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Topic: Money laundering

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FATF reports on stablecoins and virtual assets

On 7 July 2020, the Financial Action Task Force (FATF) issued a report to G20 Finance Ministers and Central Bank Governors regarding stablecoins. The June 2019 revisions to the FATF Standards place anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). The FATF report finds that stablecoins share … Continue Reading

Basel Committee finalises AML/CFT guidelines on supervisory cooperation

On 2 July 2020, the Basel Committee on Banking Supervision issued an updated version of its guidelines on ‘Sound management of risks related to money laundering and financing of terrorism’. The updated version of the guidelines contains a new paragraph 96 in Part IV (role of supervisors) and Annex 5 (interaction and cooperation between prudential … Continue Reading

Commission decides to refer Austria, Belgium and the Netherlands to the Court of Justice of the EU for failing to fully implement EU anti-money laundering rules

On 2 July 2020, the European Commission announced that it had referred Austria, Belgium and the Netherlands to the Court of Justice of the European Union, with a request for financial sanctions, for failing to fully implement the Fourth Anti-Money Laundering Directive into their national law. The Commission states that incomplete transposition concerns fundamental aspects … Continue Reading

Commission Delegated Regulation amending the list of high risk jurisdictions for 4MLD published in OJ

On 19 June 2020, there was published in the Official Journal of the EU (OJ) the Delegated Regulation that the European Commission adopted on 7 May 2020 amending Delegated Regulation (EU) 2016/1675 which supplements the Fourth Anti-Money Laundering Directive by identifying those third countries that have strategic deficiencies in anti-money laundering and countering the financing … Continue Reading

EBA call for input on ‘de-risking’ and its impact on access to financial services

On 15 June 2020, the European Banking Authority (EBA) issued a call for input to understand the scale and drivers of ‘de-risking’ at the EU-level and its impact on customers. The call forms part of the EBA’s work to lead, coordinate and monitor the EU financial sector’s anti-money laundering/counter the financing of terrorism efforts and … Continue Reading

Commission Delegated Regulation amending the list of high risk jurisdictions for 4MLD

On 7 May 2020, the European Commission adopted a Delegated Regulation amending Delegated Regulation (EU) 2016/1675 supplementing the Fourth Anti-Money Laundering Directive as regards the Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar/Burma, Nicaragua, Panama and Zimbabwe to the table in point I of the Annex and deleting Bosnia-Herzegovina, Ethiopia, Guyana, Lao People’s Democratic … Continue Reading

EBA report into dividend arbitrage trading schemes and 10-point action plan to enhance the future regulatory framework

On 12 May 2020, the European Banking Authority (EBA) published the results of its inquiry into dividend arbitrage schemes, which looked into the actions of prudential and anti-money laundering and countering the financing of terrorism (AML / CFT) supervisors in dealing with such schemes. In May 2019, the EBA carried out a survey of competent … Continue Reading

FATF publishes report on COVID-19-related Money Laundering and Terrorist Financing

Further to its communication published last month, the Financial Action Task Force (FATF) has now published a report into COVID-19-associated money laundering (ML) and terrorist financing (TF) risks and expected policy responses. Key ML/TF risks The report identified the following key ML and TF risks: Increased remote transactions – given the closure of many physical … Continue Reading

FATF extends its assessment and follow-up deadlines in response to COVID-19

On 28 April 2020, the Financial Action Task Force (FATF) announced that it was temporarily postponing all remaining FATF mutual evaluations and follow-up deadlines. The FATF has also decided on a general pause in the review process for the list of high-risk jurisdictions subject to a call for action and jurisdictions subject to increased monitoring, … Continue Reading

Wolfsberg Group updates correspondent banking due diligence questionnaire

On 17 April 2020, the Wolfsberg Group released an updated version of its Correspondent Banking Due Diligence Questionnaire (CBDDQ) and Financial Crimes Compliance Questionnaire (FCCQ) with changes focused on greater clarity and ease of use. The Wolfsberg Group has also updated the supporting FAQs, completion guidance and capacity building guidance. The principal changes are: Questions … Continue Reading

Commission to enhance AML and CTF framework in to-be-published Action Plan

The European Commission intends to propose a number of far-reaching measures in order to increase the EU’s efforts to combat money laundering and terrorist financing. After the deadline for Member States to transpose the Fifth Anti-Money Laundering Directive (5MLD)) into national law on 10 January 2020, the Commission is due to publish a new Action … Continue Reading

