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FinCEN and BIS issue joint notice addressing global evasion of US export controls

The joint notice outlines red flag indicators applicable to both financial institutions and exporters in their due diligence efforts. Financial institutions and exporters are urged to adopt a risk-based approach and remain vigilant against evasion of global export controls…

OFSI and the FCA have entered into an information sharing agreement

A new agreement has been established between OFSI and the FCA to share information related to potential weaknesses in regulated companies’ systems and controls. This collaboration aims to prevent sanctions breaches and enhance the enforcement of those sanctions.

FATF updates consolidated processes and procedures for mutual evaluations and follow-up universal procedures

The assessments of countries’ effective implementation of the 2012 FATF Recommendations are conducted in accordance with the 2013 Assessment Methodology.

TI Russia releases research on ‘Ten years of UK-Russian trade-based money laundering: A collection of long stories’

TI Russia (in exile) analyses the cases of illegal transfer of funds by trade operations from Russia to the UK over the last ten years. The research focuses on Russian court decisions under articles 193 and 193.1 of the Russian Criminal Code for illegal currency transactions…

FCN publishes financial crime dashboard for South Africa

The FCN South Africa Dashboard offers a concise analysis of financial crime, covering threats, vulnerabilities, and responses, with 150 data points including key risk and performance indicators…

 

HMT publishes the Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) (No.2) Regulations 2023

The changes reflected in the updated list include: Albania, Cayman Islands, Jordan and Panama are no longer classed as high-risk third countries for the purposes of enhanced customer due diligence requirements in regulation 33(1) of the MLRs…

NCA issues latest SARs in Action

Includes evidence from Constable Day of Cheshire Police who has achieved his personal target of recovering £1 million for the victims of fraud during 2023 with the help of SAR intelligence.

US DoJ charges four individuals for laundering millions from cryptocurrency investment scams

According to court documents, the accused allegedly conspired to open shell companies and bank accounts to launder victim proceeds of cryptocurrency investment scams, also known as “pig butchering,” and other fraudulent schemes.

A new UK government plan is in place to combat serious and organised crime at home and abroad

The new strategy includes increased funding for the NCA in 2023/24, to enable local forces to address organised crimes within their communities and emphasises international efforts to prevent exploitation, including combating modern slavery…

Europe reaches a deal on comprehensive rules for trustworthy AI

This regulation aims to ensure that fundamental rights, democracy, the rule of law and environmental sustainability are protected from high risk AI, while boosting innovation and making Europe a leader in the field. The rules establish obligations for AI based…

AUSTRAC announces its 2024 regulatory priorities

Priorities include an ongoing focus upon businesses understanding, mitigating and managing the money laundering and terrorism financing risks they face, particularly across the banking, gambling and remittance sectors which face higher risks.

FinCEN names new deputy director, Jimmy Kirby

Prior to joining FinCEN, Mr. Kirby served in multiple roles supporting the Treasury Department’s national security mission and advising Treasury’s senior leadership, and he has deep experience across Treasury’s Office of Terrorism and Financial Intelligence.