EBF Contributes to Critical Resource to Enhance Cooperation Between Financial Institutions and Law Enforcement
Brussels, 30 January 2025 – The Europol Financial Intelligence Public Private Partnership (EFIPPP) has developed a “Practical Guide for Operational Cooperation between Investigative Authorities and Financial Institutions” to facilitate the criminal law investigative authorities in contributing to operational public-private partnerships (PPPs) in the EU.
The Guide is designed to empower criminal law authorities across the EU to engage more effectively in PPPs and lays the groundwork for transformative cooperation in the fight against financial crime.
It builds on foundational work, such as the 2022 staff working paper produced by DG FISMA, representing the preeminent resource for EU criminal law authorities to assess anti-money laundering (AML) / countering the financing of terrorism (CFT) PPPs, particularly in terms of how they can play a role in contributing to – or establishing – these cooperative mechanisms. Of particular relevance is the fact that the Guide is formulated to account for the nuanced approach required in civil code jurisdictions for these matters. It builds on EFIPPP’s own experience as a successful PPP, as well as other existing cooperative mechanisms. EFIPPP’s mix of expertise, in which the EBF is heavily involved, allows it to provide useful insights in the Guide that can be addressed to policymakers, investigative authorities, as well as private stakeholders, outlining suggestions on how best to enhance operational cooperation both from a legal and practical perspective.
The European Banking Federation (EBF) was involved in the editorial team behind the Guide, along with the Royal United Services Institute (RUSI) Future of Financial Intelligence Sharing (FFIS) programme, and Deloitte. The Guide is accompanied by a “Technical Annex: European Survey of Operational Public-Private Cooperation to Tackle Financial Crime in 2024”, which provides extensive insights into existing PPPs, standing as one of the most comprehensive surveys on operational PPPs in the field of financial crime to date.
With the support for the Guide from both DG FISMA and DG HOME, as well as the substantial opportunity created by the Anti-Money Laundering Regulation (AMLR) Article 75, there is a clear impetus moving towards encouraging AML/CFT cooperation mechanisms/PPPs becoming the “new normal” across the EU.
This collaborative effort, led by Dr. Benjamin Vogel (Max Planck Institute), alongside contributors from RUSI, Deloitte, and the EBF, signals a turning point in Europe’s approach to combating financial crime.
The EBF hopes that this document marks a new stage in the fight against financial crime. Now is the time for policymakers and industry practitioners to step forward to help build and strengthen PPPs across Member States. The Guide takes a positive step in putting partnerships at the forefront of Europe’s fight against financial crime.
Wim Mijs, CEO, commented: “The EBF is a proud partner of the leading cross-border community fostered by EFIPPP in the fight against financial crime. The insights shared in today’s Practical Guide highlight the power of trust and collaboration when working with European authorities. This guide offers valuable insights for building impactful operational public-private partnerships and driving meaningful action against financial crime.“
For more information:
Roger Kaiser, Head of Tax and Compliance, r.kaiser@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
Stay in touch with the EBF
The EBF produces a daily and a weekly newsletter with European banking news and updates from national banking associations across Europe. CLICK HERE TO SUBSCRIBE
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]]>EBF Tax Conference 2024: “Banks as Taxpayers and as Auxiliaries to Tax Authorities in the Digital Era”
BRUSSELS, 5 April 2024 – On 23 January 2024, the European Banking Federation (EBF), in collaboration with sponsors Deloitte, EY, KPMG and PwC, held a landmark event on Banks as Taxpayers and as Auxiliaries to Authorities in the Digital Era. The conference brought together leading experts and policymakers to discuss developments in the EU tax landscape and associated implications for financial institutions and financial markets. Leveraging the expertise of distinguished panellists and moderators, including top EU and international policymakers, as well as industry experts, the conference explored the role of banks in tax processes in the digital era and discussed pertinent policy questions ahead of the next EU legislature.
In active exchanges between policymakers and industry experts, speakers included Philip Kerfs from the OECD, Marc Clercx and Henrik Paulander from the European Commission, Mervi Kujanpää from the Finnish Tax Administration, and Christian Schleithof from the German Ministry of Finance.
