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The Wolfsberg Group releases the principles for auditing financial crime risk management (FCRM)

The Group believes that IA can assist their FIs in their fight against financial crime by measuring FCRM outcomes using the Factors and has developed principles and measures for auditing an FCRM programme…

BIS and Central banks embark on major project to explore tokenisation of cross-border payments with the aim to increase the speed and integrity of international payments, while lowering costs

This major public-private partnership will seek to overcome several structural inefficiencies in how payments happen, especially across borders, which add a layer of challenges: different legal, regulatory and technical requirements, operating hours and time zones. Plus the increased complexity of carrying out financial integrity controls (e.g against money laundering and customer verification)…

Global Initiative issues paper on ‘Hitting pause: The unfinished story of the UN Cybercrime negotiations’

The attempt by the United Nations (UN) to develop a treaty to address cybercrime – or crimes committed online has been put on pause. This paper analyses the sticking points that remain, namely the scope of the convention, the extent of human rights protections and the scope for international cooperation on electronic evidence, and assesses the challenge of moving forward with the treaty.

INTERPOL and UNICRI unveils an updated version of the ‘Toolkit for Responsible AI Innovation in Law Enforcement’, a practical guide for law enforcement agencies on developing and deploying AI

The AI Toolkit is comprised of seven distinct resources, underpinned by a comprehensive user guide, providing guidance for law enforcement executives and officers to navigate responsible AI innovation from technical foundations to organizational assessments on readiness and risk…

 

 

The Wolfsberg Group publishes statement on the suppression of the financing of terrorism

The statement describes the role of financial institutions in CTF and the key controls which seek to mitigate and manage the risk of a financial institution being abused for the financing of terrorism, as part of a risk based financial crime compliance programme. It outlines four priorities: a risk-based approach, customer due diligence, monitoring and screening and global cooperation…

FATF publishes new guidance on beneficial ownership and transparency of legal arrangements focusing on Rec.25

The new guidance clarifies: Key risks, particularly those compounded by multiple layers, controlled by a Company with various Directors or nominee shareholders and cross-border jurisdictional complexities, Requirements for countries to assess the ML/TF risks associated with different types of trusts and other similar legal arrangements…

Nasdaq Global Financial Crime Report 2024 finds that more than $3.1 trillion in illicit funds flowed through the global financial system last year 

This includes nearly $800 billion in drug trafficking, nearly $350 billion in human trafficking, and more than $11 billion in terrorist financing. The report also reveals that losses from fraud scams and bank fraud schemes accounted for nearly $500 billion globally in 2023…

Moody’s releases financial crime documentary series ‘The Infinite Game: Inside the constantly evolving global battle with financial crime’

Spotlights why financial crime countermeasures can never become “set and forget” activities. Each of the three 10-minute episodes highlights the scale of the challenge posed by sophisticated criminal tactics that are carefully designed to grow illegal profits.

INTERPOL publishes its Financial Fraud Assessment: A global threat boosted by technology

The assessment on global financial fraud highlights how the increased use of technology is enabling organized crime groups to better target victims around the world. The use of AI large language models and cryptocurrencies combined with phishing- and ransomware-as-a-service business models have resulted in more sophisticated and professional fraud campaigns without the need for advanced technical skills, and at relatively little cost…

UK hosts world leaders for first Global Fraud Summit to explore how law enforcement agencies can work together to enhance the global fight against fraud

A key aim of the summit is to increase partnership work between law enforcement agencies, such as the National Crime Agency, the FBI, INTERPOL, Europol and the Japan National Police Agency. Sharing more intelligence, expertise and resources will help turn the tide against fraudsters.

Wolfsberg Group publishes its updated Country Risk FAQs, providing a comprehensive understanding of the implications of country risk in the context of AML/CTF measures, including CDD requirements

The updated document specifically highlights: Clearer delineation of country risk within the wider context of CDD and enhanced due diligence EDD; Criminal indicators, political and regulatory factors which should be considered when developing a methodology to evaluate country risk; Sanctions considerations and their impact in the context of AML/CTF country risk; The need for a strong governance enabling an unbiased approach towards country risk; Practical guidance combined with clear roles & responsibilities for financial institutions…

 

FATF considers revision to Rec.16, its interpretive note and related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards

These proposed revisions also aim to help make cross-border payments faster, cheaper, more transparent and inclusive whilst remaining safe and secure; an objective that is part of the G20 Priority Action Plan. Before finalising the revisions however, the FATF is seeking opinions from all interested stakeholders, in particular from the payments industry…