Latest news with #CFT
Yahoo
6 hours ago
- Business
- Yahoo
COFICERT : ORGANIZATION OF AN INTERNATIONAL CEREMONY FOR THE AWARDING OF FINANCIAL AND NON-FINANCIAL COMPLIANCE CERTIFICATES AT EURONEXT
ORGANIZATION OF AN INTERNATIONAL CEREMONY FOR THE AWARDING OF FINANCIAL AND NON-FINANCIAL COMPLIANCE CERTIFICATES AT EURONEXT On Tuesday, June 25, COFICERT, in partnership with IGSF, hosted an official ceremony to award financial and non-financial compliance certificates at the Euronext headquarters, located at the Paris Stock Exchange. Several delegations from institutions known for their dedication to compliance and responsible finance, representing almost fifteen nations, came together for this event. A number of organisations received compliance certificates in line with globally accepted standards, such as the AML 30001® Standard (AML/CFT 2025 version), which is focused on counter-terrorism financing and anti-money laundering, and the MSI 20000® Standard, which is focused on governance and financial quality. The ISO 37001® Standard, which focusses on anti-corruption, and the ESG 1000® Standard, which is dedicated to governance and quality of non-financial governance structures, were also emphasised during the event. The ceremony was attended by Véronique de la Bachelerie, President of IGSF, Jérôme Gacoin, President of COFICERT, and Souheil Skander, CEO of COFICERT. It also gathered representatives from the European Commission, the World Bank, the OECD, and the EU Global Facility on AML/CFT, reflecting the growing importance attached to certification to these standards and international cooperation between Europe, Africa, and the Middle East in these areas. This convergence around a shared normative framework demonstrates a collective will to foster greater transparency and a standardized language, serving as a catalyst for universal compliance. The companies certified during this ceremony belong to strategic sectors, placing them in a position to drive change within their respective countries or regions, thereby fostering the widespread adoption of best practices and contributing to enhanced integrity across the financial system. Notably, the companies that made the trip to Paris are among the leading financial and economic players on the African continent. West and Central Africa were represented by BSIC and NSIA Bank (Benin, Guinea, Togo, Senegal), as well as BGFIBank Group (Côte d'Ivoire, Gabon, Cameroon, DRC), all of which hold prominent regional positions. North Africa was well represented by Tunisia, Morocco, and Egypt, with leading institutions such as Bank of Tunisia, Tunisie Leasing & Factoring, Tunisie Valeurs, Hannibal Lease, BSB TOYOTA, Attawfiq Microfinance, and Alamana Microfinance. The diversity of these profiles illustrates the inclusive and structuring purpose of the MSI 20000® Standard, uniting key transformational actors at a regional level and compliance drivers at an international level. The organization of this event, along with the presence of official delegations and international organizations, underscores the growing importance attributed to financial and non-financial compliance as a pillar of performance, responsibility, and ultimately, value creation. Ms. Véronique de la Bachelerie, President of IGSF, emphasized: 'The financial and non-financial certifications standardized by IGSF and ISO provide a guarantee of confidence in the financial sustainability of a company (MSI 20000), a guarantee of confidence in the quality of its governance and its risk management policies regarding financial crime through anti-money laundering and counter-terrorism financing (AML 30001), the fight against corruption (ISO 37001), and finally a guarantee of confidence in its ability to address all environmental and social challenges through the quality of its non-financial governance. More broadly, this contributes to the company's sustainability – that is the value proposition of ESG 1000, in support of sustainable finance.' Mr. Jérôme Gacoin, President of COFICERT, stated: 'We have just experienced a moment that is both symbolic and foundational. Symbolic, because the adoption of these standards reflects the commitment of companies and institutions to comply with demanding, internationally recognized standards. Foundational, because it contributes to a dynamic of trust, transparency, and responsibility at both the European and global levels. Furthermore, the Paris Stock Exchange, a crossroads of markets and investments, perfectly embodies COFICERT's mission: to raise standards, secure economic relationships, and recognize the value of committed organizations.' Mr. Souheil Skander, CEO of COFICERT, added: 'The companies certified to the MSI 20000, ISO 37001, and AML 30001 standards have successfully turned what was once a constraint into an opportunity and a powerful lever of attractiveness and value creation. Certifications today serve as true benchmarks – they are closely observed and highly valued. They offer undeniable competitive and differentiation advantages, effectively acting as a qualitative filter. These certifications have become tools of assurance, opportunity, and synergy for business development.' IGSF (International Group for Sustainability Finance) is a non-profit NGO based in Luxembourg, whose activities aim to channel and organise international efforts in financial and extra-financial standard-setting. As a standard-setting body, IGSF operates along two main axes: first, the technical organization of standards related to financial and extra-financial governance; and