Key topics addressed at the conference included:
- The effectiveness of tax authorities in addressing tax obstacles to cross-border investment;
- The Finnish experience: Lessons learnt from the application of the OECD standards (TRACE) to withholding tax procedures;
- The potential and challenges presented by FASTER in efforts to modernise withholding tax procedures in the EU;
- The connections between tax reporting and withholding tax procedures with blockchain, datamining, AI, and other innovative tools;
- Best practices for finding the correct balance between fighting tax evasion and data protection;
- Reflections on a decade of Automatic Exchange of Information and Assessment of existing DACs;
- Pressures on banks’ profitability and associated financial stability risks from banking sector specific taxes.
The conference facilitated a unique mix of insight from policymakers, experts, and industry professionals. The EBF would like to thank its sponsors, speakers, moderators and attendees for their participation that made the event possible and such a success. It presented an excellent opportunity for industry engagement, with many fruitful conversations and insights accompanying those provided by the stellar panellists and moderators. The accompanying follow-up paper for the conference details these key debates and insights from the day.
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For more information please contact:
Roger Kaiser
Head of Tax and Compliance, r.kaiser@ebf.eu
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About the EBF
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
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]]>EBF POSITIONh
EBF joint financial industry submission on the Proposal for a Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER)
BRUSSELS, 26 February 2024 – This response complements the joint financial industry submission on the FASTER proposal made by the Association for Financial Markets in Europe (AFME), the Association of Global Custodians (AGC), and the European Banking Federation (EBF) on 20 February 2024.
The industry welcomes efforts aimed at streamlining withholding tax procedures. The FASTER proposal was formulated with the objective of making withholding tax procedures more efficient and secure for investors, financial intermediaries, and governments regarding cross border investments. Another key driver behind the proposal is the combatting of tax fraud and abuse, in particular in the form of dividend stripping schemes such as cum ex and cum cum schemes. These efforts are strongly supported.
However, whilst the current proposal undoubtedly contains positive elements, several significant concerns remain. The new rules undoubtedly impose additional compliance burdens on financial intermediaries. Not only will they have to comply with new registration requirements, but they will also face significant new reporting obligations and due diligence requirements.
The accompanying submission reiterates the key concerns of the industry, supplementing and updating the EBF’s submission on the matter made in September 2023.
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For more information please contact:
Roger Kaiser
Head of Tax and Compliance, r.kaiser@ebf.eu
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About the EBF
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
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]]>FROM THE EUROPEAN BANKING FEDERATION
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DEMYSTIFYING AI FOR AML: EUROPEAN BANKING FEDERATION AND SAS HELP BANKS WORLDWIDE FIGHT FINANCIAL CRIME
Pre-registration for the knowledge partners’ AML Masterclass series exploring advanced analytics for AML compliance is open now
BRUSSELS/CARY, NC, 13 OCOTOBER 2021 – The United Nations Office on Drugs and Crime estimates that US$800 billion to $2 trillion is laundered through worldwide financial systems each year. That’s an astonishing 2-5% of global GDP. The European Banking Federation (EBF) – uniting 32 national banking associations in Europe, representing 5,981 banks with roughly 2.6 million employees – has partnered with SAS to help financial firms worldwide curb the deluge.
“Rapidly evolving business and technology render conventional methods for anti-money laundering (AML) inefficient and call for a more innovative approach for fighting financial crime,” said EBF CEO Wim Mijs. “The future of AML is rooted in the use of innovative technologies and shared solutions that, in practice, enhance experts’ judgment and reveal the full picture when dealing with complex criminal networks. We are confident that this collaboration with SAS will help us prepare our members, and the broader banking community, for this new reality.”
In the European Union, despite the ever-rising number of suspicious activity reports, data from Europol shows that no more than 1.1% of criminally obtained assets were confiscated between 2009 and 2014. To combat this worrying trend, the European Commission introduced a new AML package this July. Among other changes, for the first time, banks and other obliged entities will need to comply with a directly applicable regulation. A new European AML Authority will also become operational in the years to come.
AML Masterclasses, free of charge
In early 2022, the EBF and SAS will launch a joint, virtual AML Masterclass series, led by AML experts versed in using advanced analytics for AML. Unlike conventional courses on the subject, which focus primarily on the regulatory and operational aspects of AML, this series will spotlight how artificial intelligence (AI) and machine learning can boost the effectiveness of banks’ efforts in fighting financial crime.
