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MONEYVAL calls on North Macedonia to improve investigation and prosecution to combat money laundering and financing of terrorism

Concludes that, having strengthened its legal framework since the last mutual evaluation, North Macedonia has laid the foundations for a sound regime to tackle money laundering and terrorist financing, but needs to improve the implementation of measures in several areas.

EBA consults on draft technical standards on complaints handling procedures under the Markets in Crypto-Assets Regulation

Concerns draft regulatory technical standards (RTS) on complaints handling procedures for issuers of asset-referenced tokens (ARTs) under the Markets in Crypto-Assets Regulation (MiCAR).

ESMA seeks industry input on crypto regulatory framework

ESMA has published its first consultation package under the Markets in Crypto-Assets Regulation and invites comments from stakeholders by 20 September 2023. ESMA is seeking input on proposed rules for CASPs, in particular related to their authorisation, identification and…

NCA: Money laundering cash couriers smuggled millions in suitcases

The couriers, who were paid around £3,000 for each trip and would be booked on business class flights due to the extra luggage allowance, communicated on WhatsApp groups, including one titled ’Sunshine and lollipops’.

FinCEN Exchange in San Antonio brings together public and private stakeholders to combat fentanyl trafficking and human smuggling

Included discussions on FinCEN’s analysis of suspicious activity reporting related to fentanyl and its precursor chemicals, presentations from law enforcement highlighting the investigative and operational uses of Bank Secrecy Act filings, and presentations from financial institutions on their monitoring and detection of illicit financial transactions related to fentanyl and human smuggling.

Barclays wins UK Supreme Court case over push payment fraud

Barclays won a UK Supreme Court appeal that turned on the extent of banks’ duties to protect customers from fraudsters, in a closely watched decision lawyers say could stem a flood of litigation. Fiona Philipp sued the bank in 2020 after she was tricked into transferring…

FCA’s chief Nikhil Rathi on emerging regulatory approach to Big Tech and Artificial Intelligence

The FCA welcomes the government’s call for the UK to be the global hub of AI regulation and will open our AI sandbox to firms wanting to test the latest innovations. Big Tech’s role as the gatekeepers of data in financial services will be under increased scrutiny…

EBA publishes report on competent authorities’ approaches to the AML/CFT supervision of banks

Summarises from review into how competent authorities across the EU assess the ML/TF risks associated with banks under their supervision, and these risk assessments inform supervisory practices.

MENAFATF publishes Mutual Evaluation of Algeria

Notes some strengths in the AML framework, although weaknesses remain with respect to insurance, brokerage and DNFBPs, while TF risks and threats from people smuggling are not well understood.

GABAC publishes Mutual Evaluation of Gabon

The evaluation is based on an on-site visit to the country in April 2022, which found a low level of understanding of ML and TF risks.

US Treasury Sanctions Official Linked to Corruption in Serbia

The designation of Aleksandar Vulin (Vulin) underscores the US determination to hold accountable those engaged in corrupt dealings that further their own political agendas and personal interests at the expense of peace and stability in the Western Balkans. These corrupt…

Federal Court of Australia orders Crown Melbourne and Crown Perth to pay a $450 million penalty over two years after AUSTRAC launched civil penalty proceedings against them AML offences

As part of the settlement, Crown admitted that it operated in contravention of the AML/CTF Act, including that Crown Melbourne and Crown Perth’s AML/CTF programs were not based on appropriate risk assessments, did not have appropriate systems and controls to manage…