On 7 September 2023, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published a joint synthesis paper on policies for crypto-assets. The report synthesises the IMF’s and FSB’s policy recommendations and standards. The report illustrates macroeconomic and financial stability implications of crypto-asset activities, how they may interact, and how the IMF and … Continue Reading
On 22 August 2023, the European Commission adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2016/1675 to add Cameroon and Vietnam to the list of high-risk third countries. Article 9(2) of the Fourth Money Laundering Directive (Directive (EU) 2015/849) (MLD4) empowers the Commission to adopt delegated acts to identify ‘high-risk’ third country jurisdictions, which … Continue Reading
On 10 August 2023, the European Banking Authority (EBA) published a report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges in 2022. The EBA has been monitoring AML/CFT colleges since their inception and has published previous AML/CFT colleges monitoring reports in 2021 and 2022. Through 2022, EBA staff actively … Continue Reading
On 26 July 2023, the European Securities and Markets Authority (ESMA) announced that it has withdrawn, as required by the European Market Infrastructure Regulation (EMIR), the recognition decisions of the following three central counterparties (CCPs) established in the United Arab Emirates (including the Dubai International Financial Centre): The withdrawal follows the addition of the United … Continue Reading
On 11 July 2023, the European Banking Authority (EBA) published a report which summarises the findings from the third round of anti-money laundering / countering the financing of terrorism (AML/CFT) implementation reviews. In 2018, the EBA decided to review the effectiveness of Member State competent authorities’ (NCAs) approaches to the AML/CFT supervision of banks, and … Continue Reading
On 30 June 2023, the Financial Action Task Force (FATF) launched a public consultation on the revision of Recommendation 8 and its interpretive note. The FATF is considering proposals for draft amendment text to Recommendation 8 of the FATF Standards and its interpretive note (R.8/INR.8), which aims to protect non-profit organisations (NPOs) from potential terrorist … Continue Reading
On 27 June 2023, the Financial Action Task Force (FATF) published a report, Targeted update on implementation of the FATF standards on virtual assets and virtual asset service providers. In October 2018, the FATF updated Recommendation 15 (R.15) to extend anti-money laundering / countering the financing of terrorism (AML/CFT) requirements to virtual assets (VAs) and … Continue Reading
On 26 June 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/1219 of 17 May 2023 amending Delegated Regulation (EU) 2016/1675 as regards adding Nigeria and South Africa to the table in point I of the Annex and deleting Cambodia and Morocco from that table. The … Continue Reading
On 26 June 2023, the Financial Action Task Force (FATF) published the outcomes from the FATF Plenary, which took place on 21-23 June 2023. Delegates from over 200 jurisdictions of the Global Network and observers from international organisations participated in these discussions at the FATF headquarters in Paris. The outcomes of the discussions included the … Continue Reading
On 16 June 2023, the European Banking Authority (EBA) published a report on the money laundering and terrorist financing (ML/TF) risks associated with EU payment institutions. Payment institutions are obliged entities under the Fourth Money Laundering Directive which means that they are subject to the same anti-money laundering / countering the financing of terrorism (AML/CFT) … Continue Reading
On 6 June 2023, the European Commission issued a press release welcoming political agreement on the proposal for a Directive on the access of competent authorities to centralised bank account registries through the single access point. The draft Directive complements the Anti-Money Laundering Directive, which establishes the interconnection of bank account registers, by providing law … Continue Reading
On 17 May 2023, the Council of the EU published a draft Commission Delegated Regulation amending Delegated Regulation (EU) 2016/1675 as regards adding Nigeria and South Africa to the table in point I of the Annex and deleting Cambodia and Morocco from that table. The draft Delegated Regulation notes that the Financial Action Task Force … Continue Reading
On 16 May 2023, the Council of the EU issued a press release stating that it had adopted the Regulation on information accompanying transfers of funds and certain cryptoassets and amending Directive (EU) 2015/849 (recast). The Council agreed its position on the proposed Regulation on 1 December 2021. Trilogue negotiations started on 28 April 2022 … Continue Reading
On 19 April 2023, the European Parliament announced that, MEPs will open talks with the Council of the EU on reforming the EU’s anti-money laundering rules to help authorities crack down on the illicit flow on money and assets. The European Parliament has approved its negotiating mandates for proposals reforming the EU’s policies on anti-money … Continue Reading
On 17 April 2023, the Wolfsburg Group published an updated version of its anti-bribery and corruption compliance programme guidance. The publication is designed to provide guidance to the financial services industry on how to develop, implement and maintain an effective anti-bribery and corruption (ABC) compliance programme, and should be read in conjunction with applicable legislation, … Continue Reading
On 31 March 2023, the European Banking Authority (EBA) published the following documents intended to challenge unwarranted de-risking and safeguard access to financial services to vulnerable customers: Both sets of guidelines will apply three months after publication in all EU official languages.… Continue Reading
On 29 March 2023, the European Banking Authority issued a public consultation on proposed amendments to its guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision (the Risk-Based Supervision Guidelines). The proposed changes extend the scope of the Risk-Based Supervision Guidelines to AML/CFT supervisors of crypto-asset service providers (CASPs). The European … Continue Reading
On 28 March 2023, the European Parliament announced that MEPs have approved stricter rules to close existing gaps in combatting money laundering, terrorist financing and evasion of sanctions in the EU. MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs Committees adopted their position on three pieces of draft legislation … Continue Reading
On 10 March 2023, the Financial Action Task Force (FATF) published updated Recommendations which were adopted at its plenary on 15 February 2023. The FATF has reviewed and updated the FATF Recommendations, in close co-operation with the FATF-Style Regional Bodies (FSRBs) and the observer organisations, including the International Monetary Fund, the World Bank and the … Continue Reading
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 12 January 2023, the European Parliament announced that MEPs have adopted rules to smoothen investigations into financial crime. The new rules will facilitate access to centralised bank registries. The new rules mandate EU Member States to ensure that the information from centralised registries is available through a single access point to be developed and … Continue Reading
On 7 December 2022, the European Council announced that it has agreed its position on an anti-money laundering (AML) regulation and a new directive (AMLD6). The Council’s press release provides that: The new anti-money laundering and combatting the financing of terrorism (AML/CFT) rules will be extended to the entire crypto sector, obliging all crypto-asset service … Continue Reading
On 22 November 2022, the European Banking Authority (EBA) published a final report on guidelines on the use of remote customer onboarding solutions under Article 13(1) of the Fourth Money Laundering Directive (4MLD). This final report sets out a strategic objective to embrace digital finance for the good of consumers and businesses and identifies EU … Continue Reading
On 26 October 2022, the Financial Action Task Force (FATF) launched a public consultation on its guidance on beneficial ownership. At the March 2022 Plenary, the FATF adopted amendments to Recommendation 24, and agreed to immediately start the work to update guidance on beneficial ownership with a view to help support the implementation of the … Continue Reading
