Here's one for the #moneylaundering typology case studies for #MLROs as part of regulatory training requirements!
 
Relates to the collapse of major investigation into the Kinahan cartel and more than half a billion euros- particularly €500,000,000 stash of cars, properties & cash handed back to the accused by a Spanish judge after collapse of money laundering case.
 
Can understand that staff and MLROs at financial institutions and other obliged entities which do a lot of the initial legwork in identifying suspicious transactions may feel underwhelmed (to say the least) when a case like this collapses.
 
We should train on all types of cases, regardless if there is a criminal outcome or not. Staff (and boards) need to appreciate that not all suspicious transactions reports will 'result' in a criminal outcome, but that doesn't excuse obliged entities and their staff from complying with the legal requirement to report suspicious transactions. A skill MLROs and trainers need to focus upon is motivating staff, themselves and the senior executive to stay the course.
 
https://www.linkedin.com/posts/peteroakes_moneylaundering-mlros-financialcrime-activity-6719937607700135936-jZUH
 
#antimoneylaundering #financialcrime #mlros #suspicioustransactions #lawenforcement

Check out the linkedin post with link to news article.
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ECB confident it can create a digital euro.

With ECB officials concerned that the Chinese central bank is potentially a couple of years away from launching its own digital renminbi after it conducted large-scale experiments, it has identified several scenarios that would require it to launch a digital euro.

Two scenarios are:

1. 1) centralised: The ECB will record all digital euro transactions in the central bank’s own ledger.
2. 2) decentralised: The ECB would set the rules for transactions to be settled and recorded by supervised intermediaries.

Either way, some serious #regtech and #suptech will be required.

Despite a 55-PAGE REPORT, the question is whether the ECB can stay ahead of the rapidly changing world of #digitalcurrencies and #payments.

Central bankers are increasingly interested in the relatively new world of digital currencies, particularly since Facebook announced a plan to launch one called Libra that has the potential to overhaul the way money works. 
 
ECB officials believe the Chinese central bank is potentially a couple of years ‘ away from launching its own digital renminbi after it conducted large-scale experiments. 

In an interesting development, Bloomberg reported on 1 October 2020, that the European Central Bank has applied to trademark the term “digital euro” as officials prepare to release an assessment of the benefits and drawbacks of creating a digital version of the currency.  The application was filed on 22 September by the ECB’s legal representatives Bock Legal, according to the website of the European Union Intellectual Property Office. An ECB spokesman confirmed the filing.

The ECB outlined potential scenarios “that would require the issuance of a digital euro”. These include higher demand for electronic payments that creates a greater need for a “risk-free digital means of payment”, as well as the potential that a cyber attack or pandemic disrupts the existing payment system and requires a digital euro to serve as a back-up.

Another scenario is a further sharp drop in cash usage that leaves some people financially excluded.

Finally, it examined the potential rapid adoption of other private or public digital currencies including those issued by foreign central banks that ‘could “threaten European financial, economic and, ultimately, political sovereignty”. The ECB said a digital euro “also poses challenges, but by following appropriate strategies in the design of the digital euro the Eurosystem can address these”.

My Linkedin Post here

Sources: 

• https://www.ft.com/content/b6f0c233-0b35-45d1-896f-1c6599558d9b
• https://www.bloomberg.com/news/articles/2020-10-01/ecb-applies-for-digital-euro-trademark-amid-feasibility-study 
• https://www.ecb.europa.eu