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Topic: Money laundering

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Commission report assessing whether Member States have duly identified and made subject to the obligations of the 4MLD all trusts and similar legal arrangements governed under their laws

On 16 September 2020, the European Commission published a report to the European Parliament and the Council assessing whether Member States have duly identified and made subject to the obligations of the Fourth Anti-Money Laundering Directive (4MLD) all trusts and similar arrangements governed under their laws. Article 31 of the 4MLD requires trustees or persons … Continue Reading

FATF report – virtual assets red flag indicators of money laundering and terrorist financing

On 14 September 2020, the Financial Action Task Force (FATF) published a report, Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing. The report is based on more than 100 case studies and is designed to help national authorities and financial institutions identify potential money laundering and terrorist financing activity involving virtual … Continue Reading

EBA response to Commission’s call for advice on its AML and CTF plan

On 10 September 2020, the European Banking Authority (EBA) published its response to the European Commission’s (EC’s) call for advice on the future of the EU anti-money laundering (AML) and counter-terrorist financing (CTF) framework. The EBA set out a number of recommendations, in summary these include: Harmonising specific aspects of the Fifth AML Directive, including: … Continue Reading

MONEYVAL publishes Covid-19 money laundering and terrorist financing trends

On 2 September 2020, MONEYVAL (the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) published a report detailing the money laundering and terrorist financing trends emanating from the Covid-19 pandemic, identified through feedback from jurisdictions within MONEYVAL’s remit. MONEYVAL notes that, so far during the pandemic, whilst the … Continue Reading

SWIFT publishes “Follow the Money” report to aid comprehension of money laundering risks underpinning large-scale cyber-heists

In September 2020, SWIFT (a global member-owned cooperative and provider of secure financial messaging services) published a report to support market participants in understanding the money laundering techniques which underpin large-scale cyber-attacks. The report sets out the end-to-end journey commonly used by criminals to launder funds obtained through illicit cyber-crime related activities, and focusses on … Continue Reading

The European Commission and Financial Markets Law Committee feed back to European Parliament on AML regulation of virtual currencies

On 2 June 2020 the European Parliament posed questions relating to the registration and monitoring of Virtual Asset Service Providers (VASPs) in Member States as required by the provisions of the 5th EU Anti-Money Laundering Directive (5AMLD). VASPs include virtual currencies, fiat currencies and custodian wallet providers. Responses were received from the Financial Markets Law … Continue Reading

The Institute of International Finance feeds back on the European Commission’s AML/CTF action plan

On 26 August the Institute of International Finance (IIF) provided feedback to the European Commission on its Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing, published in May 2020. The IIF notes that a more coordinated approach to implement and oversea the EU’s anti-money laundering (AML) and counter terrorism … Continue Reading

EBA responds to EU action plan for a comprehensive EU policy on preventing money laundering and terrorist financing

On 19 August 2020 the European Banking Authority (EBA) published its response to the European Commission’s consultation on its action plan for a comprehensive EU policy on preventing money laundering and terrorist financing. The European Commission’s action plan includes 6 “pillars” to strengthen the EU’s anti-money laundering (AML) and counter terrorist financing (CTF) framework, and … Continue Reading

Publication of Wolfsberg Group statement on developing an effective AML/CTF programme

On 12 August 2020, the Wolfsberg Group published its statement on developing an effective anti-money laundering (AML) / counter-terrorism financing (CTF) programme. In December 2019, the Wolfsberg Group published a statement on effectiveness which encourages jurisdictions to adopt the Financial Action Task Force’s focus on effective outcomes. As part of that statement, the Wolfsberg Group … Continue Reading

Wolsfsberg Group publishes new AML guidance to support source of wealth and source of funds due diligence

On 7 August 2020, the Wolfsberg Group, published new guidance targeted at private banking and wealth management divisions within financial institutions (FIs) to support the undertaking of source of wealth (SoW) and source of funds (SoF) checks. Based on the principles of the application of a risk-based approach (RBA), different customers will require a different … Continue Reading

The European Parliament agree on a resolution on the prevention of money laundering and terrorist financing

On 10 July 2020, the European Parliament (Parliament) adopted a resolution on a comprehensive pan-EU strategy for the prevention of money laundering and terrorist financing, following the publication of the European Commission’s Action Plan in May (resolution text, press release). Key provisions of the resolution The resolution supports a much stricter, “zero-tolerance” stance towards Member … Continue Reading

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
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