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NCA issues advisory to retailers on counterfeit currency

Sets out actions that need to be taken when retailers are presented with suspected counterfeit currency.

HKMA takes disciplinary action against CA Indosuez (Switzerland) SA, HK Branch for contraventions of the AML and CTF ordinance

The control lapses identified in the investigation relate to CAHK’s failure to continuously monitor business relationships with some of its customers by conducting appropriate scrutiny of transactions carried out for them during the period between 11 February 2016 and 2 October 2016.

CFTAF re-rates Suriname on four Recommendations in latest follow-up report

Re-ratings cover PEPs, correspondent banking, tipping off and confidentiality, and CDD.

CFTAF re-rates Turks and Caicos Islands’ on two Recommendations in latest follow-up report

The islands are now rated largely compliant with Recommendation 13, covering correspondent banking, and compliant with Recommendation 28 on DNFBPs.

FinCEN issue alert on COVID-19 employee retention credit fraud

Provides an overview of typologies associated with ERC fraud and scams, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity and reminds financial institutions of their reporting requirements under the Bank Secrecy Act (BSA).

Home Office adds new fact sheets on the Criminal Justice Bill 2023

The new fact sheets cover Proceeds of crime and Serious crime.

APGML publishes report on illicit finance generated from illegal fishing

The financial dimensions of illegal fishing pose a complex challenge for law enforcement due to lack of understanding of the transnational nature of this crime;
weak international coordination on illegal proceeds of illegal fishing; and the absence of parallel financial investigations.

FinCEN extends deadline for companies created or registered in 2024 to file beneficial ownership information reports

The extension aims to facilitate compliance and enhance the creation of a comprehensive BOI database. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration…

US Treasury official outlines regulatory priorities for fighting money laundering

The Secretary for Terrorism and Financial Intelligence Brian Nelson highlighted the 3 areas of focus notably; enhancing corporate transparency,  cracking down on ML through the real estate sector, and combatting the misuse of sectors that lack comprehensive AML/CFT…

FATF issues report on recovering the international proceeds of crime through inter-agency networks

The report underscores the importance of robust data collection and reporting to demonstrate the invaluable role of ARINs in the global fight against financial crime. It equips policymakers with a deeper understanding of the role of ARINs and identifies areas with…

EBA issues guidance to AML/CFT supervisors of crypto-asset service providers (CASPs)

Amendments include guidance on the sources of information competent authorities should consider when assessing ML/TF risks associated with CASPs and highlight the importance of a consistent approach in setting supervisory expectations, where multiple competent authorities are responsible for the supervision of the same institutions.

FinCEN joins12 FIUs in issuing a public statement on the formation of Counter Terrorist Financing Taskforce – Israel (CTFTI) – FIU TaskForce

The purpose of the task force is to combine and strengthen the efforts to disrupt the international money flows related to Hamas and support global anti-terrorism efforts through the coordination of financial intelligence and information sharing…