Pre-register today for the complimentary, two-part AML Masterclass, which will include:
- Demystifying AI for Anti-Money Laundering. Debuting in March 2022, the inaugural session will examine how AI and machine learning technology for AML really works. It will also explore shared transaction monitoring facilities as an opportunity for enhancing AML transaction monitoring and how it fits into the current regulatory framework.
- New Technologies for KYC. In April-May 2022, the second session will snapshot the current legislative landscape and delve into novel ways advanced analytics can facilitate banks’ know your customer (KYC) and customer due diligence processes. Experts will also demonstrate how solutions like digital identification and network visualization can improve the transparency and efficiency of customer onboarding.
Following the online Masterclass sessions – and aligning with the ACAMS Europe Conference in June 2022 – the EBF will host an in-person social event with SAS in Brussels. There, a panel of AML experts will lead a discussion and live Q&A on how banks can embed advanced analytics into their AML frameworks.
More than just “checking boxes”
In January, the Financial Action Task Force (FATF), the intergovernmental watchdog for financial crime, warned that the COVID-19 pandemic had enabled criminals to exploit digital identity loopholes.
Around the same time, SAS, KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS) surveyed more than 850 ACAMS members globally to gauge how compliance professionals were adjusting their AML strategies amid the pandemic. The resulting AML technology study, published in August, revealed that:
- One-third of financial institutions reported accelerating their AI and machine learning adoption for AML compliance in response to COVID-19.
- Another 39% indicated their AI and machine learning adoption plans continued unabated, despite the pandemic’s disruption.
“Our research shows the industry at a critical crossroad. Banks by and large recognize AI as an AML game changer, yet most are still trying to wrap their arms around the technology and how to optimally harness it,” said Stu Bradley, Senior Vice President of Fraud and Security Intelligence at SAS.
“In collaboration with the EBF, we look forward to illuminating banks’ paths forward with practical guidance that raises their thinking beyond merely checking the compliance boxes. With the right approach, AML can deliver bigger-picture transformation across the breadth of banks’ fraud and risk management functions.”
Today’s announcement was made at Sibos 2021, the world’s premier financial services conference, organized and facilitated by SWIFT. Register to join SAS at the free, digital-only event, through Oct. 14 and later on demand. Attendees will learn more about the AML Masterclass series and other ways the AI and analytics leader is helping financial services organizations elevate people, the planet and profit through analytic innovation.
About the EBF
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
About SAS
SAS is the leader in analytics. Through innovative software and services, SAS empowers and inspires customers around the world to transform data into intelligence. SAS gives you THE POWER TO KNOW®.
Media contact:
Ruta Barthet, Senior Media and Communications Officer, r.barthet@ebf.eu
Danielle Bates, SAS Integrated Communications & Public Relations Lead, danielle.bates@sas.com
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
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Banking sector calls for participation in development of EU e-ID Toolbox
The European Credit Sector Associations’ joint response to the Commission’s digital identity consultation
BRUSSELS, 2 September 2021 – The European Credit Sector Associations (ECSAs), submitted joint feedback on 30 August to the European Commission’s initiative for an EU digital ID scheme for online transactions across the Member States.
The ECSAs include the European Banking Federation (EBF), the European Savings and Retail Banking Group (ESBG) and the European Association of Co-operative Banks (EACB).
The organisations welcome the Commission’s proposal, announced on 3 June, for a regulation establishing a framework for a European Digital Identity, as well as the high ambitions outlined in the initiative, which represent a positive development in the creation of a future-proof EU single digital market.
A European digital identity will make it possible to offer faster onboarding processes and improve customers’ user experience while ensuring the same level of security as face-to-face onboarding. The ECSAs believe that the proposal will ultimately contribute to facilitating the adoption of digital banking services.
The Commission proposal aims to provide an ecosystem of credentials leveraging a new wallet architecture of several ID solutions, which holds the potential to further increase innovation for the benefit of all European businesses and citizens. The proposed decentralised model fosters personal autonomy and increased personal data protection, giving users control over their identity attributes.
The ECSAs believe the proposal will incentivise the Member States to be more expedient in developing e-ID solutions with a wide scope of usage and potentially much higher adoption rates. It also provides grounds for some attributes to be validated against public sources. This is a welcome development, particularly in processes where a high level of assurance of these attributes is necessary, for example, the KYC process. When acting as relying parties, banks should be aware of the chain of trust in data sharing (including actors involved) and should be able to promptly check the validity of credentials.