second, the dissemination of standards and best practices. The issues addressed by IGSF include financial governance, the fight against financial crime and the social responsibility of companies and organisations of all types. COFICERT is a French certification body specializing in financial and non-financial certifications, operating in nearly 50 countries across 3 continents. COFICERT is recognized for its expertise in governance, anti-financial crime, and sustainable finance. It certifies organizations in areas related to sound financial governance (MSI 20000), extra-financial governance (ESG 1000), anti-money laundering and counter-terrorism financing (AML 30001), and anti-corruption (ISO 37001). COFICERTPress Contact+33 (0)1.78.91.06.00presse@ AELIUM FinancialCommunicationSolène KENNIS skennis@ Attachment EN_CP_COFICERT-EURONEXT-IGSF_VO
Fintech News ME
12 hours ago
- Business
- Fintech News ME
FSRA Licenses 272 Firms in 2024 Amid Key Regulatory Reforms
The Financial Services Regulatory Authority (FSRA) of ADGM has released its 2024 Annual Report, detailing key regulatory developments and reaffirming its role in maintaining a high-standard regulatory environment for financial services. The report outlines the FSRA's continued efforts throughout the year to ensure its framework remains consistent with international standards, with a particular emphasis on financial crime prevention. Notable progress was made in areas such as digital asset regulation, supervisory alignment, and institutional transparency. A significant development in 2024 was the introduction of a dedicated regulatory framework for fiat-referenced tokens (FRTs), a category of stablecoins. The framework outlines specific requirements on reserve quality, governance, and redemption rights to support financial stability and investor protection. By formally recognising FRT issuance as a regulated activity, the FSRA aims to support responsible financial innovation within the jurisdiction. The FSRA also implemented proposals to align its supervisory practices more closely with the Core Principles for Effective Banking Supervision issued by the Basel Committee on Banking Supervision. In parallel, a new whistleblowing framework covering the entirety of ADGM was introduced, aimed at improving transparency and market integrity. On financial crime, the FSRA collaborated with national authorities and ministries to provide technical input for strengthening the UAE's anti-money laundering (AML) and counter-financing of terrorism (CFT) regime. These contributions supported the UAE's successful removal from the Financial Action Task Force (FATF) grey list in 2024. These initiatives, among others, have contributed to a more resilient, transparent, and innovation-supportive regulatory environment in ADGM. The FSRA also engaged extensively with domestic and international partners to advance regulatory standards and promote cross-border cooperation. The number of financial services firms licensed by the FSRA grew by 30% year-on-year to 272, the highest annual increase recorded to date, reflecting continued expansion within ADGM's financial ecosystem. The report further highlights the FSRA's commitment to workforce development, particularly through initiatives such as the Al Yah Programme, which provides UAE nationals with technical training, soft skills development, and structured mentorship. Looking ahead, the FSRA states that it remains committed to supporting sustainable financial growth and maintaining market confidence through innovation and collaborative regulation. Reflecting on the year, Emmanuel Givanakis, CEO of the FSRA, said: 'From streamlining our supervisory focus to continuing to enhance our regulatory framework, including for digital assets and sustainable finance, we have continued to build a trusted, risk-proportionate, and forward-looking regulatory environment. Looking ahead, we remain focused on deepening collaboration with stakeholders to ensure Abu Dhabi, and the UAE more widely, continues to thrive as a leading global financial hub.'
Business Recorder
14 hours ago
- Business
- Business Recorder
Dar highlights Pakistan's potential in fintech, digital banking
NEW YORK: Deputy Prime Minister and Foreign Minister Senator Ishaq Dar on Thursday met with leading investment, banking and IT professionals here, wherein he highlighted Pakistan's potential in fintech, infrastructure, sustainable finance, digitization and tokenization of assets, and digital banking. The deputy prime minister pointed to ongoing reforms, rapid digitalization, and enhanced compliance with global AML/CFT standards, all of which were contributing to stronger investor confidence. He also highlighted Pakistan's improving macroeconomic indicators, including the first current account surplus in 14 years, diminishing inflation, and upgrades in sovereign credit ratings by global agencies. DPM Dar also shed light on strategic initiatives, including the Special Investment Facilitation Council (SIFC), established to streamline investment processes across priority sectors, including agriculture, IT, minerals, energy, and tourism. The participants, affiliated with institutions such as Morgan Stanley, Bank of America, BNP Paribas, JP Morgan, and Goldman Sachs, engaged in a candid discussion on Pakistan's investment landscape. They shared valuable perspectives and expressed interest in exploring private sector-led initiatives that could contribute to Pakistan's growth and complement broader efforts to strengthen economic ties between Pakistan and the United States.
