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
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
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
On 8 November 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) organised a seminar for crypto service providers at its offices in Amsterdam. During the seminar DNB discussed a number of topics which are relevant to the crypto service providers that will be required to register themselves with DNB by 10 January 2020 and … Continue Reading
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
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
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
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
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
On 26 September 2019, the Decree implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiebesluit wijziging vierde anti-witwasrichtlijn, the Decree) was published for public consultation. The Decree provides further details on the registration regime of virtual currency exchange platforms and custodian wallet providers that is introduced by the Act implementing 5MLD (please see our previous blog post for … Continue Reading
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
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
On 3 September 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) issued a press release announcing that firms that offer services for the exchange between virtual money (cryptos) and regular money, and crypto wallet providers are expected to become subject to DNB’s integrity supervision as of 10 January 2020 as a result of the … Continue Reading
On 16 August 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item indicating that in the last week of August, alternative investment funds and their managers will be receiving a questionnaire in relation to anti-money laundering and sanctions risks. This questionnaire is circulated annually and the AFM … Continue Reading
On 24 July 2019, the European Commission adopted a Communication and four reports that are intended to support European and Member State competent authorities in better addressing money laundering and terrorist financing (ML / TF) risks. The Communication, Towards a better implementation of the EU’s anti-money laundering and countering the financing of terrorism framework, provides … Continue Reading
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
On 21 June 2019 the Financial Action Task Force (FATF) adopted its 2019 Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers (the Guidance). The Guidance updates the 2015 version of the guidance and accompanies the FATF’s June 2019 Interpretive Note to Recommendation 15 on New Technologies (INR 15) that clarifies … Continue Reading
On 21 June 2019, the Financial Action Task Force (FATF) updated its Recommendations by adding an interpretative note to Recommendation 15 which sets out in detail the application of the FATF Standards to virtual asset activities and service providers. The interpretative note establishes binding measures relevant for both countries and virtual asset service providers (as … Continue Reading
On 30 June 2019, the Dutch Minister of Finance and the Dutch Minister of Justice and Security published their joint action plan on the prevention of money laundering via the Dutch financial system and on localizing and prosecution of criminals and their facilitators (the Plan). Combatting anti-money laundering has had a European wide focus for … Continue Reading
On 2 July 2019, the Act implementing the Fifth Anti-Money Laundering Directive (5MLD) (Implementatiewet wijziging vierde anti-witwasrichtlijn, the Proposed Act) was submitted to the Dutch Parliament (Tweede Kamer). The Proposed Act will implement the 5MLD into Dutch law, primarily by amending the Act on the prevention of money laundering and financing of terrorism (Wet ter … Continue Reading
On 27 June 2019, the Financial Action Task Force (FATF) published its report to the G20 leaders’ summit. The report provides an overview of the FATF’s recent and future work. The FATF’s future work includes: a review of countries’ and providers’ implementation of the requirements applicable to virtual assets and virtual asset service … Continue Reading
On 27 June 2019, the Wolfsberg Group has published a series of materials supporting the implementation of the Correspondent Banking Due Diligence Questionnaire (CBDDQ). The new materials include: a short video giving an overview of the CBDDQ and its development and purpose; a series of 12 videos covering each section of the CBDDQ individually and … Continue Reading
Following the rejection by the Council of the European Union (“the Council”) on 07 March 2019 of a draft list of 23 high-risk countries, as proposed in February 2019 by the European Commission in accordance with Article 9 of Directive (EU) 2018/843 on the prevention of the use of the financial system for the purposes … Continue Reading
On 20 May 2019, the Dutch Minister of Finance (the Minister) published the Decree implementing the registration of ultimate beneficial owners of companies and other legal entities (Implementatiebesluit registratie uiteindelijk belanghebbenden van vennootschappen en andere juridische entiteiten, the Implementation Decree) for public consultation. The Implementation Decree contains further detail on the ultimate beneficial owner register … Continue Reading
