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Topic: Anti-Money Laundering

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Council of the EU outcomes on AML action plan

On 4 December 2018, the Council of the EU published a document containing the outcome of proceedings with regards the anti-money laundering (AML) action plan. In the context of money laundering, the Council: urges the swift implementation in Member States of the fourth Anti-Money Laundering Directive and invites the transposition of the fifth Anti-Money Laundering … Continue Reading

Combating Money Laundering Directive published in OJ

On 12 November 2018, there was published in the Official Journal of the EU (OJ) Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law. The Directive provides a harmonised list of 22 predicate offences, which include cybercrime, aiding and abetting, inciting and … Continue Reading

ESAs consult on guidelines for cooperation between authorities under 4AMLD

On 8 November 2018, the Joint Committee of the European Supervisory Authorities published a consultation paper on draft guidelines on cooperation and information exchange for the purposes of the Fourth Anti-Money Laundering Directive (4MLD) between competent authorities supervising credit and financial institutions. The draft guidelines set out the rules that govern the establishment and operation … Continue Reading

FATF Annual Report 2017-18

On 14 October 2018, the Financial Action Task Force (FATF) published its annual report 2017-18. Among other things the annual report notes that during the year the FATF: completed its two-year terrorist financing operational plan and adopted a new plan to continue its focus on the evolving threat; revised its standards to respond to the … Continue Reading

FATF guidance on risk-based approach for securities sector

On 25 October 2018, the Financial Action Task Force (FATF) published the final version of their guidance for a risk-based approach (RBA) for the securities sector (the Guidance). The RBA is key for businesses to understand the money laundering and terrorist financing (ML/TF) risks to which they are exposed; the Guidance offers specific advice for … Continue Reading

Council non-objection to Delegated Regulation adding Pakistan to list of high-risk third countries under MLD4

On 18 September 2018, the Council of the EU published the minutes of its meeting on general affairs (the Minutes). On page 13 of the Minutes, the Council provides a non-objection to the Commission Delegated Regulation adding Pakistan to the list of high-risk third countries under the Fourth Anti-Money Laundering Directive (the Delegated Regulation). The … Continue Reading

European Parliament adopts first reading positions on anti-money laundering instruments

On 12 September 2018, the European Parliament adopted its first reading positions on two measures to counter money laundering within the EU: Regulation (EU) 2018/… of the European Parliament and of the Council on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005 (the Regulation). Directive (EU) 2018/… of the European … Continue Reading

European Commission communication on strengthening EU AML supervision for financial services

On 12 September 2018, the European Commission published a communication: Strengthening the Union framework for prudential and anti-money laundering (AML) supervision for financial institutions (the Communication). The Commission is concerned that gaps remain in the Union’s AML supervisory framework. In particular, concerns have arisen that there is no clear articulation between the prudential and AML … Continue Reading

European Commission proposes to make EBA sole EU authority tackling money laundering

On 12 September 2018, the European Commission published an amended proposal on the amendment of the three regulations founding the European Supervisory Authorities (ESAs). The amendments proposed aim to centralise the tasks relating to the prevention and combatting of money-laundering and terrorist financing (AML/CTF) into the European Banking Authority (EBA). The amended proposal extends the … Continue Reading

Commission Delegated Regulation adding Pakistan to list of high-risk third countries under 4MLD

On 22 August 2018, the European Commission published a Delegated Regulation which amends Delegated Regulation (EU) 2016/1675 supplementing the Fourth Anti-Money Laundering Directive (4MLD). The Delegated Regulation adds Pakistan to the Annex of Delegated Regulation (EU) 2016/1675 which details third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes. According to Article … Continue Reading

Commission Delegated Regulation supplementing the 4MLD

There has been published in the OJ, Commission Delegated Regulation (EU) 2018/1108 of 7 May 2018 supplementing the Fourth Anti-Money Laundering Directive with regard to regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their functions. The Delegated Regulation … Continue Reading

FATF report on professional money laundering

On 26 July 2018, the Financial Action Task Force (FATF) published a report that looks at the techniques and tools used by professional money launderers (PMLs), to help countries identify and dismantle them. The report identifies the key characteristics of the individual PML, the professional money laundering organisation and the professional money laundering network of … Continue Reading

