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The Wolfsberg Group appoints its new Executive Secretary J. Edward Ned Conway, effective 1st November

November 13, 2024

Conway the new Executive Secretary of the Wolfsberg Group was formerly responsible for Financial Crime Compliance at Banco Santander. His career includes roles at the US Department of Defense, PwC, and Barclays, with expertise in financial crime prevention and global training. Conway also chairs the UN’s Private Sector Dialogue on financial crime related to environmental issues and serves on the ACAMS Advisory Board…

AML RightSource hosts a webinar on ‘How Adverse Media Monitoring Can Enhance Your KYC and EDD Effectiveness’

November 10, 2024

Effective KYC and EDD processes are crucial to managing risk in financial services and corporate organizations. These activities can be very labor intensive, so automated internal information gathering is very valuable. So, it is essential to understand what your customers or vendors are doing outside their relationship with you. Adverse Media Monitoring is a critical tool in this effort. Our expert panel will discuss the state of AMM tools, how to deploy them, and the benefits of adding them to your risk management workflows.

Kroll’s insights on ‘How Technology is transforming AML?’

November 10, 2024

Kroll’s experience in the biggest and most complex money laundering investigations and remediations revealed that a few technology experts, who know how to analyze data and how internal systems operate—can help firms achieve significant results by spotting patterns and trends and identifying loopholes

Egmont Group requests proposals from potential vendors to plan, develop, and train the EGS IT team to a Data Matching system

November 5, 2024

The Data Matching system will allow Financial Intelligence Unites (FIUs) identify hits between subjects of interest of one FIU and those of another, without revealing the list of queried subjects to the other FIU.

FATF summarises outcomes of the first FATF Plenary, led by Mexico’s President, Elisa de Anda Madrazo, held from Oct 23-25

October 29, 2024

Members agreed to release for public consultation proposed revisions to the standards related to FATF’s ongoing focus on financial inclusion. FATF also adopted new guidance on national risk assessments to support countries to understand the illicit finance risks they face…

FATF consults on proposals to change FATF standards to better promote financial inclusion

October 28, 2024

These proposed revisions aim to better promote financial inclusion through increased focus on proportionality and simplified measures in the risk-based approach, and to give countries, supervisors, and financial institutions greater confidence and assurance when implementing of simplified measures.

The Egmont Group launches a newly developed Tackling Trade-Based ML (TBML) & Service-Based ML (SBML) Training Video to combat complex forms of fincrime

October 24, 2024

TBML involves manipulating trade transactions—such as over- or under-invoicing and using shell companies—to conceal illicit funds. Its detection is challenging for financial institutions due to limited knowledge of trade practices and cross-border operations. • TBTF uses trade transactions to secretly fund terrorism, often avoiding detection. Warning signs include unusual trade patterns and connections to high-risk jurisdictions. SBML exploits legal and professional services to obscure illicit funds through complex structures. Detection is complicated by the intangible nature of services and potential misuse of client confidentiality…

INTERPOL global crackdown on illegal Football Gambling uncovers links to human trafficking, money laundering and fraud, seizing over USD 59m in illicit proceeds

October 22, 2024

The operation, code-named SOGA X was designed to tackle illegal online football gambling during the UEFA 2024 European Football Championship, which was predicted to generate a surge in betting turnover, and lucrative profits for criminal organizations. The illegal gambling market is worth a staggering USD 1.7 trillion globally, according to research by the Asian Racing Federation, and is closely tied to other criminal enterprises…

FATF revises its ‘grey listing’ criteria to place a stronger emphasis on risk assessment, adding Algeria, Angola, Côte d’Ivoire, and Lebanon, while removing Senegal from the list

October 22, 2024

The FATF has revised its listing criteria to reduce the burden on least developed countries and prioritize high-risk jurisdictions. These changes target countries that pose the greatest risks to the international financial system, while providing added support to low-capacity nations. The reforms could cut the number of low-capacity countries on the list by half in the upcoming cycle…

FATF updates its procedures for AML/CFT/CPF mutual evaluations, focusing on targeting high-risk jurisdictions and supporting low-capacity nations

October 21, 2024

The FATF amended its assessment procedures and methodology in 2022. The FATF commenced its 5th round of evaluations in 2024, using these revised Procedures.

FATF issues call to action with respect to the high-risk jurisdictions of Iran and DPRK

October 20, 2024

FATF urges all jurisdictions to apply effective countermeasures against Iran, in line with Recommendation 19, noting the country’s failure to enact the Palermo and Terrorist Financing Conventions. Countries are also advised to properly assess and account for increased proliferation financing risk with respect to DPRK.

A UNODC survey reveals that Colombia’s potential cocaine production increased by 53% in 2023

October 18, 2024

Although no new hotspots of coca cultivation were recorded as of December 2023, coca enclaves remain a major challenge: 39 per cent of the potential coca leaf production comes from productive enclaves that occupy only 14 per cent of the territory where coca is planted. (Link to executive summary in Spanish)

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