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CFATF re-rates St Lucia on 7 out of the 40 Recommendations in latest enhanced follow-up report

October 14, 2024

St Lucia is now largely compliant with recommendations 15, 26, 28, 33 and 30, covering, among other topics, new technologies, DNFBPs and freezing and confiscation with respect to mutual legal assistance.

AUSTRAC collaborates with partner agencies including the Australian Taxation Office to combat ML and other crimes through initiatives like the Serious Financial Crime Taskforce

October 12, 2024

In 2018, a joint investigation by the SFCT revealed a major international criminal syndicate that exploited stolen identities from darknet markets to commit large-scale cybercrimes, resulting in the opening of over 60 Australian bank accounts and an estimated theft of US $3.3 million. The group laundered US $2.5 million by transferring funds to an offshore contact in Asia, who then purchased luxury goods and remitted the proceeds back to the syndicate…

HKMA publishes consultation conclusions on information sharing among Authorised Institutions to aid in prevention or detection of crime

October 11, 2024

The HKMA launched a public consultation on 23 January 2024 to seek views from the banking sector and the public on proposals to facilitate sharing of information among AIs of information on customer accounts (including personal customers) for the purposes of preventing and detecting crime. The aim of the proposals is to help protect bank customers and the banking system against abuse for fraud, money laundering and terrorist financing (ML/TF).

FINTRAC updates AML/CFT guidance for Canadian mortgage administrators

October 11, 2024

Guidance aims to help business determine if FINTRAC’s anti-money laundering and anti-terrorist financing requirements apply to them.

FATF re-rates Japan on six Recommendations in recognition of the country’s progress since the 2021 Mutual Evaluation

October 10, 2024

Reflects improvements in measures targeting proliferation, NPOs, Politically exposed persons and DNFBPs; as well as new focus on the transparency and beneficial ownership of legal arrangements.

New Zealand publishes its AML/CFT Programme Guideline

October 9, 2024

The Act improves New Zealand’s safety by making it harder for criminals to profit from their offending. It also provides a mechanism for potential criminal activity to be reported and then investigated, for tackling organised crime and depriving criminals of assets amassed from illegal activity. Similarly, by making it harder to finance terrorism, the Act disrupts terrorist activities, both in New Zealand and worldwide….

Inter-Ministerial Committee publishes Recommendations to strengthen Singapore’s Anti-Money Laundering Framework: ‘Proactive Prevention, Timely Detection, Effective Enforcement

October 9, 2024

It focused on five key areas: a) How to better prevent money launderers from misusing corporate structures; b) How financial institutions can enhance their controls and collaborate more effectively with one another and the authorities to guard against and flag suspicious transactions; c) How other gatekeepers in the system, like corporate service providers, real estate salespersons and estate agencies, and precious stones and precious metals dealers can better guard against ML risks, including the adequacy of the existing regulatory framework over these players;…

CBUAE’s National Summit on Financial Crime Compliance, held on Oct 9-10, reaffirms its commitment to enhance its financial crime combat efforts in preparation for the upcoming FATF evaluation in 2026

October 8, 2024

To shed light on supervisory activities in licensed financial institutions, H.E. said the Central Bank is in the process of launching the first-of-its-kind Supervisory Technology (SupTech) initiative in the region which will enable early detection and warning of risks based on data assessment processes to determine the extent of exposure to money laundering operations.

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…

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