EBA publishes final guidelines on fraud reporting under PSD2

On 18 July 2018, the European Banking Authority (EBA) published final guidelines on fraud reporting under the revised Payment Services Directive (PSD2). The guidelines require payment service providers across the EU to collect and report data on payment transactions and fraudulent payment transactions using a consistent methodology, definitions and data breakdowns. The next step is … Continue Reading

FATF papers

On 18 July 2018, the Financial Action Task Force (FATF) published its report to the July 2018 G20 Finance Ministers and Central Bank Governors’ meeting. The report sets out FATF’s ongoing work to fight money laundering and terrorist financing. Such work includes de-risking and money laundering and terrorist financing risks of virtual currencies / crypto … Continue Reading

FATF Draft Guidance for life insurance and securities sectors on risk-based approaches to AML and CTF begins consultation

  The Financial Action Task Force (FATF) has published two sets of draft guidance for public consultation: The Draft Risk-based approach Guidance for the Life Insurance Sector is aimed at insurers and intermediaries providing life insurance and other investment-related insurance products, as well as countries and their supervisory authorities. The risk-based approach is pivotal to … Continue Reading

Member States’ transposition of the 4MLD

On 25 June 2018, the European Commission published the speaking points from Commissioner Jourova’s (in charge of justice, consumers and gender equality) speech in front of the Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance. In her speaking points Commissioner Jourova states that the transposition by Member States of the 4th Anti-Money Laundering … Continue Reading

Council adopts 5MLD

On 14 May 2018, the Council of the EU adopted the Fifth Anti-Money Laundering Directive (5MLD). The adoption of the 5MLD follows the European Parliament’s adoption of the Directive on 19 April 2018. The text adopted by the Council is in the same form as that adopted by the European Parliament except for minor drafting … Continue Reading

Commission adopts Delegated Regulation on 4MLD central contact points

On 7 May 2018, the European Commission adopted a Delegated Regulation supplementing the Fourth Anti-Money Laundering Directive (4MLD) regarding regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their function. The Delegated Regulation is based on the draft regulatory … Continue Reading

ECB letter regarding AML risks

On 3 May 2018, the European Central Bank (ECB) published a letter from its chair, Daniele Nouy, to Sven Giegold MEP. In the letter Ms Nouy discusses money laundering incidents, information exchange regarding money laundering risks and the integration of those risks in ECB prudential supervision. Ms Nouy notes among other things that: there is … Continue Reading

European Parliament adopts MLD 5

On 19 April 2018, the European Parliament issued a press release stating that it had adopted the Fifth Anti-Money Laundering Directive (5MLD). The next step is for the 5MLD to be formally adopted by the Council. Following that it enters into force three days after its publication in the Official Journal of the EU. Member … Continue Reading

Wolfsberg Group country risk FAQs

On 19 March 2018, the Wolfsberg Group published FAQs on how to manage country risk in the context of financial crime compliance. The term “country risk” has typically referred to the additional risk created by investing in, or lending cross border to, a foreign country in the context of credit facilities. Therefore, when assessing a … Continue Reading

FATF report to G20 Finance Ministers and Central Bank Governors

On 16 March 2018, the Financial Action Task Force (FATF) published a report to G20 Finance Ministers and Central Bank Governors. The report sets out FATF’s on-going work to fight money laundering and terrorist financing focusing on areas such as improving transparency and the availability of beneficial ownership information and bank de-risking. Among other things … Continue Reading

Wolfsberg Group updates CBDDQ

The Wolfsberg Group has published an updated version of its Correspondent Banking Due Diligence Questionnaire (CBDDQ) and related guidance material (Completion Guidance, FAQs and Glossary). The CBDDQ aims to set an enhanced and reasonable standard for cross-border and / or other higher risk Correspondent Banking Due Diligence, reducing to a minimum any additional data requirements. … Continue Reading

Commission Delegated Regulation adding Ethiopia to the list of high risk countries

There has been published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2018/105 of 27 October 2017 which amends Commission Delegated Regulation (EU) 2016/1675 by adding Ethiopia to the list of high-risk third countries in the table in point I of the Annex. The Delegated Regulation provides that the Commission’s … Continue Reading
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