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FATF Mutual Evaluation Report for India, acknowledges India’s AML progress in banking and ongoing non-financial sector weaknesses

September 27, 2024

India has achieved a high-level of technical compliance across the FATF Recommendations and has taken significant steps to implement measures to tackle illicit finance…

MAS and major retail banks are set to introduce Singpass Face Verification to further strength resilience against phishing scams

September 26, 2024

SFV will be triggered in higher risk scenarios to strengthen and complement existing authentication methods for DT setup. SFV uses a face scan to verify a customer’s identity against national records before the customer’s DT can be activated for use. This makes it more difficult for a scammer to take over a customer’s DT by setting it up on his own device using phished credentials such as an SMS, one-time passwords…

FINTRAC imposes an administrative monetary penalty on Ontario Inc. for non-compliance with the Proceeds of Crime (ML) and TF Act and associated Regulations

September 24, 2024

The administrative violations include failure to develop and apply its policies and procedures in practice in relation to know your client requirements, and ongoing monitoring of business relationships; failure to assess and document money laundering or terrorist activity financing risks of its clients and business relationships, geographic locations, products and delivery channels, and new technologies…

GFI analyses the current practices of Belize’s Beneficial Ownership Registry, evaluating its strengths and weaknesses in the broader context of global financial transparency efforts

September 21, 2024

Belize, a country that has been navigating international financial regulation and striving to align its practices with global standards, introduced its BOR as part of an effort to improve its legal and regulatory framework to comply with international standards and improve its capacity to prevent financial crimes…

Australian Securities & Investments Commission (ASIC) seeks provider to identify investment scams and phishing websites from fake investment platforms and crypto fraud

September 19, 2024

The types of investment scam and phishing websites which ASIC is looking for the service to identify and/or refer and takedown may include: Investment scam websites falsely claiming to be authorised and/or regulated by ASIC, fake investment trading platform scams, crypto-asset related scams, phishing scam email domains and websites impersonating organisations that are regulated by ASIC…

Guardian: Oligarchs have successfully challenged the UK’s fraud squad and emerged victorious

September 12, 2024

A former police officer was at home by the South African coast when he received a call about the suspicious death of geologist. After Bekker’s charred body was discovered in his burned Audi Quattro in Johannesburg, Jackson agreed to investigate the case initially considering the possibility of suicide. However, evidence suggested the fire was intentionally set leading Jackson to believe it was a murder…

FINTRAC imposes an administrative monetary penalty on Canada Changjiang Management Ltd for failure to submit STRs

September 12, 2024

Canada Changjiang Management Ltd. was found to have committed the following administrative violations: Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to a money laundering or terrorist activity financing offence; Failure to submit large cash transactions reports of $10,000 or more in the course of a single transaction, together with prescribed information…

Australian Parliament introduces AML/CTF Amendment Bill

September 11, 2024

This Bill has three key objectives:
extend the AML/CTF regime to additional services provided by lawyers, accountants, trust and company service providers, real estate professionals, and dealers in precious metals and stones (tranche two entities)
modernise the regulation of virtual assets and payments technology
simplify and clarify the regime, to increase flexibility, reduce regulatory impacts and support businesses to prevent and detect financial crime.

UAE’s National Strategy for AML/CFT introduces stronger regulatory measures and guidelines to enhance oversight and enforcement

September 10, 2024

The strategy includes establishment of clear objectives to strengthen the UAE’s framework for combating money laundering and terrorism financing. It lays emphasis on increased cooperation among government agencies, financial institutions, and international partners….

Central Bank of UAE imposes a financial sanction on a bank operating in the UAE, for violating AML laws and for funding illegal organisations

September 9, 2024

The financial sanction was imposed according to articles 89 and 137 of the Federal Decree Law No. (14) of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities and its amendments, and article 14 of the Federal Decree Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations…

Bloomberg: Australian AML rules are set to focus on advisory roles

September 9, 2024

Australia’s new AML reforms will target lawyers, accountants, real estate agents and other advisers, addressing gaps in regulating “tranche-two” entities involved with criminal syndicates. Attorney General highlighted that these updates are part of two National Risk Assessments aimed at improving Australia’s global compliance. The assessments revealed that criminals have been using legal channels like cash, luxury goods, real estate for ML…

GAFILAT publishes Mutual Evaluation Report on El Salvador’s measures to combat ML and TF

September 8, 2024

The report analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of the AML/CTF system of El Salvador, and recommends how the system can be strengthened.