Otago Daily Times
2 days ago
- Business
- Otago Daily Times
Outrage after Givealittle shuts down Gaza fundraising page
New Zealand donors are fighting Givealittle for refunds after their page was shut down over concerns around money laundering in Gaza. More than $3500 is locked in one Givealittle fund, which is destined for what organisers say is a friend to buy formula for babies, after the donation company changed its policy on Gaza. Givealittle has recently updated its policy in response to "operational risks" associated with transferring funds to individuals in Gaza, a spokesperson told Midday Report. As a result, four pages have been closed. One of those pages was a fundraiser set up by Ciara's friend in the United Kingdom to raise money to buy baby formula for families in need in Gaza. Ciara, who wishes to keep her last name anonymous, told Midday Report that when the page was set up, Givealittle said it would be moderated in three days but in the meantime, they could start fundraising. "We just got straight into it and within about six days we had about $3500 fundraised," Ciara said. Givealittle then asked for verification of their contact in Gaza who was getting the formula and distributing it to families. Ciara said they provided Givealittle with their contact's bank account details, written permission for them to fundraise on their contact's behalf and their passport. On July 17, Givealittle emailed to say the page did not meet its requirements and would not be going ahead. "They have said that, in high-risk areas such as Gaza, they don't believe there is evidence of where their funds are going and that they would like [funds] to go through a registered charity instead," Ciara said. "They are leaning on some very tight New Zealand laws on anti-money laundering and countering terrorism regime, which are extremely tight and basically give us no wiggle room. "The thing that really got us was that they changed their policy on donating to individuals in Gaza while our page was receiving funds." Givealittle told Ciara in an email, which Midday Report has seen, that as a regulated platform under New Zealand's Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime, they "have a duty to go beyond minimum requirements when we assess risk". The platform was worried the funds could be used by someone linked to Hamas, which New Zealand has listed as terrorist entity. "While we acknowledge the identity information you have provided for [their contact in Gaza] we note that your relationship with him only began in May of this year and has developed entirely online," the Givealittle email read. "In this context, we are unable to verify the end use of funds with the confidence required under our obligations. The risk of misuse - even where intentions are good - is high, and in such cases, we must err on the side of caution." Now the page has $3573 on hold that the organisers and donors can't access. "We have got many donors waiting, who require explanation on where their money is going," Ciara said. "Furthermore, we've got children, babies and families who are starving in Gaza." She is still waiting on a response from Givealittle to explain what is happening with the funds. "We have just been absolutely beside ourselves. The devastation that's happening is unfathomable," Ciara said. "Here is a way for us to provide some kind of help. Yes, it might just be a drop in the ocean, but it is a tin of formula for a starving baby to get them through that next day. I just think it is absolutely outrageous. It's unforgivable and it's unacceptable." Givealittle said in a statement to Midday Report the decision to update its policy was not taken lightly. "The banking and financial infrastructure in Gaza is now so unstable that we can no longer, with certainty, verify the identity of individual beneficiaries or ensure that funds can be delivered safely and transparently," a spokesperson said. This policy applies to only to individual fundraising in Gaza. "Givealittle continues to support pages linked to registered New Zealand charities operating in the region, where funds can be safely distributed through trusted channels. We encourage donors who wish to help to continue giving through these organisations," the spokesperson said. "We appreciate the compassion of those who have created and supported these pages and are committed to ensuring that generosity continues to have an impact." Any payments already due to verified individuals will still be honoured. It comes after Midday Report reported PayPal was withholding funds donated by New Zealanders for families in Gaza. On Wednesday, Paypal confirmed that account had been re-opened.
Time of India
3 days ago
- Business
- Time of India
Indian Overseas Bank's Hong Kong branch fined ₹9cr
Indian Overseas Bank (Image only for representation) CHENNAI: The Hong Kong Monetary Authority has imposed a penalty of HK$8.5 million (Rs 9.3 crore) on Indian Overseas Bank, Hong Kong branch (IOBHK) for contraventions of anti-money laundering and counter-terrorist financing ordinance (AMLO). It has pulled up the lender for "significant failure" to mitigate risks. Apart from IOB, the authority has levied penalties against the Bank of Communications (Hong Kong) and Bank of Communications Co. Hong Kong branch for HK$ 4 million and HK$ 3.7 million, respectively. A senior IOB official told TOI that there was no fraud or any anti-money laundering and counter-financing of terrorism violations. It pertains to issues over handling alerts generated by the software, which the bank is addressing by putting additional checks in place. "IOBHK has no history of disciplinary record regarding AMLO. It was only a matter of putting procedures in place," the official said. The development follows an investigation by the HKMA, in which the authority has charged that IOBHK has contravened three specified provisions of AMLO between May 2021 and Jan 2024. "IOBHK's management oversight of anti-money laundering and counter-financing of terrorism (AML/CFT) controls was inadequate. The senior management did not have a clear leadership role and responsibility over AML/CFT matters. They did not adequately discuss key AML/CFT control issues at relevant committee meetings and failed to appoint a competent person with sufficient AML/CFT knowledge as the Compliance Officer. As a result, the transaction alerts generated by IOBHK's transaction monitoring system were not properly followed up," the HKMA statement said. IOB in a statement to the exchange said "The bank and its branch operating at Hong Kong have taken necessary preventive actions to avoid such recurrence in future and further strengthen its internal processes in this regard. The impact of the said action on the bank is not material." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