Call for banking sector’s involvement in the Toolbox
The ECSAs appreciate the cooperation between the European Institutions, Member States and the private sector. Member States should cooperate in a coordinated manner towards a Common Toolbox. The European digital identity should build on existing (and upcoming) national notified e-ID solutions. The ECSAs believe that the banking sector should also be involved in the development of the Toolbox. Banks can be key partners in drafting a roadmap that ensures successful e-ID adoption given the wide scope of use cases and related implementation costs.
It will be key to establish a common technical architecture that enables the private sector to integrate any digital wallet developed within this regulatory framework without additional technical burden, regardless of where it is issued.
The ECSAs look forward to a Toolbox that is a common, openly available standard that enables the development of multiple, interoperable e-ID solutions and which incentivises private sector schemes to participate.
About the ECSAs e-ID Task Force
The ECSAs e-ID Task Force brings together experts from 36 financial institutions and national banking associations with the goal of expressing a common position for the whole sector on Digital Identity. The Task Force stands ready to further engage on the strategic issue of digital identity with the Commission, the EU co-legislators and a wide range of stakeholders both at European and national level.
Contacts:
Eduard Hovsepyan, Policy Adviser, Anti-Money Laundering, e.hovsepyan@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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]]>EBF PRESS RELEASE
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EBF supports EU’s latest efforts in fight against financial crime
BRUSSELS, 20 July 2021 – The European Banking Federation (EBF) today expressed support for the objectives of the European Commission’s Anti-Money Laundering and Countering the Financing of Terrorism Package which aims to strengthen the fight against financial crime in Europe. The banking industry representative also emphasised the need for some specifications to be laid down to ensure that the new EU AML Authority plays a useful role in preserving the integrity of the European Union’s financial system and the security of its citizens.
The EBF is pleased to learn that the recommendations outlined in its AML Blueprint have to a large extent been taken into consideration by the European Commission, demonstrating a common view on key topics. Regulatory harmonisation and enhanced coordination of Financial Intelligence Units proposed in the package will create synergies, facilitating the work of law enforcement and competent authorities. With the harmonisation of customer due diligence rules proposed by the Commission, multinational banking groups will be able to develop more consistent group-wide policies and processes. A clear cut between the AML Directive and the AML Regulation included in the package will be necessary to avoid any duplication of obligations under both legal instruments, as well as gold plating by the Member States and new divergences across the EU.
The set-up of the new EU AML Authority will be critical. For the new Authority to bring value, it must facilitate information exchange and help detect cross-border criminal activities. Properly calibrating the scope and competencies of direct supervision of selected entities will be crucial. The agency should also avoid overlaps and duplications with national supervisors as well as ensure coverage of the non-financial sector. The selection of supervised entities should follow a risk-based approach rather than focusing on the size of entities. It is essential to note that the largest entities are not always the ones carrying the largest AML/CFT risk. Adequate staffing and funding of the new authority will likewise be important. However, the duplication of banking levies should be avoided. Contributions should also be requested from other regulated financial and non-financial businesses and professions.
It is crucial to ensure that today’s package is followed by appropriate actions to enable information sharing, fostering Public-Private Partnerships and supporting the wider use of machine learning and AI technologies in the AML/CFT space, including the setting up of data sharing utilities. Personal data protection rules are often interpreted too restrictively and must be re-calibrated to ensure more balanced interactions between the AML/CFT framework and the GPDR.
“The success of the Package will now depend on the ability of the Parliament and the Council to translate the proposals into a much more effective AML/CFT framework, clarifying the grey zones in the rulebook and supporting effective cross-border cooperation, information sharing and public-private partnerships,” says Wim Mijs, CEO of EBF. “For the EU AML Authority to effectively contribute to the fight against financial crime, it must make information exchange easier and help detect cross-border criminal activities. It is important to stress that this objective cannot be achieved by simply introducing another layer of ex-post reporting,” he added.
European banks are committed to the fight against money laundering and terrorism financing. Public and private stakeholders must continue to build trust and work hand in hand. The EBF remains at the forefront of this fight and stands ready to provide input on the proposed Directive and Regulations and advice that are necessary to get them right.