EBA report on competent authorities approach to AML/CTF banking supervision

On 5 February 2020, the European Banking Authority (EBA) published a report on competent authorities’ approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks. The report summarises the findings from the first year of ongoing reviews of all competent authorities responsible for AML/CFT supervision of banks in the EU. In … Continue Reading

EBA to update AML and CTF risk factor guidelines

On 5 February 2020, the European Supervisory Authorities (ESAs) jointly published a consultation paper seeking to revise the guidelines that set out factors that firms should consider when assessing the money laundering and terrorist financing (ML / TF) risk associated with their business, and with a business relationship or an occasional transaction with any natural … Continue Reading

5MLD – Infringement proceedings on the horizon

On 21 January 2020, the European Commission published the opening remarks of Executive Vice-President Valdis Dombrovskis at the ECOFIN press conference. Among other things, Mr Dombrovskis notes that by 10 January 2020, Member States should have transposed the Fifth Anti-Money Laundering Directive. However, there are concerns that some Member States have not yet transposed the … Continue Reading

Global anti-money laundering and sanctions compliance survey

An increasingly globalised business environment, together with technological innovation, political uncertainty and ongoing regulatory change, present a number of challenges for financial institutions when it comes to protecting themselves against financial crime. Our global anti-money laundering and sanctions compliance survey will explore how financial institutions across the globe are managing their compliance programs in light of the … Continue Reading

FATF speech

On 12 December 2019, the Financial Action Task Force (FATF) published a speech by its Executive Secretary, David Lewis, at the 7th International Anti-Money Laundering and Compliance Conference. Key messages in the speech include: evaluation and follow-up processes will continue to be at the centre of what the FATF does. This year the FATF started … Continue Reading

FATF best practices on beneficial ownership for legal persons

On 24 October 2019, the Financial Action Task Force (FATF) published a paper setting out best practices on beneficial ownership for legal persons. The paper identifies the most common challenges that countries face in ensuring that the beneficial owner(s) of legal persons is identified, and suggests key features of an effective system. The paper also … Continue Reading

FATF public statement DPRK and Iran

On 18 October 2019, the Financial Action Task Force (FATF) issued a statement concerning: Democratic People’s Republic of Korea (DPRK). The FATF reaffirms its 25 February 2011 call on its members and urges all jurisdictions to advise their financial institutions to give special attention to business relationships and transactions with the DPRK, including DPRK companies, … Continue Reading

FATF update

On 18 October 2019, the Financial Action Task Force (FATF) issued a statement confirming that as part of its mutual evaluations of its members anti-money laundering and counter terrorist financing (AML / CFT) regimes it will assess the implementation of its standards to address the money laundering and terrorist financing of virtual assets. FATF members … Continue Reading

Commission issues non-paper on key elements of a refined methodology for identifying high-risk third countries under Directive (EU) 2015/849

On 1 October 2019, the General Secretariat of the Council of the EU (the Council) published a European Commission (Commission) non-paper on key elements of a refined methodology for identifying high-risk third countries under Directive (EU) 2015/849 (the Fourth Anti-Money Laundering Directive). Following the rejection by the Council of the most recent Delegated Regulation identifying … Continue Reading

ESAs highlight money laundering and terrorist financing risks in the EU financial sector

On 4 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published its second opinion on the risks of money laundering and terrorist financing affecting the EU’s financial sector. In drafting the opinion, the ESAs took into account the views expressed by Member State competent authorities (NCAs) through a questionnaire related to money … Continue Reading

MEP resolution on implementation of anti-money laundering rules

On 19 September 2019, Members of the European Parliament (MEPs) passed a resolution calling for anti-money laundering (AML) rules to be better coordinated and implemented in a timely manner. The resolution was adopted with 530 votes to 14 and 104 abstentions. The date of transposition of the Fourth Anti-Money Laundering Directive was June 2017, and … Continue Reading

EBA speech on AML and CTF powers

On 5 September 2019, the European Banking Authority (EBA) published a speech given by Jose Manuel Campa, EBA Chair, on the EBA’s current and future anti-money laundering (AML) and counter terrorist financing (CTF) powers. Mr Campa discusses the limitation of the EBA’s existing powers in relation to enforcing its standards and guidelines and to promote … Continue Reading

EBA opinion on the link between money laundering and terrorist financing concerns and prudential objectives

On 24 July 2019, the European Banking Authority (EBA) published an opinion on the link between money laundering and terrorist financing (ML / TF) concerns and prudential objectives. The opinion is addressed to prudential supervisors of Member State competent authorities. In the opinion the EBA invites prudential supervisors to communicate to institutions’ management bodies and … Continue Reading
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