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This section include AML/CTF initiatives by FATF, OECD, Basel, Wolfsberg Group, Egmont Group, IMF, Interpol, UN, World Bank among others.
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INTERPOL advocates for replacing ‘Pig Butchering’ with ‘Romance Baiting’ to support fraud victims
INTERPOL urges the adoption of ‘romance baiting’ to describe online relationship and investment frauds, arguing that the term avoids dehumanizing victims, encourages reporting, and shifts focus onto fraudsters’ coercive tactics, aligning with the broader Think Twice campaign on online safety…
AMLP Feedback to FATF R.1/ INR.1/ INR.10/ INR.15 – clear definitions and practical examples key to effective AML/CFT implementation
Our feedback focus on strengthening the risk-based approach and enhancing clarity in interpretation and implementation. Key Observations include Financial Inclusion: What does this truly encompass, given its regional variations? Does it involve improving access to funds for developing countries, refugees, or other marginalised communities?…
Wolfsberg Group releases Guidance on Payment Transparency Roles and Responsibilities, supplementing its 2023 Payment Transparency Standards, to enhance transparency and compliance
It also sets out their respective responsibilities to adhere to payment transparency standards across a sample of commonly observed payment flows and serves as a reference guide that can be used by all PSPs, regulators and standard setters…
Basel publishes AML Index for 2024
The Basel AML Index provides risk scores for countries and jurisdictions based on data from 17 publicly available sources such as the Financial Action Task Force (FATF), Transparency International and the Global Initiative against Transnational Organized Crime. The risk scores cover five domains considered to contribute to a high money laundering risk: 1) Quality of AML/CFT/CPF framework 2) Corruption and fraud risks 3) Financial transparency and standards 4)Public transparency and accountability 4)Legal and political risks.
Wolfsberg provides feedback on FATF’s proposed amendments to Rec. 1, 10, and 15, advocating for tailored ‘alternative measures’ to enhance financial inclusion, while safeguarding AML/CFT efforts
Key highlights include; Risk-based regulations are crucial-excessive AML/CFT measures that don’t align with risks are ineffective and inefficient, Unintended consequences, like limiting financial access to underserved communities, can undermine the effectiveness of AML/CFT regimes, An effective AML/CFT program reduces customer friction while supporting financial inclusion objectives…
INTERPOL’s ‘Think Twice’ Campaign raises awareness of the rise in cyber and financial crimes, urging vigilance against threats like ransomware, malware, and AI-driven scams
The Think Twice campaign, which includes a series of short videos, focuses on five rising online threats: ransomware attacks, malware attacks, phishing, generative AI scams, and romance baiting. These sophisticated scams have seen a significant increase in recent years, with ransomware attacks up by 70 per cent, and malware attacks rising by over 30 per cent in the past year alone, with some 20 per cent of employees unknowingly running malware…
GI-TOC report highlights how FIs in the Balkans are exploited for ML and illicit financial flows, revealing regulatory gaps and systemic vulnerabilities
The report highlights structural weaknesses in the Western Balkans that enable money laundering. Key issues include regulatory gaps in cryptocurrency, which allow anonymous, cross-border transactions, and financial technology, which introduces new risks due to lagging compliance frameworks. Additionally, the absence of centralized registries for PEPs and beneficial owners leaves financial institutions without vital information, inadvertently aiding criminal activities…
Kroll’s Global Regulatory Pulse Report for Q4 underscores the dynamic and evolving landscape of financial compliance regulation across major jurisdictions
From the emphasis on accountability and transparency in Singapore and Hong Kong to the strategic focus on sustainable finance and technological innovation in the European Union, regulatory bodies are actively shaping the future of financial markets. In the Middle East, initiatives like Project Aperta and the Open Finance Regulation underscore the UAE’s commitment to enhancing financial interoperability and competitiveness. Meanwhile, the United Kingdom’s FCA is fostering a more inclusive and transparent private market environment, and the United States continues to advance priorities, implement new rules, and enforce actions due to upcoming SEC changes…
INTERPOL global financial crime operation makes record 5,500 arrests and seizes over $400M in virtual assets and govt-backed currencies
The five-month Operation HAECHI V targeted seven types of cyber-enabled frauds: voice phishing, romance scams, online sextortion, investment fraud, illegal online gambling, business email compromise fraud and e-commerce fraud. Member countries were alerted to the “USDT Token Approval Scam” which allows fraudsters to access and control victims’ cryptocurrency wallets. The two-step approach first lures in victims using romance baiting techniques, instructing them to buy popular Tether stablecoins (USDT Tokens) via a legitimate platform…
Joint INTERPOL-AFRIPOL operation arrests 1,006 suspects and dismantles over 134,000 cyber threats, preventing nearly USD 193M in financial losses
Operation Serengeti targeted criminals behind ransomware, business email compromise (BEC), digital extortion and online scams – all identified as prominent threats in the 2024 Africa Cyber Threat Assessment Report. Private sector partners, including Internet Service Providers, also played a vital role by sharing intelligence, supporting analysis and disrupting criminal activities. They provided on-site support and offered round-the-clock remote assistance to patch vulnerabilities and secure critical infrastructure for the participating member countries…
Egmont Group publishes a report detailing the critical role of FIUs in the National Risk Assessment process
It highlights the challenges FIUs face, including resource constraints and data analysis complexities, and underscores the importance of collaboration and information sharing. Successful strategies involve strengthening partnerships, improving technology, and maintaining flexible frameworks. The report aims to equip FIUs with the tools and knowledge to effectively assess risks and enhance their AML/CFT efforts…
Wolfsberg Group unveils 33 FAQs on ‘Defining Digital Assets’, to help FIs better understand digital Assets, assess ML/TF Risks, and develop robust policies to address emerging threats
Key highlights from the FAQs include: Clarification of terminology related to digital assets, including definitions of cryptocurrencies, tokens, and distributed ledger technology (DLT); Guidance on applying existing anti-money laundering (AML) and counter-terrorist financing (CTF) controls to digital asset activities; Recommendations for due diligence processes when engaging with digital asset customers or counterparties. Financial institutions should review these FAQs to enhance their understanding of digital assets and strengthen their financial crime compliance frameworks accordingly…