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US Federal agencies clarify beneficial ownership information access

FinCEN has issued a final rule, the “Access Rule,” on authorised access to beneficial ownership information (BOI) reported under the Corporate Transparency Act. The Access Rule doesn’t make it mandatory for banks to use the BOI from the system, nor does it expect them to do so. This means banks don’t have to alter their existing BSA/AML compliance programs, including the current CDD Rule and other BSA requirements…

Seychelles FSA consults on proposed framework for the regulation of Virtual Assets and Virtual Asset Service Providers

The framework has been developed with a view to encouraging innovation and supporting the growth of the VA industry in a responsible and sustainable manner, whilst also importantly addressing and safeguarding against the potential financial crime risks associated with the misuse of VA products and VASP services offered in or from the Seychelles.

FINMA publishes its report on the Credit Suisse crisis

Analyses the development of Credit Suisse between 2008 and 2023 with regard to its strategy, business performance, management decisions, risk management and preparation for crises.

Interpol arrested 3,500 people and seized $300m in a huge international online financial crime operation

Interpol’s six-month operation entitled HEACHI IV (July-December 2023) targeted online scams of many types leading to 3,500 people arrested and $300m seized across 34 countries for money laundering, bribery and other offences…

IOSCO publishes decentralised finance (DeFi) policy recommendations including 9 policy recommendations

The International Organization of Securities Commissions (IOSCO) released a comprehensive report offering policy recommendations aimed at tackling market integrity and investor protection concerns within the decentralized finance (DeFi) sector…

Council and Parliament agree on the procedure to select seats for the new EU AML Authority

The Council of the EU announced a consensus on selecting the headquarters for the new European authority against ML/TF, with an agreement to hold joint public hearings for Member States’ representatives to present their bids…

Europol publishes fifth edition of the annual review of online jihadist propaganda

Report analyses the major trends and developments in the propaganda of the most prominent Sunni jihadist organisations – the self-proclaimed Islamic State (IS) and al-Qaeda (AQ) – as well as their branches and offshoots.

Danish Gambling Authority calls on the gambling industry to provide input to the Money Laundering Secretariat’s indicators for money laundering and terrorist financing on GoAML.

When making a notification via GoAML, indicators must be selected. The indicators are an aid to those subject to notification and to the Money Laundering Secretariat, so that potential money laundering and terrorist financing can be better identified.

Law firm Clyde & Co fined $635K for breaching UK money laundering rules

Global law firm Clyde & Co was fined 500,000 pounds ($635,613) for multiple breaches of money laundering regulations relating to a long-standing client. The firm admitted it failed to conduct adequate due diligence on a shipping industry client…

FATF re-rates Germany on two Recommendations from the 2022 Mutual Evaluation

The country has been re-rated on Recommendations 6 and 7, covering sanctions relating to terrorist financing and proliferation.

UK Govt changes treatment of Politically Exposed Persons under the Money Laundering Regulations

Regulated firms are now required to treat domestic PEPs, their family members, or known close associates as inherently lower risk than non-domestic PEPs, They have to apply a lower level of enhanced due diligence unless other risk factors are present…

UK Govt announces new Office of Trade Sanctions Implementation (OTSI)

OTSI is a strategic move by the UK Govt to tighten the screws on companies evading Russian sanctions, further strengthening the UK’s sanctions system. OTSI is set to launch in early 2024 and will sit alongside the OFSI…