On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that will impose new anti-money laundering and countering terrorism financing (AML/CFT) program requirements on registered investment advisers and exempt reporting advisers (collectively, Covered IAs) by, among other things, including Covered IAs within the definition of “financial
On 9 July 2024, the Financial Action Task Force (FATF) published a report which provides the latest update on jurisdictions’ compliance with FATF’s Recommendation 15 and its Interpretative Note. In 2019 Recommendation 15 was updated to apply anti-money laundering and counter-terrorist financing (AML/CFT) measures to virtual assets (VAs) and
On 28 March 2024, the Financial Action Task Force (FATF) published a table setting out the status of the implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important virtual asset service provider activity. The table follows a stocktake of current levels of implementation across the global network.
On 27 March 2024, the Wolfsberg Group (Group) published Principles for Auditing Financial Crime Risk Management (FCRM) using the Wolfsberg Factors (Factors) which were published in 2019.
The Group notes that internal audit (IA), an independent function within a financial institution (FI), constitutes the third
On 20 March 2024, the Wolfsberg Group published a statement on countering terrorist financing (CTF). The statement replaces the Wolfsberg Group’s first statement on the topic published in 2002. It describes the role of financial institutions in CTF and the key controls which seek to mitigate and manage the risk of a financial
On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements.
The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and
On 26 February 2024, the Financial Action Task Force (FATF) announced it is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.
In the press release, the FATF
On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation
On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation
On 1 November 2023, the Financial Action Task Force (FATF) published a report on crowdfunding for terrorism financing.
The majority of crowdfunding activity is legitimate, but events around the world have demonstrated that it can also be exploited for illegal purposes. This includes terrorists and terrorist groups who exploit fundraising platforms and crowdfunding