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HKMA insight on how banks can contribute more to the fight against fraud and money laundering

January 23, 2024

HKMA’s new proposal facilitates bank collaboration in fighting digital fraud by legally enabling the sharing of suspicious activity data, with a focus on privacy. Open for public consultation, this initiative aims to bolster early fraud detection through secure data exchange, responding to the increasing digital financial crime threat…

EU sanctions six companies accused of ‘undermining stability’ in Sudan

January 23, 2024

The EU imposed sanctions on six companies responsible for trying to undermine stability in conflict-ravaged Sudan, largely targeting firms linked to weapons procurement and manufacturing. Sudan plunged into chaos last April when long-simmering tensions between the military, led by Gen. Abdel Fattah Burhan, and the Rapid Support Forces paramilitary…

FINTRAC issues special bulletin on laundering the proceeds of crime through online gambling sites

January 18, 2024

Provides background and updated information on online gambling intended to support reporting entities in Canada, especially those involved in online gambling, as well as banks and money services businesses, including payment service providers.

FINTRAC imposes an administrative monetary penalty on Global West Realty Limited, a real estate broker in Mississauga, Ontario

January 17, 2024

Global West Realty Limited was found to have failed to:
ensure that an appointed person be responsible for implementing a compliance program;
develop and apply written compliance policies and procedures;
assess and document money laundering or terrorist activity financing risks;
develop and maintain a written ongoing compliance training program; and
institute and document the prescribed review of its policies and procedures, risk assessment and training program.

FATF examines Jamaica’s progress in tackling AML/CTF in the 6th follow-up report to most recent Mutual Evaluation

January 16, 2024

The country is re-rated on Recommendations 22, 23 and 28 (partially compliant to largely compliant) and Recommendation 24 (partially compliant to compliant).

FATF/GAFILAT mutual evaluation highlights that Brazil has a deep understanding of ML risks, in particular for ML arising from corruption, organised crime, tax crime, drug trafficking, and environmental crimes

January 5, 2024

Despite progress since the last evaluation in 2010, key challenges remain, including the need for enhanced cooperation and coordination among authorities, particularly the Police, Prosecution Authority, and Tax Office.

MENAFATF publishes outcome of the Mutual Evaluation of Lebanon

January 4, 2024

Lebanon scored acceptable results on technical compliance in thirty four recommendations out of the FATF forty recommendations whereby “Compliant” or “Largely Compliant” ratings were achieved. In the six other recommendations where improvements are needed, Lebanon received “Partially-Compliant” ratings, thus necessitating some legislative amendments.

China sanctions five US arms manufacturers over Taiwan weapons sales

January 3, 2024

The countermeasures consist of freezing the properties of those companies in China, including their movable and immovable property, and prohibiting organisations and individuals in China from transactions and cooperation with them. The US arms sales to China’s Taiwan region, seriously harm China’s sovereignty and security interests…

HKMA and FSTB propose stablecoin regulatory regime and introduce sandbox arrangement

December 27, 2023

The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) in Hong Kong are consulting on a legislative proposal to regulate fiat-referenced stablecoin issuers, incorporating a licensing regime and a sandbox arrangement to manage risks and align with international standards in the Web3 and virtual asset ecosystem…

Seychelles FSA consults on proposed framework for the regulation of Virtual Assets and Virtual Asset Service Providers

December 20, 2023

The framework has been developed with a view to encouraging innovation and supporting the growth of the VA industry in a responsible and sustainable manner, whilst also importantly addressing and safeguarding against the potential financial crime risks associated with the misuse of VA products and VASP services offered in or from the Seychelles.

FINMA publishes its report on the Credit Suisse crisis

December 19, 2023

Analyses the development of Credit Suisse between 2008 and 2023 with regard to its strategy, business performance, management decisions, risk management and preparation for crises.

FATF re-rates Germany on two Recommendations from the 2022 Mutual Evaluation

December 16, 2023

The country has been re-rated on Recommendations 6 and 7, covering sanctions relating to terrorist financing and proliferation.