United States

Topic: Money laundering

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Latest FATF papers

 On 1 July 2021, the Financial Action Task Force (FATF) published: A stocktake report that examines commercially available or emerging technologies that facilitate advanced anti-money laundering / countering the financing of terrorism (AML/CFT) analytics within regulated entities or collaborative analytics between financial institutions, while respecting data privacy and protection. A report that highlights the necessary … Continue Reading

New papers from FATF and Wolfsberg Group

On 30 June 2021, there was published: Report from the Financial Action Task Force (FATF) on ethnically or racially motivated terrorism financing. The report, which is based on inputs from around 30 jurisdictions, focuses on the funding behind ethnically or racially motivated terrorism, also referred to as extreme right-wing terrorism. The report highlights the challenges … Continue Reading

FATF guidance on proliferation financing risk assessment and mitigation

On 29 June 2021, the Financial Action Task Force (FATF) published guidance on proliferation financing risk assessment and mitigation. The guidance seeks to develop a common understanding about the impact of the changes that FATF made in October last year to Recommendation 1 and its Interpretative Note to require countries and private sector entities to … Continue Reading

Recent FATF papers

On 28 June 2021, the Financial Action Task Force (FATF) published: A press release concerning the outcomes of the FATF Plenary held on 20-25 June 2021. The press release for the plenary reports that delegates finalised work in a number of important areas. These include a report that details the financial flows linked to environmental … Continue Reading

Coalition for Integrity report: AI a useful tool in ABC compliance for larger organisations

The Coalition for Integrity has published a report summarising how machine learning (or AI) can be used in anti-bribery and corruption (ABC) compliance programmes (the Report). The Report provides companies with key points to consider in determining whether (and if so how) they should consider developing or using machine learning solutions for their ABC programmes. … Continue Reading

Part 7: The Biden Presidency and new and improved anti-money laundering tools

2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading

AML Act of 2020: Topics of interest for international banks

The National Defense Authorization Act became law on January 1, 2021, after the U.S. Congress overrode a presidential veto. Division F of the Act is the “Anti-Money Laundering Act of 2020” (AMLA). In her latest The New York Law Journal column, “ AML Act of 2020: Topics of interest for international banks,” Kathleen Scott, Senior … Continue Reading

Part 6: The changing world of sanctions regimes

2021 Financial Crime Outlook Series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading

Public consultation on FATF draft guidance on a risk-based approach to virtual assets and virtual asset service providers

On 19 March 2021, the Financial Action Task Force (FATF) issued a public consultation on proposed revisions to its 2019 guidance on the risk-based approach to virtual assets (VAs) and virtual asset service providers (VASPs). The FATF is proposing to update its guidance in order to: Clarify the definitions of VA and VASP to make … Continue Reading

Mitigating the unintended consequences of the FATF Standards

On 18 March 2021, the Financial Action Task Force (FATF) announced that in February it had launched a new project to study and mitigate the unintended consequences resulting from the incorrect implementation of the FATF Standards. The project will look at four areas: De-risking. Financial exclusion. Suppression of non-profit organisations (NPOs) or the NPO sector … Continue Reading

The FATF and Egmont Group publishes updated trade-based money laundering risk indicators

On 11 March 2021 the Financial Action Task Force (FATF) and Egmont Group published a joint report on trade-based money laundering (TBML) risk indicators. This follows on from a report published in December last year by the same bodies highlighting pertinent trends and developments with respect to TBML for market participants to be aware of. … Continue Reading

Part 5: The increasing emphasis of RegTech and FinTech in combating financial crime

2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading

FATF publish guidance to support global supervisors in implementing a risk-based approach to AML/CTF supervision

On 4 March 2021 the Financial Action Task Force (FATF) released new guidance aimed at supporting the application of a risk-based approach to anti-money laundering (AML) and counter terrorist financing (CTF) supervision. This builds on previous guidance released in 2015, but widens the scope of the guidance to enhance applicability to more recently AML regulated … Continue Reading

FATF consults on guidance relating to Proliferation Financing Risk Assessment and Mitigation

FATF consults on guidance relating to Proliferation Financing Risk Assessment and Mitigation On 2 March 2021, the Financial Action Task Force (FATF) launched a consultation aimed at private sector stakeholders in relation to guidance which the FATF is developing regarding risks associated with the financing of proliferation of weapons of mass destruction (proliferation financing). This … Continue Reading

Part 4: The Growing Importance of the Money Laundering Reporting Officer

2021 Financial crime Outlook series Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance … Continue Reading

Part 3: The expansion of virtual currencies – Are virtual assets businesses ready for regulators?

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance specialists, located in the UK, … Continue Reading

Financial Crime Outlook: 2021 and beyond

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Norton Rose Fulbright’s financial crime compliance specialists, located in … Continue Reading

Dealers in antiquities added to the list of businesses to be subject to AML compliance requirements

The National Defense Authorization Act was enacted on January 1, 2021, after the US Senate joined the House of Representatives in overriding a presidential veto of the bill. In addition to authorizing appropriations for the Department of Defense, the new law also contains several provisions designed to improve policies and procedures aimed at policing money … Continue Reading

Financial Crime Outlook: 2021 and beyond

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Norton Rose Fulbright’s financial crime compliance specialists, located in … Continue Reading

New whistleblower provisions for reporting AML violations

The National Defense Authorization Act was enacted on January 1, 2021, after the Senate joined the House in overriding President Trump’s veto of the bill. In addition to authorizing appropriations for the Department of Defense, the new law also contains several provisions designed to improve policies and procedures aimed at policing money laundering and terrorism … Continue Reading

New beneficial ownership requirements should help with AML KYC obligations

When banks and certain other financial institutions open accounts for entities, among other anti-money laundering (AML) customer identification requirements, they must obtain beneficial ownership information on individuals owning 25% or more of the entity and a person with significant control over the entity such as a president or chief executive officer. We have published several … Continue Reading

SEC continues to allow broker-dealers to rely on investment advisers for customer KYC requirements

In a December 9, 2020, letter, the US Securities and Exchange Commission (“SEC”) extended its no-action relief to broker-dealers in securities (“broker-dealers”) that wish to rely on investment advisers to perform the broker-dealer’s obligations under US federal anti-money laundering (“AML”) customer identification program and beneficial owner identification regulations. First provided in 2004 regarding customer identification … Continue Reading

FATF update on COVID-19 related money laundering and terrorist financing risks

On 16 December 2020, the Financial Action Task Force (FATF) published a paper providing entities with additional information on COVID-19 related money laundering and terrorist financing risks. The paper covers both changes in predicate offences and changes in money laundering and terrorist financing activity. It provides selected case studies, displaying criminal activity that has occurred … Continue Reading

FATF October 2020 plenary: impacts of Covid-19 on AML and CTF; considerations for near-term future FATF assessments; and focus on the financing of the proliferation of weapons of mass destruction

On 21 to 23 October 2020, the Financial Action Task Force (FATF) held its final quarterly plenary of 2020 as a virtual event. The discussions over three days mostly focussed on Strategic Initiatives reacting to the Covid-19 pandemic and progress made on country specific processes. The FATF also provided an update on their strategic focus … Continue Reading
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