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CSSF releases FAQs on the AML/CFT Summary Report RC (“SRRC”) on compliance with AML/CFT obligations in accordance with Circular CSSF 24/854

The present document refers to a list of questions & answers in relation to Circular CSSF 24/854 – Guidelines for the collective investment sector on the AML/CFT Summary Report RC (“SRRC”) to be prepared by the “Responsable du Contrôle” (“RC”) and submitted to the CSSF by the “Responsable du Respect” (“RR”) in accordance with Article 42(7) of CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing, as amended (“RCSSF 12-02”).

US DoJ confiscates over US$1m in collectible stamps linked to a criminal fraud scheme

The government has pinpointed 28 victims from the U.S. who fell victim to deception and fraud through two phases. Initially, individuals posing as SEC officials contacted victims, alleging their bank accounts or identities were compromised. Victims were directed to transfer their funds to designated accounts to secure them, falsely claiming involvement in ML…

US GAO reports that better information is needed on the effectiveness of Federal efforts in AML

The GAO identified 31 sections in the 2020 AML Act assigned to FinCEN, which include establishing standards for testing new AML technology. By November 2023, GAO noted that FinCEN had reported varying levels of detail on progress for 19 sections, underscoring the need for more comprehensive disclosure to improve transparency and accountability…

 

 

FATF pledges to investigate OCCRP findings on UAE which revealed that convicted criminals, fugitives, and sanctioned individuals own property in Dubai

The FATF removed the UAE from its list of countries with insufficient measures against ML and terrorism financing. However, the publication of the Dubai unlocked investigation in May has raised questions about this decision. FATF officials have stated that they will review the journalistic investigation and consider its findings when reassessing the UAE’s AML efforts…

 

Business Times: Singapore enhances AML regulations for corporate service providers and companies mandating providers to arrange nominee directorships

Parliament passed two Bills amending laws governing CSPs and entities, following a debate where Second Finance Minister Indranee Rajah addressed queries from MPs, particularly regarding the new nominee directorship requirements. Under the new rules, only a corporate service provider or a sole proprietor of a registered CSP can arrange a nominee directorship with violators facing fines of up to US$10,000…

Finextra: Crypto bank Silvergate pays $63m to settle regulator charges for misleading investors about the strength of their AML program and the losses sustained during the collapse of FTX

The SEC charged Silvergate and its executives with misleading investors about the company’s losses from expected securities sales and its dire financial condition during a liquidity crisis and bank run following FTX’s collapse. Silvergate and Martino misrepresented the situation leading the firm to announce the winding down of its banking operations last year. Consequently, the company’s stock plummeted to nearly zero…

MAS updates its Terrorist Financing National Risk Assessment for Singapore

Update takes into account key developments since the last TF NRA in 2020, such as the evolving global and regional terrorism landscape, growth of the digital economy and financial services in Asia, and emerging TF risk typologies. Similar to 2020, the 2024 TF NRA has observed that the TF threat of raising and moving funds for terrorists and terrorism activities overseas remains pertinent in Singapore’s context. Self-radicalised individuals continue to pose the most salient TF threat to Singapore.

Wolfsberg Group issues statement on effective monitoring for suspicious activity

The Group does not believe that the value being derived from the (constantly increasing) volume of SARs/STRs is contributing proportionately to effective outcomes in the fight against financial crime.

Europol summarises the organisation’s mission in a new briefing

The latest edition of Europol in Brief answers these questions and more, and explains how exactly the agency works, who works there and what each of Europol’s five crime centres focus on.

Europol publishes consolidated annual activity report covering 2023

This Consolidated Annual Activity Report covers the period from 1 January to 31 December 2023 and presents the progress made to achieve the objectives deriving from Europol’s Strategy through the implementation of the 2023 Annual Work Programme1.

Council of the EU imposes sanctions on six individuals for undermining stability and political transition of Sudan

Among the newly listed individuals is Abdulrahman Juma Barakallah, a RSF General in West Darfur accused of atrocities, ethnically motivated killings, attacks on human rights defenders, conflict-related sexual violence, and community destruction. The sanctions also target the RSF’s financial adviser and a Mahamid clan tribal leader linked to the RSF in West Darfur…

EPPO has indicted three Croatian citizens and one company for subsidy fraud and document forgery after investigating their fraudulent acquisition of SME financial support

The investigation has found grounds to suspect that the individuals set up a chain of companies owned and managed by them to prove their eligibility to obtain financial support for SMEs. They are understood to have presented falsified investment plans and invoices for non-existent transactions, as well as unreliable corporate balance sheets that indicated a thriving business…