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NCA issues guidance on submitting better SARs

June 1, 2023

This document aims to provide all reporters with guidance on how to submit better quality SARs to the NCA. It should be read in conjunction with guidance found on the NCA website. The document include: Introduction to SARs, SARs Frequently Asked Questions, Reporting via SAR Online…

Home Office updates Policy Paper on Fraud Strategy: stopping scams and protecting the public

June 1, 2023

This strategy sets out how government, law enforcement, regulators, industry, and charities will work together to cut fraud incidents by 10% from 2019 pre-Covid levels. The UK Govt has already started by committing £100 million of new money to bolster law enforcement …

BIS explores use of data, tech and collaboration to combat money laundering

May 31, 2023

BIS concludes Project Aurora; a proof of concept that explores new ways of combating money laundering with a combination of payments data, privacy-enhancing technologies, artificial intelligence (AI) and enhanced cooperation across institutions and borders…

EBA consults on amendments to the Guidelines on ML/TF risk factors to include crypto-asset service providers

May 31, 2023

The consultation runs until 31 August 2023. CASPs as well as other credit and FIs are exposed to ML/TF risks. For CASPs, these risks can be increased, due to, e.g. use of innovative technologies, instant transfers of crypto assets across the world and services that contain…

FINTRAC issues special bulletin relevant to Russia-linked money laundering activities

May 30, 2023

The content of this Bulletin can be used by reporting entities to identify and assess money laundering and terrorist activity financing risks, apply controls and measures to mitigate these risks, and effectively detect and report suspicious transactions to FINTRAC…

JMLSG proposed revisions to Part 1 of its Guidance

May 25, 2023

JMLSG proposes guidance revisions accounting for amendments on discrepancy reporting, as introduced by ML/ TF Reg 2022. and mitigation of impersonation risk. The deadline for comments on the proposed revisions is 26 June 2023…

MENAFATF publishes typologies report on the abuse of NPOs in TF activities

May 23, 2023

The methods and techniques used to commit terrorist crimes associated with the NPO sector represent a challenge for entities which are competent to fight these crimes and pose many challenges for competent entities to combat them, clearly putting the countries’ ability …

EC publishes Commission Delegated Regulation amending jurisdictions with deficiencies in their AML/CFT regimes

May 17, 2023

The Commission’s assessment concludes that Nigeria and South Africa should be considered as third-country jurisdictions having strategic deficiencies in their AML/CFT regimes that pose significant threats to the financial system of the EU. Nigeria and South Africa should…

European Council adopts rules which will make crypto-asset transfers traceable

May 16, 2023

The crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of the transfers of crypto assets they operate, regardless of the amount of crypto assets being transacted, ensuring traceability of crypto-asset…

TFG publishes ISO 20022: ‘The future of Payments is now’

May 14, 2023

FIs must adapt to changes and embrace opportunities that are here already, such as Open Banking, Open Finance, and Instant Payments. One major development that underpins a lot of payments innovation is ISO 20022, and banks need to adapt to stay ahead of the curve…

HKMA publishes AML Regtech: Network Analytics report

May 9, 2023

HKMA has commenced a pilot using network analytics to detect mule account networks and help disrupt movement of fraud proceeds. This exercise will, for the first time, analyse information from multiple banks to generate sector-level risk insights to help assess…

FCA continues action against unregistered crypto ATMs across the UK