Our extensive knowledge at your fingertips

Latest editions

Search

FCA in its letter to the PM outlines a new approach to align regulations with growth, making it a cornerstone of its 2030 strategy and detailing plans to remove ‘unnecessary regulation’

January 16, 2025

Key highlights inlcude embracing economic reform risks – the FCA moves from tick-box compliance to a principles-based approach, regulatory easing: Proposals include relaxing some AML requirements to ease business burdens, corporate responsibility: Greater autonomy for boards to drive ethical practices and safeguard consumers….

EBA and ESMA Report warns of significant ML/TF risks in DeFi and Crypto Lending

January 16, 2025

The report highlights significant ML/TF risks in decentralised finance (DeFi), citing vulnerabilities such as weak customer due diligence and anonymity features that obscure transaction origins across decentralised exchanges, lending, and staking activities…

FATF upgrades its assessment of Tajikistan regarding the supervision of the NPO sector and its asset seizure regime

January 15, 2025

Tajikistan is re-rated on Recommendation 8, covering regulation of the NPO sector, to ‘Largely Compliant’. The country is also re-rated to Largely Compliant on Recommendation 38, as a result of steps taken to eliminate the deficiency in dividing confiscated property with other countries.

APGML acknowledges the steps Myanmar has taken to enhance its AML/CFT regulatory and supervisory framework

January 15, 2025

Myanmar has been re-rated on Recommendation 26 from Partially Compliant to Largely Compliant. Action recognises that comprehensive measures were introduced in 2024 to ensure individuals in significant roles in the microfinance, insurance, and securities sectors meet “fit and proper” criteria. Also noted as part of the decision was the issue of handbooks to help supervisors apply a risk-based approach, as well as provision of new guidelines for securities firms align supervision frequency and intensity with assessed ML/TF risks.

MONEYVAL reports progress by Slovakia in addressing deficiencies related to NPOs, virtual assets, and high-risk countries, but the improvements were not enough for a ratings upgrade

January 14, 2025

The country remains under MONEYVAL’s enhanced follow-up procedure and must report on overall progress within a year. Additionally, it is required to provide updates on customer due diligence measures (Recommendation 10) at the June 2025 plenary meeting. Further action is needed to fully address deficiencies and strengthen enforcement.

MONEYVAL re-rates Estonia owing to its improved compliance with TFS regime and notes progress in other areas

January 13, 2025

Despite improvements in measures targeting sanctions for proliferation financing and support for virtual asset service providers, Estonia remain Partly Compliant on these Recommendations and remains in enhanced follow-up.

EBA publishes joint report on recent development in crypto-assets

January 13, 2025

This report, intended to inform the European Commission’s (EC) report to the European Parliament and Council, examines decentralised finance (DeFi), crypto lending, borrowing, and staking activities. It is primarily analytical, refraining from policy recommendations but highlighting key insights and risks.

MENAFATF announces a new five-point strategic plan to strengthen regional efforts against ML/TF, as Jordan assumes the group’s presidency for 2025

January 11, 2025

The leadership of the Middle East and North Africa Financial Action Task Force (MENAFATF), chaired by Her Excellency Samia Abu Sharif of Jordan, met with Vice-Chairman His Excellency Hamed Saif Al-Zaabi of the UAE to develop plans for implementing their joint strategic priorities. These priorities were approved during the 39th MENAFATF Plenary in November 2024, building on the successes of the 2024 Yemeni presidency….

HKMA issues alert on fraudulent website and internet banking login screen related to Shanghai Commercial Bank Limited

January 10, 2025

The Hong Kong Monetary Authority (HKMA) has issued an alert about a fraudulent website and internet banking login screen reported by Shanghai Commercial Bank. It reminds the public that banks will never ask for sensitive information like passwords or One-Time Passwords via SMS, email, or embedded links. Those affected by the fraud should contact the bank and report the incident to the Hong Kong Police’s Crime Wing Information Centre…

INTERPOL publishes its first Silver Notice to help trace and recover criminal assets, fight transnational crime, and boost global police cooperation

January 10, 2025

Italy has requested a Silver Notice to track criminal assets linked to linked to fraud, corruption & ML. This new addition to the Organization’s color-coded Notices and Diffusions facilitates global info sharing. Currently in a pilot phase with 52 countries, the program will run until at least November 2025…

APGML 2023/24 annual business report highlights regional AML/CFT progress, mutual evaluations, and typologies on emerging financial crime trends

January 9, 2025

This report highlights the achievements of the APG over the reporting period against the goals and strategies contained in the Strategic Plan 2020-2024…

EBA publishes final guidelines on ESG risk management, requiring institutions to identify, measure, manage, and monitor risks, and prepare plans to address financial risks from ESG factors