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Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

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EC Guidelines on prohibited Artificial Intelligence (AI) practices, as defined by the AI Act, covers ‘high risk’ areas such as harmful manipulation, social scoring, and real-time remote biometric identification

February 4, 2025

These guidelines provide an overview of AI practices that are deemed unacceptable due to their potential risks to European values and fundamental rights. The AI Act, which aims to promote innovation while ensuring high levels of health, safety, and fundamental rights protection, classifies AI systems into different risk categories, including prohibited, high-risk, and those subject to transparency obligations…

FATF’s Annual Report 2023-24 outlines significant advancements in non-conviction-based confiscation, transparency, and emerging risks such as cyber fraud

February 3, 2025

The report emphasises risk-based criteria for identifying weak jurisdictions, the importance of beneficial ownership registries, and targeted measures to protect NPOs from terrorism financing. It promotes gender inclusivity, addresses emerging risks like cyber fraud and terrorism financing via crowdfunding, enhances international asset…

FCA’s Dear CEO letter to payment portfolio firms sets supervisory priorities and expectations, emphasising tighter fraud controls and stricter enforcement standards

February 3, 2025

The letter emphasises stricter enforcement for firms failing operational resilience standards, continuous risk monitoring, and compliance reporting. It also addresses securing payments infrastructure, including faster payments and open banking APIs. Key next steps include finalizing operational resilience frameworks by March 2025…

Eurojust and Europol’s 2024 Common Challenges in Cybercrime Report outlines key cybercrime and digital evidence challenges, legal developments, and the rising data burden on law enforcement

January 31, 2025

The report identifies key cybercrime challenges, including data management, legal uncertainties post-Data Retention Directive, and technologies obstructing investigations. Legal, logistical, and data-sharing barriers hinder international cooperation and public-private collaboration. The report outlines strategic directions, new legislative tools, and their practical application. Effectiveness depends on integration into existing strategies and adoption by practitioners…

 

CFATF releases Belize’s Mutual Evaluation Report, rating the country Fully Compliant with 38 of the 40 FATF Rec. and Largely Compliant with the remaining 2

January 30, 2025

Mutual Evaluation finds that Belize has a solid AML/CFT/CPF framework, but notes effectiveness gaps in ML prosecutions and convictions and a need for more robust risk-based supervision of DNFBPs, as well as stronger beneficial ownership verification & on-site inspections…

 

Europol’s EFIPPP Practical Guide enhances AML/CFT Public-Private Partnerships (PPPs), enabling authorities to share case-specific intelligence with FIs, which must comply with production orders

January 30, 2025

With momentum from AMLR75, there is a growing push to standardise PPPs and information sharing across Europe. Essential insights include Authorities can now legally share case-specific intelligence with financial institutions, Financial institutions must comply with production orders and investigative requests, EU AML/CFT Regulation will enable cross-border intelligence-sharing from July 2027…

 

Europol shuts down the world’s 2 largest cybercrime forums ‘Cracked and Nulled’, with over 10m users, which facilitated cybercrime and illegal trade, generating €1m in criminal profits

January 30, 2025

The cybercrime forums facilitated hacking tutorials, credential stuffing tools, OTP bypass services, and remote access trojans (RATs). Law enforcement seized 17 servers and €300K in illicit assets, shutting down Sellix, a payment processor enabling criminal transactions, and StarkRDP, a hosting service used for cyberattacks…

 

INTERPOL’s Operation Screen West Africa unites 12 nations to strengthen borders and dismantle transnational crime networks, seizing millions in drugs, counterfeit medicines, and stolen vehicles

January 30, 2025

Frontline officers at land, air and sea border points were provided with INTERPOL Mobile Devices (IMDs) to access INTERPOL’s critical global intelligence, enabling them to conduct in real time over 1.3 million checks against INTERPOL’s databases. Checks against INTERPOL’s Stolen and Lost Travel Documents database detected 82 individuals travelling on stolen and irregular passports. Mauritanian authorities also launched an investigation into the international trafficking of French and Spanish passports…

 

Dutch news: Finance minister wants banks to be able to share information about their customers as part of AML investigations, despite privacy concerns

January 30, 2025

Finance Minister Eelco Heinen is calling for more targeted monitoring and potential legislation to boost competition in the savings market while addressing inefficiencies in privacy laws that hinder AML efforts. He highlighted the €1.4 billion cost of current practices with 13000 bank employees focusing on identifying suspicious spending. Heinen warned that privacy concerns are clashing with the need to keep the financial system…

European Parliament, Council, and Commission begin final negotiations on the EU Anti-Corruption Directive (proposed in May 2023), with key changes ahead and adoption is expected by Q1- Q2 2025

January 30, 2025

The key discussion points include: Establishing consistent definitions for corruption-related offenses, Lifting immunity for high-ranking officials in serious corruption cases, Supporting Deferred Prosecution Agreements for corporate compliance, Imposing fines of 5% to 10% of global turnover on corrupt companies. Trilogue discussions expected to conclude and finalise the directive  in Q1-Q2 2025…

 

FINRA 2025 Annual Regulatory Oversight Report, highlight new contents provides updates on AI and investment fraud by bad actors that directly targets investors

January 28, 2025

Highlights key compliance risks and regulatory updates for member firms, including emerging risks like third-party cybersecurity threats, AI implementation, and extended hours trading.

 

 

JMLSG’s proposed revisions to Part I of its Guidance provide clearer direction on intra-group outsourcing, CDD for group companies, and intermediaries, to help firms achieve regulatory compliance

January 28, 2025

The proposed revisions include new paragraph relating to local authorities and professional deputies, new paragraphs relating to group companies, as well as a new paragraph and amendments relating to an intermediary as an agent of the customers…

 

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