For more information:
Ruta Barthet, Senior Media and Communications Officer
r.barthet@ebf.eu
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About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post EBF supports EU’s latest efforts in fight against financial crime appeared first on EBF.
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EBF presents recommendations for a fairer and more efficient EU tax framework
BRUSSELS, 20 May 2021 – The European Banking Federation today presented its blueprint with recommendations for a fairer and more efficient EU tax framework.
The report identifies four priorities that need to be addressed:
- COMPLY with well calibrated tax reporting;
- SIMPLIFY withholding tax procedures;
- NEUTRALISE VAT distortions and other undue tax disincentives;
- RING-FENCE banking activities from other highly digitalized businesses when designing new corporate tax rules.
Based on these four priorities, the EBF has formulated 10 concrete policy recommendations that are elaborated in the 48-page EBF blueprint ‘Recommendations for a fairer and more efficient EU tax framework’.
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For more information
Roger Kaiser, Senior Policy Adviser – Fiscal & Anti-Money Laundering, r.kaiser@ebf.eu
Media contact:
Ruta Barthet, Senior Media and Communications Officer, r.barthet@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post EBF presents recommendations for a fairer and more efficient EU tax framework appeared first on EBF.
]]>DATE & LOCATION
Tuesday, 18 February 2020
15:30 CET / 14:30 GMT
ONLINE
Fragmented AML systems and platforms make it hard for banking institutions to keep financial crime at bay. Financial institutions continue to spend heavily on AML compliance to deal with the curse of dirty money but advancements in payment processing technology, increased level of organized crime, and expansion of economic sanctions have continued to erode the effectiveness and efficiency of AML programs. Can technology beat financial crime? Machine learning, real-time data-aggregation, artificial intelligence, and speech/text recognition analytics can approach compliance in a fundamentally new way, but also regulatory action is instrumental.
In this first BANKING ESSENTIALS webinar, produced jointly by S&P Global Market Intelligence and the European Banking Federation, two industry experts shared their thoughts on the challenges and opportunities within the AML compliance space.
WATCH THE FULL WEBINAR
SPEAKERS
Salman Khan
Head of Commercial Bank Product, EMEA, S&P Global Market Intelligence
Salman Khan heads the Commercial Banking Product Segment for EMEA. Salman focuses on uncovering new trends in the banking sector and their potential impact on the business with the goal of developing products that help banks solve critical business challenges across various operating segments including commercial lending, risk management and corporate strategy.
Previously, Salman was working as a Banks Equity Strategist at HSBC covering global investment and wholesale banks, where he analysed banking sector trends across developed and emerging markets and proposed investment strategies to fund and portfolio managers. Salman has over 9 years of experience working within the financial institutions sector in various product, research and commercial roles.
Roger Kaiser
Senior Policy Adviser – Fiscal & Anti-Money Laundering
Roger Kaiser has 25 years of experience in taxation and financial reporting and a robust expertise in international public affairs. He is a member of the Belgian Institute of Chartered Accountants and Tax Advisers and has served the Belgian Internal Revenue Service for 7 years, notably as Head of the Taxation Unit for Brussels’ financial intermediaries and as Head Inspector at the Ruling Commission and the Directorate General for Corporate Income Tax & Withholding Tax. In 1999, he joined the European Banking Federation, the representative body of Europe’s banks. In his capacity as Senior Policy Adviser for taxation and financial crime, he represents European banks in a number of international expert groups run under the aegis of the OECD, EU Institutions and industry representation bodies. He is also Lecturer in the Master of Advanced Studies in International Taxation at the University of Lausanne.
Moderated by
Steve Matthewson, Senior News Desk Manager, S&P Global Market Intelligence
Raymond Frenken, Director of Communications, European Banking Federation
ABOUT S&P Global Market Intelligence
S&P Global Market Intelligence integrates financial and industry data, research and news into tools that help track performance, assess credit risk, understand competitive and industry dynamics, generate alpha, identify investment ideas, and perform valuation. S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). For more information, visit www.spglobal.com/marketintelligence. Twitter handle: @SPGMarketIntel
ABOUT the European Banking Federation
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
The post Banking Essentials Webinar – Navigating Complexity: Opportunities & Challenges appeared first on EBF.
