Blending eIDAS and AML to fight against money laundering and terror funding

"Cutting off the funds " is one of the most effective weapons in the arsenal of authorities trying to deal with terrorists and other organized criminals. The international nature of such criminal organizations forces them to move money between various countries and requires international transfers and currency swaps.

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Case Study – Fully digital trade transactions

Great strides have been made in the retail banking and payments space via innovative financial technology products. However, in the corporate banking space, the developments and transformation into a truly digital platform have been more muted. This small case study provides a mock-up of how a fully digital, secure, and authenticated transaction can take place using a single one-stop application.

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The Digital Trade Initiative - Introduction

In spite of some recent protectionist headwinds, international trade had been chugging along and growing at a decent pace. However, this does not mean business as usual. Firstly, high growth markets are continuously shifting, motivating companies to access emerging markets that they have not done business in before. Secondly, even in their local markets companies are facing stiff competition which is driving them to seek new business relationships in their regions (like in the EU for example).

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The eIDAS 2018 Municipalities Project

Technology and governance has come a long way over the last couple of decades and we have reached a point where movement across national borders seems almost seamless. Your phone still works (maybe without additional charges), you can use your credit card and even use the same service providers (like Uber, for example). To take this a step further, the European Commission has been working on the eIDAS project and regulation which allows consumers to use their local eID to access private and even public services anywhere within the EU Single Market.

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Electronic transactions based on the federation of electronic identification systems - a Polish perspective

The growth of electronic identification systems has been different for each European country during the past several years. European countries have different eID solutions based on whether the issuer is a government or a private eID provider. This article discusses the Federation of eID providers in Poland, which has become the national identification scheme. 

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Bridging the gap between eIDAS and Anti-Money Laundering Directives

Banks and other financial institutions are playing a key role in countering global challenges like money laundering and terror financing.

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Electronic Signatures for Banking Operations in Russia - a benchmark with eIDAS

To read the Russian version of this article: Электронная подпись и ее применение в России

This article examines the use of cryptographic means for information security, and in particular, the electronic signature. It focuses on the use of electronic security signatures (ESS) in various sectors, including the domestic use of cryptographic algorithms and requirements of the Federal Security Service of Russia (FSB) for hardware and software.

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The Consumer Financial Services Action Plan - Opportunities for the Banks

Complying with customer due diligence and KYC norms is perhaps the most important and time consuming aspect of initiating a new banking relationship. Yes, it is important to cover the credit risk, but the consequences of failing on the KYC or AML (Anti-Money Laundering) front are far more severe. This is the primary reason why many banks are spending billions annually on performing customer due diligence the old fashioned way. New EU guidelines and the tools that they provide aim to change just that.

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Consumer Financial Services Action Plan - An Introduction

The EU single market produces an unmatched € 15trillion worth of goods and services annually. Such a large and unified market presents a great many opportunities for businesses willing to invest in it.

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