as one market but the global fintech economy as a whole. Bearing that in mind, the Pandora Papers raise many questions about AML and CTF offences in the EU and the Caribbean. The companies that popped up in indication, have a significant issue with their banking solutions and payment methods.
Once a company is flagged under the publication of the Papers, the access that those companies have to their typical banking solution is hindered, due to the fact that the risk analysis of the financial institutions, which is conducted by the risk committee, compliance and regulatory departments, is now under extreme scrutiny to an extent that the bank would not like to extend the strain of their banking license, issued by the central bank in the same operating state.
When assessing their risk assessment of the financial institution, the issue of the risk appetite of the bank is at stake. Whether the bank would like to continue operating with the indicated financial institution is a matter of how avant-garde the risk appetite is, and how it is possible to manage the exact same risk.
The stake of the Pandora Papers is too early to be determined, be that as it may, the banks are now at the most critical point of the past year- the implementation of 6 AMLD into each Member State of the EU, the announcement of AMLA, and now the latest regulatory and risk drama. This leaves the banks at the pinnacle of risk assessment and management, meaning that their AML, risk and due diligence policies will have to be reassessed.
Ms. Rosenberg focuses on EU Law and regulation within the financial, defence, art, and maritime sectors. She has broad experience in digital banking and crypto licensing, implementation of AML/CTF regulatory frameworks for defence companies and art galleries, anti human trafficking, regtech software, tokenization of maritime logistics, formation of compliance teams, AML and Privacy for publicly listed companies. She serves as the leading of contact of EU Law in the Middle East, and has published at defence and financial magazines, consulted governmental entities on CTF and AML and has worked directly with FIUs in the EU and the GCC. Holds an LLB in EU Law from the European Law School, Maastricht University and an LLM in Company and Commercial Law from Erasmus School of Law, Erasmus University Rotterdam; is the head of the Eramus University Alumni Network in Israel, and is a board member of the Israel Security Business Union.
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa