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
On 26 October 2022, the Financial Action Task Force (FATF) launched a public consultation on Recommendation 25 and its interpretive note (R.25/INR.25) on the transparency and beneficial ownership of legal arrangements. The FATF is also considering amending the definition of beneficial ownership in the glossary to provide more clarity regarding legal arrangements. The FATF’s objective … Continue Reading
On 6 October 2022, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a news item in which the regulator comments on transactions taking place between crypto service providers registered in the Netherlands and crypto service providers based outside of the EU which are not registered (non-EU crypto service providers). DNB indicates that when a … Continue Reading
On 1 September 2022, the European Banking Authority (EBA) published its second report on the functioning of anti-money laundering and counter-terrorist financing (AML/CTF) supervisory colleges in the EU. The Fifth Anti-Money Laundering Directive (5AMLD) introduced an explicit requirement for competent authorities to cooperate with each other but did not provide a framework of how this … Continue Reading
On 24 August 2022, the Financial Action Task Force (FATF) published its mutual evaluation report titled ‘Anti-money laundering and counter-terrorist financing measures – The Netherlands’ (the Report). The Report summarises the anti-money laundering and counter-terrorist financing (AML/CFT) measures in place in the Netherlands as at the date of the FATF’s on-site visit between 27 October … Continue Reading
On 23 August 2022, the Wolfsberg Group published best practice guidance on requests for information (RFIs) initiated as a result of transaction monitoring. An RFI is used when a correspondent (or any other provider of payment services) is seeking to understand the background of a transaction that has been processed through an account or relationship … Continue Reading
On 20 July 2022, the Financial Action Task Force (FATF) issued a report intended to help jurisdictions enhance, design and implement information collaboration initiatives among private sector entities in accordance with data protection and privacy (DPP) rules so that the risks associated with increased sharing of personal data are appropriately taken into account. The report … Continue Reading
On 13 July 2022, Elizabeth McCaul, Member of the Supervisory Board of the European Central Bank (ECB) delivered a speech at the conference on “The use of artificial intelligence to fight financial crime”. Key points in the speech include: Deficiencies in a bank’s anti-money laundering / countering the financing of terrorism (AML/CFT) framework are often … Continue Reading
On 30 June 2022, the Financial Action Task Force (FATF) issued a targeted update concerning the implementation of its Standards on virtual assets (VAs) and virtual asset service providers (VASPs), with a focus on FATF’s Travel Rule. The FATF has found that many countries need to strengthen understanding of money laundering / terrorist financing risks … Continue Reading
In the latest instalment of our Regulation Around the World series, financial services partners in 13 jurisdictions provide an update on anti-money laundering developments. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the … Continue Reading
On 17 June 2022, the Financial Action Task Force (FATF) published the outcomes of its plenary on 14 to 17 June 2022. Delegates from over 200 jurisdictions participated in the plenary and the FATF expressed its deepest sympathies for the people of Ukraine, and as a result of Russia’s invasion, the FATF agreed to severely … Continue Reading
On 17 June 2022, the National Crime Agency (NCA) and the UK Financial Intelligence Unit (UKFIU) published updated guidance on suspicious activity report (SAR) glossary codes and reporting routes. The key points outlined in the updated guidance are as follows: The glossary codes are crucial for enabling the UKFIU and wider law enforcement to conduct … Continue Reading
On 14 June 2022, the European Banking Authority (EBA) published a final report containing draft guidelines setting out expectations of the role, tasks and responsibilities of the anti-money laundering / countering the financing of terrorism (AML/CFT) compliance officer and the management body. In particular the draft guidelines cover: The role and responsibilities of the management … Continue Reading
On 31 May 2022, the European Supervisory Authorities (ESAs) published a joint report on the withdrawal of authorisation for serious breaches of anti-money laundering / countering the financing of terrorism (AML/CFT) rules. Objective 5 of the EU’s 2018 Council Action Plan on AML required the ESAs and Member State prudential and AML supervisors to clarify … Continue Reading
On 11 May 2022, the Wolfsberg Group published FAQs on how undertaking screening for negative news and other forms of adverse information can enhance a financial institution’s awareness of potential financial-crime risk posed by both existing and prospective customers. The Wolfsberg Group recognises that there is no universally agreed and accepted definition of negative news. … Continue Reading
Each year the Dutch Central Bank (De Nederlandsche Bank, DNB) investigates the inherent integrity risks of money laundering, financing of terrorism and corruption faced by financial institutions, as well as the measures taken by financial institutions to mitigate such risks. For this purpose, DNB has been requesting financial institutions to complete its questionnaire on integrity … Continue Reading
On 19 April 2022, the Financial Action Task Force (FATF) published a report providing an overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. The report finds that in terms of laws and regulations, 76% of countries have now satisfactorily implemented the FATF’s 40 Recommendations. This is a significant … Continue Reading
On 4 April 2022, the European Banking Authority made available the translations of the revised guidelines on risk-based supervision. These revised guidelines set out the steps supervisors should take to ensure adequate anti-money laundering / countering the financing of terrorism oversight of their sector and support the adoption, by credit and financial institutions, of effective … Continue Reading
On 31 March 2022, the European Parliament announced that the Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) had adopted their position on the proposed Regulation on information accompanying transfers of funds and certain cryptoassets. The draft Regulation is part of the European Commission’s new anti-money laundering package and … Continue Reading
On 29 March 2022, the Wolfsberg Group published its guidance on digital customer lifecycle risk management. This guidance explores how non face-to-face customer interaction could be considered a standard, or even lower risk channel for a financial institution, by further developing three core anti-money laundering / countering the financing of terrorism controls: More effective identification, … Continue Reading
Introduction On 15 March 2022, the European Parliament’s Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) Committees published a draft joint report on the European Commission’s (Commission) proposal for a Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing … Continue Reading
On 24 March 2022, there was published a letter from the European Banking Authority (EBA) to John Berrigan (Director General, Directorate-General for Financial Stability, Financial Services and Capital Markets Union) and others regarding the European Commission’s anti-money laundering / countering the financing of terrorism (AML/CFT) package and issues related to supervisory cooperation and selection criteria … Continue Reading
On 22 March 2022, the European Banking Authority (EBA) published the findings from its assessment of Member State competent authorities’ (NCAs) approaches to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision, but the EBA has found that significant challenges remain in key areas such as the identification and assessment of money laundering (ML) … Continue Reading
