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Topic: Anti-Money Laundering

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FATF update guidance on risk-based approaches for virtual assets and virtual asset service providers

On 28 October 2021, the Financial Action Task Force (FATF) published updated guidance for a risk-based approach for virtual assets (VA) and virtual asset service providers (VASP). This guidance mentions how the FATF plans to closely monitor the VA and VASP sector for any material changes that necessitate further clarification of the FATF standards. This … Continue Reading

Cross Border Payments – Survey Results on Implementation of the FATF

On 22 October 2021, the Financial Action Task Force (FATF) published the results of its survey that was designed to identify key areas of divergence in the implementation of its AML/CFT requirements across different states, which create frictions for cross-border payments and their potential solutions. The survey results highlight, among others, that lack of a … Continue Reading

New papers from FATF and Wolfsberg Group

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

EBA consults on draft guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and financial intelligence units under the CRD IV

On 27 May 2021, the European Banking Authority (EBA) issued a consultation paper regarding draft guidelines that set out how prudential supervisors, AML/CFT supervisors and financial intelligence units should cooperate and exchange information in relation to AML/CFT, in line with Article 117(5) of the CRD IV. The draft guidelines set out general provisions and practical … Continue Reading

ABC Risk assessments: FAQs

Last month we hosted a webinar on anti-bribery and corruption (ABC) risk assessments. This was the first in our series of ABC compliance webinars marking the 10th Anniversary of the UK Bribery Act coming into force. You can listen to the audio recording of the webinar on-demand here. We have put together a selection of … Continue Reading

EBA consults on changes to its guidelines on risk-based AML/CFT supervision

On 17 March 2021, the European Banking Authority (EBA) issued a consultation paper setting out proposed changes to its guidelines on risk-based supervision of credit and financial institutions’ compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) obligations. Article 48(10) of the Fourth Anti-Money Laundering Directive requires the EBA to issue guidelines to … Continue Reading

EBA opinion on the risks of money laundering and terrorist financing affecting the EU’s financial sector

On 3 March 2021, the European Banking Authority (EBA) published its biennial opinion on risks of money laundering and terrorist financing (ML/TF) affecting the EU’s financial sector. The opinion has been issued in accordance with Article 6(5) of the Fourth Anti-Money Laundering Directive, which requires the EBA to issue an opinion on the risks of … Continue Reading
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