Blog
Enhanced Due Diligence (EDD) in Financial Services: What Is It?
Enhanced Due Diligence (EDD) is a thorough process in the financial sector, used to manage risks. It examines high-risk clients and transactions for money laundering or terrorist financing. EDD involves scrutinizing backgrounds, relationships and financial activities to assess risk and compliance.
Digital Euro: Privacy Measures
The European Commission proposes a digital euro framework, issued by the ECB. It complements physical cash, with privacy measures, legal status, AML/CTF provisions, distribution, stability considerations, and international guidelines.
MiCA Regulation: DeFi Financial Risks
The AFME pushes for DeFi inclusion in MiCA legislation to manage risks, ensure stability, and foster innovation. They urge regulation of DeFi activities, legal status for DAOs, algorithmic trading rules, audits, and protocol disclosures. Excluding DeFi may pose financial stability risks.
Know your Customer (KYC): Compliance in the Financial Landscape
The KYC process is vital in financial interactions, preventing crimes like money laundering. It involves client identification, risk assessment, and information verification. KYC applies universally, identifies beneficial owners, and enables informed decisions, safeguarding against financial crimes.
ESG Regulation: UK/EU Financial Services
The EU and UK are refining ESG regulations. The DRWG initiated a consultation on a draft code of conduct for ESG ratings and data providers, aiming to publish the final code by end-2023. The FSM Act mandates the FCA and PRA to adhere to SDR requirements.
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