On 14 March 2023, the Financial Action Task Force (FATF) published a report on countering ransomware financing. The report analyses the methods that criminals use to carry out their ransomware attacks and how payments are made and laundered. The report highlights that criminals are almost exclusively using crypto, or virtual assets and have easy access … Continue Reading
On 10 March 2023, the Financial Action Task Force (FATF) published updated guidance that focuses primarily on Recommendation 24 (beneficial ownership transparency of legal persons). In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and … Continue Reading
On 24 February 2023, the Financial Action Task Force(FATF) published the outcomes of its Plenary on 22-24 February 2023. On 24 February 2023, the second Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded. Delegates from over 200 jurisdictions of the global network participated in these discussions at the FATF … Continue Reading
On 10 February 2023, the Wolfsberg Group published version 1.4 of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and version 1.2 of the Financial Crime Compliance Questionnaire (FCCQ), along with updated supporting Guidance, Glossary and FAQs documents. The CBDDQ update includes a new section on fraud and additional questions related to whistleblower policy, virtual bank … Continue Reading
On 26 October 2022, the Financial Action Task Force (FATF) launched a public consultation on Recommendation 25 and its interpretive note (R.25/INR.25) on the transparency and beneficial ownership of legal arrangements. The FATF is also considering amending the definition of beneficial ownership in the glossary to provide more clarity regarding legal arrangements. The FATF’s objective … Continue Reading
On 23 August 2022, the Wolfsberg Group published best practice guidance on requests for information (RFIs) initiated as a result of transaction monitoring. An RFI is used when a correspondent (or any other provider of payment services) is seeking to understand the background of a transaction that has been processed through an account or relationship … Continue Reading
On 20 July 2022, the Financial Action Task Force (FATF) issued a report intended to help jurisdictions enhance, design and implement information collaboration initiatives among private sector entities in accordance with data protection and privacy (DPP) rules so that the risks associated with increased sharing of personal data are appropriately taken into account. The report … Continue Reading
On 30 June 2022, the Financial Action Task Force (FATF) issued a targeted update concerning the implementation of its Standards on virtual assets (VAs) and virtual asset service providers (VASPs), with a focus on FATF’s Travel Rule. The FATF has found that many countries need to strengthen understanding of money laundering / terrorist financing risks … Continue Reading
In the latest instalment of our Regulation Around the World series, financial services partners in 13 jurisdictions provide an update on anti-money laundering developments. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the … Continue Reading
On 17 June 2022, the Financial Action Task Force (FATF) published the outcomes of its plenary on 14 to 17 June 2022. Delegates from over 200 jurisdictions participated in the plenary and the FATF expressed its deepest sympathies for the people of Ukraine, and as a result of Russia’s invasion, the FATF agreed to severely … Continue Reading
Le lancement du nouveau registre canadien de la propriété effective est prévu pour 2023, mais les détails à son sujet demeurent vagues. Pour se préparer à ces changements, les sociétés peuvent déjà jeter un coup d’œil au mode de fonctionnement de registres similaires d’autres territoires. La faiblesse relative du régime canadien de lutte contre le … Continue Reading
The Canadian federal government is bolstering Canada’s anti money laundering (AML) regime by bringing forward plans to introduce a beneficial ownership registry in 2023. A beneficial ownership registry would require corporations to register and verify the identity of companies’ beneficial owners, making it more difficult to use shell companies to conceal criminal activity. The need … Continue Reading
On 19 April 2022, the Financial Action Task Force (FATF) published a report providing an overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. The report finds that in terms of laws and regulations, 76% of countries have now satisfactorily implemented the FATF’s 40 Recommendations. This is a significant … Continue Reading
On 1 July 2021, the Financial Action Task Force (FATF) published: A stocktake report that examines commercially available or emerging technologies that facilitate advanced anti-money laundering / countering the financing of terrorism (AML/CFT) analytics within regulated entities or collaborative analytics between financial institutions, while respecting data privacy and protection. A report that highlights the necessary … Continue Reading
On 30 June 2021, there was published: Report from the Financial Action Task Force (FATF) on ethnically or racially motivated terrorism financing. The report, which is based on inputs from around 30 jurisdictions, focuses on the funding behind ethnically or racially motivated terrorism, also referred to as extreme right-wing terrorism. The report highlights the challenges … Continue Reading
On 29 June 2021, the Financial Action Task Force (FATF) published guidance on proliferation financing risk assessment and mitigation. The guidance seeks to develop a common understanding about the impact of the changes that FATF made in October last year to Recommendation 1 and its Interpretative Note to require countries and private sector entities to … Continue Reading
On 28 June 2021, the Financial Action Task Force (FATF) published: A press release concerning the outcomes of the FATF Plenary held on 20-25 June 2021. The press release for the plenary reports that delegates finalised work in a number of important areas. These include a report that details the financial flows linked to environmental … Continue Reading
2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading
On 19 March 2021, the Financial Action Task Force (FATF) issued a public consultation on proposed revisions to its 2019 guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The FATF is proposing to update its guidance in order to: Clarify the definitions of VA and VASP to make … Continue Reading
On 18 March 2021, the Financial Action Task Force (FATF) announced that in February it had launched a new project to study and mitigate the unintended consequences resulting from the incorrect implementation of the FATF Standards. The project will look at four areas: De-risking. Financial exclusion. Suppression of non-profit organisations (NPOs) or the NPO sector … Continue Reading
On 11 March 2021 the Financial Action Task Force (FATF) and Egmont Group published a joint report on trade-based money laundering (TBML) risk indicators. This follows on from a report published in December last year by the same bodies highlighting pertinent trends and developments with respect to TBML for market participants to be aware of. … Continue Reading
2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading
On 4 March 2021 the Financial Action Task Force (FATF) released new guidance aimed at supporting the application of a risk-based approach to anti-money laundering (AML) and counter terrorist financing (CTF) supervision. This builds on previous guidance released in 2015, but widens the scope of the guidance to enhance applicability to more recently AML regulated … Continue Reading
2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading
