Money Laundering, Regulation and Compliance

On 28 March 2024, the Financial Action Task Force (FATF) published a table setting out the status of the implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important virtual asset service provider activity. The table follows a stocktake of current levels of implementation across the global network.

On 27 March 2024, the Wolfsberg Group (Group) published Principles for Auditing Financial Crime Risk Management (FCRM) using the Wolfsberg Factors (Factors) which were published in 2019.

The Group notes that internal audit (IA), an independent function within a financial institution (FI), constitutes the third

On 20 March 2024, the Wolfsberg Group published a statement on countering terrorist financing (CTF).  The statement replaces the Wolfsberg Group’s first statement on the topic published in 2002. It describes the role of financial institutions in CTF and the key controls which seek to mitigate and manage the risk of a financial

On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements.

The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and

On 27 February 2024, the Financial Stability Board (FSB) published a Peer Review Report on the Thematic Review on Money Market Fund (MMF) Reforms. The peer review takes stock of the measures adopted or planned by FSB member jurisdictions in response to the 2021 FSB report Policy Proposals to Enhance MMF

On 26 February 2024, the Financial Action Task Force (FATF) announced it is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.

In the press release, the FATF

On 14 December 2023, the International Organization of Securities Commissions (IOSCO) issued a consultation report on market outages.

Market outages occur when a technical problem or an operational issue causes a disruption of trading output or the orderly trading of a trading venue, leading to the suspension of trading. Market outages can be

On 28 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a report on the progress that 31 global systemically important banks have made in implementing the Basel Committee’s Principles for effective risk data aggregation and reporting (the Principles). Of the 31 banks assessed, only two banks are fully compliant

On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation