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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…

FinCEN exchange brings together public and private sectors to discuss attempts by Russia to evade export controls

FinCEN and BIS co-hosted a virtual FinCEN Exchange addressing Russia’s attempts to evade export controls. The collaboration aims to enhance AML efforts and restrict Russia’s access to the international financial system…

UK ECJU publishes new guidance on strategic export controls

This guidance is for those who export or transfer in goods, software or technology (including data, information and technical assistance) which might be subject to strategic export controls. It explains what control lists are, as well as who they apply to and when…

EBA consults on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes

These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.

AUSTRAC accepts enforceable undertaking from Gold Corporation

Following careful consideration of the audit findings, including the nature and seriousness of the non-compliance and Gold Corporation’s willingness to cooperate and proactively work to comply with its AML/CTF obligations, AUSTRAC has determined that an EU is the most appropriate regulatory response.