FROM THE MEDIA

Bloomberg: How to combat money laundering in Europe

Living up to money laundering regulations is difficult, but not doing so is one of the biggest risks to a bank’s reputation. Banks and authorities share the same goal but both are struggling to find a way forward. While the European Union has proposed establishing a dedicated authority on the crime, company expenses to combat laundering are ballooning. Jesper Berg, Director General of the Financial Supervisory Authority shares with Bloomberg six ways to help banks identify high-risk activity by improving the technology for monitoring and reporting suspicious bank activity. Read more EBF AML Blueprint

WSJ: Mario Draghi helps pave way for Italian bank mergers

When Mario Draghi ran the European Central Bank, he pushed, unsuccessfully, to get the region’s feeble banks to merge and clean themselves up. Now as Italy’s prime minister, he is trying again, hoping to spur a consolidation wave among the country’s beleaguered lenders. Italy’s banking sector, stuffed with soured loans and weighed down by high costs, has long loomed as the weakest link among countries that share the euro currency, WSJ reports. Read more (€)

FT: What does green mean? Investors grapple with definitions and data

Demand for ESG funds may be high, but understanding where the green capital should flow is not always obvious. The problem is a lack of meaningful, reliable data, FT reports. The EU is seeking to pin down what can be called a sustainable investment in its member states, as well as providing clearer reporting standards with a taxonomy. However, the debate continues over certain technical elements, including how classifications apply to different industries and the assessment of nuclear energy. Read more (€)

MAIN EVENTS

• Joint EBF and S&P Global ‘Managing Credit Risk during the COVID-19 Crisis & Recovery Phase in Europe’ webinar. EBF Senior Director of Prudential Policy & Supervision Gonzalo Gasos speaking (REGISTRATION OPEN)

• Bundesbank ‘Economic education — the role of central banks’ event

• European Parliament Subcommittee on Tax Matters meeting

• European Parliament Committee on Women's Rights and Gender Equality meeting

• CEPS ‘Corporate Sustainability Reporting: Setting an EU standard’ webinar

• Bruegel ‘The work of the future: How are new jobs created and what are the implications for labour markets?’ event

• UK in a Changing Europe ‘A United Kingdom? Brexit and the future of the union’ event

• EBF Sustainable Finance Working Group virtual meetig

• EBF Cybersecurity Working Group virtual meeting

For a full-year overview of key financial regulation events: click here

HAPPENING TODAY! LAST CHANCE TO REGISTER

Banking Essentials Webinar

Managing Credit Risk during the COVID-19 Crisis & Recovery Phase in Europe

Tuesday 25 May 15:30 CEST / 14:30 GMT

Over the past year, the European banking industry has quickly build real-time data and analytics into credit risk systems. Gonzalo Gasos, Senior Director of Prudential Policy & Supervision at the European Banking Federation (EBF), and Arsene Lui, Senior Quantitative Analyst at S&P Global Market Intelligence will explore the impact across the banking landscape and how default assessment plays a pivotal role in the recovery. Register HERE

FROM THE EBF MEMBERS

FROM THE INSTITUTIONS

European Council: Remarks by Paschal Donohoe following the Eurogroup meeting

The Council of the European Union has published remarks by Paschal Donohoe following the Eurogroup meeting of 21 May 2021. He noted that it is of the view of ministers is that member states have made progress with an accelerating vaccination programme, and can see a recovery taking hold, but realise there are challenges ahead. On the Banking Union, Mr Donohoe stated that he is in discussion with ministers to agree on how member states can structure an engagement and agree on projects going forward. Read more

EBA: Results of EU-wide pilot exercise on climate risk

The European Banking Authority (EBA) published the findings of its first EU-wide pilot exercise on climate risk, whose main objective is to map banks’ exposures to climate risk and provide an insight into the green estimation efforts banks have carried out so far. The findings give a clear picture of banks’ data gaps and highlight the sense of urgency to remedy them. It is only through a more harmonized approach and common metrics that banks’ efforts will prove meaningful in addressing and mitigating the potentially disruptive impacts of environmental risks. Read more

EDPB: Recommendations on the legal basis for the storage of credit card data

The European Data Protection Board (EDPB) has adopted recommendations on the legal basis for the storage of credit card data for the sole purpose of facilitating further online transactions. The recommendations cover situations in which data subjects buy a product or pay for a service via a website or an application and provide their credit card data in order to conclude a unique transaction. Read more

European Commission weekly schedule

Find out more about the ECB's engagements and activities for the upcoming week. Read more
 

European Parliament weekly schedule

Find out more about the Parliament's engagements and activities for the upcoming week. Read more

FROM THE EUROPEAN BANKING FEDERATION

EBF Blueprint: recommendations for a fairer and more efficient EU tax framework

The European Banking Federation (EBF) last Thursday presented its blueprint with recommendations for a fairer and more efficient EU tax framework. Based on four priorities, the EBF has formulated 10 concrete policy recommendations. Read more

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European Banking Federation