]]>EBF joins Europol’s No More Ransom campaign
BRUSSELS, 26 July 2019 – The European Banking Federation together with its member bank associations, has joined the No More Ransom campaign, a public-private project launched in 2016 offering free decryption tools for ransomware victims and awareness material. Ransomware is a type of malware that blocks a user’s device until a certain amount of money is paid by the victim, often in cryptocurrencies. Ransomware and other forms of online extortion are surging rapidly across the world, costing individuals and businesses billions each year.
Today at the three year anniversary of No More Ransom, more than 200,000 victims of ransomware recovered their files free of charge. This year alone, Europol added 14 new types of tools on its online portal www.nomoreransom.org. Through this portal, victims can decrypt up to 109 different types of ransomware infections, instructed in 35 languages. GandCrab, one of the most harmful and widespread threats globally, was the first to get its decryption tool in February 2018. Since then nearly 40,000 people have successfully decrypted their files, saving roughly €50 million in ransom payments.
As main targets of cyber attacks, banks are dedicated to maintain high levels of security on all fronts. Bank security and policy experts are convinced that the best way to keep up with the rapid evolution of cyber crime is the close cooperation with public authorities. The No More Ransom Campaign is another example of effective collaboration between law enforcement and private sector. Thanks to the campaign, European banks will be able to raise further awareness and protect their organisations and customers against the rise and amount of cyber criminals and their sophisticated methods.
Europol press release – No More Ransom: 108 million reasons to celebrate its third anniversary
No More Ransom flyer – Need help unlocking your digital life?
No More ransom webpage: www.nomoreransom.org
Media contact:
Nahuel Mercedes, Communications Officer, +32 2 508 37 48, n.mercedes@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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]]>FROM THE EUROPEAN BANKING FEDERATION:
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BOOSTING EUROPE
EBF recommendations for the 2019-2024 legislative policy cycle and beyond
BRUSSELS, May 2019 – To provide ideas and recommendations to policymakers, regulators and experts on the role of banks in the European Union for the next five years and beyond the European Banking Federation has published a manifesto that outlines the main regulatory priorities for the banking sector in the context of the upcoming 2019-2024 legislative policy cycle.
Click to download BOOSTING EUROPE as pdf.
As the voice of European Banks, the EBF and its members remain fully committed to supporting a more competitive and cohesive EU in the context of Europe’s great diversity. We believe that without a united and coordinated Europe, the most likely outcome would be more fragmentation, more protectionism and therefore underperforming economies to the detriment of citizens. The EBF is committed to help in supporting European economies so that European businesses and citizens are better served by banks. We have set out in this document the sector’s recommendations to address the key challenges Europe is currently facing.
Key recommendations:
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Banks as responsible partners to businesses and consumers
- Connect environmental, societal and financial goals
- Find new drivers to increase sustainable investments
- Financial literacy should be promoted as we believe it is an essential factor of the EU economic success
- Put more efforts in the fight against Financial Crime
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Build a true Digital Single Market
- EU’s competitiveness and consumer protection in the digital economy should be an EU’s top priority
- Adopt a holistic approach towards an EU data economy: data access and data sharing should be considered in a broader context than financial services
- Conduct a digital “fitness check” to grasp consumers’ and market participants’ expectations more thoroughly and guarantee that the legislation is fit for purpose in the digital era
- Banks should be seen as an indispensable partner for the completion of a truly Digital Single Market
- Deepen and upgrade cyber-security standards in the EU
- Enhance actions to address the social impact of digitalisation
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Enable banks to better serve the EU’s economy
- An appropriate transposition of Basel4 rules to avoid disproportionate increases in capital requirements for European banks is mandatory
- Remove the remaining obstacles on capital and liquidity circulation and reset the Capital Markets Union
- Maintain a diversified banking landscape
- Ensure a proper balance in taxation and tax compliance
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Achieve a stable and efficient regulatory framework
- Conduct a thorough analysis of the existing EU regulatory framework
- Complement this analysis with an in-depth examination of level playing field issues with non-bank competitors
- Address inefficiencies, overlaps and level playing field issues before proposing new regulations
To read the full document click on the link below or on the image above.
For more information:
Olivier Thomas, Public Affairs Representative
o.thomas@ebf.eu
+32 2 508 3712
Media contact:
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r.frenken@ebf.eu
+32 2 508 3732
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