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Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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Australia Introduces Stricter Verification Rules for Online Gambling

October 3, 2023

Australia Introduces Stricter Verification Rules for Online Gambling. Australia’s anti-money laundering regulator, AUSTRAC, has announced that online gambling service providers must implement stricter customer identification procedures in the coming year…

UK AAT publishes its 2022-23 anti-money laundering annual report

October 2, 2023

The report aims to provide transparency over AAT’s work as a supervisory authority in this period, including an overview of all AML monitoring activities and providing insight into member compliance with the Money Laundering, Terrorist Financing and Transfer…

India to establish global crypto database to transform regulation

October 1, 2023

India To Create Global Crypto Exchange Database By March 2024. India is working towards building a global database of cryptocurrency exchanges, including those on Dark Web, in an effort to combat challenges posed by cryptocurrency-related illicit activities…

UK criminalizes membership in Wagner Group

October 1, 2023

The Wagner Group, its leaders and supporters, are already subject to financial sanctions in the UK. The process and criteria applied in proscribing entities are set forth in the Terrorism Act 2000.  The factors to be taken into account by the Home Secretary in electing….

MONEYVAL publishes report following Mutual Evaluation of Luxembourg

September 29, 2023

Robust domestic co-operation and co-ordination are a key strength for Luxembourg and authorities also have timely access to beneficial ownership information. More focus more is required on real estate and professionals from the non-financial sector offering trust and company services, as well as asset recovery.

IMF calls for greater crypto oversight

September 29, 2023

IMF calls for greater oversight on crypto and proposes new risk assessment matrix. IMF released a working paper last week seeking to tackle the rapidly changing crypto market and highlight significant macro-financial risks they believe have yet to be fully addressed…

Australian Governments agree to implement customer pre-verification for online gambling accounts

September 28, 2023

To implement this measure, the AML/CTF Rules have been amended to strengthen the applicable customer identification procedures (ACIP) that apply to online gambling service providers.

FATF updates consolidated assessment ratings

September 26, 2023

Provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated on 27 September 2023).

HKMA publishes “AML/CFT Regtech: Case Studies and Insights Volume 2”

September 25, 2023

Shares real-life use cases from banks in their Regtech adoption to make their AML/CFT efforts more effective and efficient.

Financial Stability Board identifies frictions from data frameworks that pose challenges to enhancing cross-border payments

September 25, 2023

The Financial Stability Board (FSB) today published its stocktake of international data standards relevant to cross-border payments. The stocktake looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. It takes forward one of the priority actions under the G20 Cross-border Payments Roadmap, to enhance the interaction between data frameworks and cross-border payments.

GI-TOC publishes report on ‘Trafficking illicit medical products in West Africa’

September 21, 2023

This report analyses the market’s key characteristics and enablers and assesses national and regional responses. West Africa has become a hotspot for the trafficking of medical products, with estimations that the illicit market makes up to 80% of medical products in…

JMSLG receives ministerial approval for revisions to Part II Sector 22 of its guidance (cryptoasset providers and custodian wallet providers)

September 20, 2023

he new guidance relates to the provisions of The Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) that implement the Travel Rule for cryptoasset transfers in the UK. The new obligations per Regulations 64A-64H come into effect on 1 September 2023.

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