supervision

ECB says stress in home loans manageable despite high rates, lax checks

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ECB says stress in home loans manageable despite high rates, lax checks

Stress in the euro zone market for home loans is considered manageable by the European Central Bank, despite higher interest rates and lax checks by some banks. The ECB reviewed the mortgage books of 37 euro zone banks and found deficiencies in how mortgages are originated. Specifically, the ECB found that some banks were not adequately weighing up risks before granting a mortgage, leading to concerns about borrowers being able to meet higher interest rates. Banks were also found to be taking more risks just before or when rates started rising. The ECB has asked banks to address these deficiencies, but overall, the banking sector’s response suggests a commitment to mitigating risks and maintaining stability in the residential real estate landscape.

Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox

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Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox

– More than three-fourths (77%) of tax professionals believe AI technology can be applied to their work, and more than half (56%) of in-house corporate tax teams think their external tax advisers’ firms should be using AI, according to a report by Thomson Reuters.
– An overwhelming 60% of corporate tax professionals now believe Gen AI should be applied to their industry work, an increase from 53% in 2023.
– Industry-specific AI tools are predicted to outpace open-source tools like ChatGPT to minimize risk for businesses.
– Tax professionals see increased productivity, streamlined work processes, and improved quality and accuracy of work as primary benefits of AI in their industry.
– Thomson Reuters has announced Checkpoint Edge with CoCounsel, its first Gen AI product for tax professionals.
– Over half (51%) of tax professionals see AI as either a minimal threat or no threat at all to jobs in their industry.

Skeletons missing hands and feet found in Hitler’s Wolf’s Lair

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Skeletons missing hands and feet found in Hitler’s Wolf’s Lair

Five human skeletons with missing hands and feet were found at Hitler’s military headquarters in Poland, buried inside Goering’s villa. The bodies included three adults, a baby, and an older child. The discovery has raised questions about what may have happened there, with some speculating on occult rituals or other unknown reasons. The investigation is ongoing to determine the origin of the skeletons, which were found in a part of the building with a wooden floor. The Wolf’s Lair, where the headquarters were located, was destroyed by the Nazis in 1945. The site is now open to tourists, and the Goering villa has deteriorated over time.

Moneyval praises Cyprus progress on AML, crypto regulation

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Moneyval praises Cyprus progress on AML, crypto regulation

Cyprus has improved its measures for tackling money laundering and combating financing of terrorism, according to the latest Moneyval report. The Securities and Exchange Commission (CySEC) sees this as a ‘vote of confidence’ in financial regulation, especially for cryptos. The report found Cyprus to have improved its compliance with the Financial Action Task Force’s Recommendations, particularly in relation to Crypto-Asset Services Providers. Moneyval also noted progress towards improving compliance with non-profit organizations. Cyprus has made progress in addressing technical compliance shortcomings and is expected to report back to Moneyval in May 2025 on further progress. The country has achieved compliance or large compliance on 37 out of the 40 FATF Recommendations. CySEC has implemented significant measures to assess and reduce risks in the field of crypto-assets and improve compliance among providers. The publication of the report follows legislative changes to align AML/CFT laws with Moneyval and FATF standards.

Financial forecast by Innovate Change Casino: Navigating post-Malta gaming license shakeup

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Financial forecast by Innovate Change Casino: Navigating post-Malta gaming license shakeup

Fact: Innovate Change Casino and similar entities are facing increased operational costs due to the need to comply with enhanced regulatory standards, which include technology upgrades, compliance and legal advisory services, staff training, licensing and certification fees, and operational adjustments.

Law change for swimming pools brings little relief

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Law change for swimming pools brings little relief

Fact: The proposed change in the law on swimming pools in Cyprus from two units to five will not significantly impact the vast majority of community complexes as they will still be categorized as public pools requiring lifeguards.

Stricter oversight on cross-border credit services

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Stricter oversight on cross-border credit services

The processes for licensing and supervision of credit managers are becoming stricter, with new legislation being introduced to harmonize national law with European directives. Credit managers must be licensed by their member state of origin before starting their activities, meeting specific conditions such as robust governance and protection rules for borrowers. Buyers will not be licensed, except for those managing their own portfolios. Credit buyers will be supervised by the Central Bank and subject to penalties for any violations. Companies in the debt acquisition sector will be automatically recognized as licensed credit managers. The bills also ensure consumer protection, including timely information on credit agreement changes and the right to raise defenses against loan buyers.

National Betting Authority warns against illegal online betting

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National Betting Authority warns against illegal online betting

The National Betting Authority warned the public about the proliferation of illegal betting activity, especially online. One example cited was the website https://parimatchcyprus.com.cy, which redirects to https://n1bet.com/en-CA?modal=signUp, providing illegal betting services without a permit. The NBA advised the public to be cautious and check which companies are lawfully licensed by visiting its website at www.nba.gov.cy.

Obsolete swimming pool laws poised to change

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Obsolete swimming pool laws poised to change

Fact: New legislation in Cyprus proposes three categories of swimming pools, with lifeguards only required for supervision in pools falling under the first two categories.

EU corporate tax ‘harmonisation’ reforms would be opposed, Harris says

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EU corporate tax ‘harmonisation’ reforms would be opposed, Harris says

Ireland does not support reforms of the European Union’s internal market that propose harmonization of national corporate tax rates.