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FINTRAC issues statement on Canada’s use of artificial intelligence

FINTRAC is looking to leap ahead from a technical, process and culture perspective so that it can stay ahead of the bad actors, find new and meaningful ways to collaborate with its partners and continue to deliver value and results in an ever-changing world.

US DoJ takes guilty plea from BTC-e operator on money laundering

Exchange moved over $9bn worth of transactions; defendant caused criminal losses in excess of $100m

LexisNexis: The cost of Catfishing – How romance fraud is becoming a major financial crime and what is being done to fight it

The head of economic crime and the national trade association for banks and financial institutions is becoming a serious concern now a days. Also known as catfishing, this type of fraud, where swindlers form relationships with members of the public for their personal gain, doesn’t just have a financial cost. Some victims have lost friends and even relationships with family members most tragically, some have taken their own lives.

MONEYVAL re-rates Slovenia on Recommendation 5 in latest enhanced follow-up report

Notes that Slovenia has taken additional steps to ensure that TF risks – which aren’t high in the country – have been appropriately reviewed.

MONEYVAL re-rates Cyprus in latest enhanced follow-up report on AML/CFT efforts

Recognises improvements in the assessment and mitigation of risks from virtual assets, which is appraised under Recommendation 15.

MONEYVAL re-rates Lithuania on Recommendation 2 following the fourth enhanced follow-up on the most recent mutual evaluation round

Recommendation 2 covers national cooperation and coordination in respect of AML/CFT and the re-rating recognises the inclusion of proliferation financing in the mandates and work of the existing national co-operation mechanism.

MONEYVAL re-rates Poland on Recommendation 34 in first enhanced follow-up to the country’s fifth round mutual evaluation in 2021

Recommendation 34 covers guidance and feedback and the re-rating follows steps taken by the government and the Office of the Polish Financial Supervision Authority (UKNF) to provide guidance and feedback to obligated institutions in the form of, among others, “communications”, newsletters and organisation of trainings, some of them addressing suspicious activity reporting and risk indicators.

Australia undertakes second stage consultation on reforming the country’s AML/CTF regime

The proposed reforms extend the existing AML/CTF legislation to certain high-risk services, also known as tranche 2 services. This includes services provided by lawyers, accountants, trust and company service providers, real estate agents, and dealers in precious metals and stones.

RUSI issues paper on Combating Kleptocracy: Lessons from the Response to Russia’s War in Ukraine

This paper explores the state of efforts to combat modern kleptocracy before February 2022 and assesses how the Kremlin’s war has catalysed a range of responses from Western allies. The increased focus on countering kleptocracy following the full-scale Russian invasion of Ukraine in February 2022 has involved the deployment of dedicated sanctions programmes against Russia by Ukraine’s allies. These programmes have triggered a dramatic increase in the rate of designations of individuals…

FINTRAC imposes an administrative monetary penalty of $9,185,000 on Toronto-Dominion Bank, for committing 5 violations related to AML/CTF

The Bankfailed to submit 20 suspicious transaction reports (STRs) out of 178 case files reviewed where there were reasonable grounds to suspect that one or more transactions were related to the commission or attempted commission of a money laundering (ML) or terrorist activity financing (TF) offence. FINTRAC’s 2023 examination continued to reveal gaps in the application of investigative processes in the Canadian FIU of the Bank…

The Bangko Sentral ng Pilipinas (BSP) is now requiring banks and financial institutions to report any significant incident related to ML/TF/PF within 24 hours

Under the new rules, BSP-supervised financial institutions (BSFIs) are now required to submit a risk event report to the central bank within 24 hours from date of knowledge of any significant money laundering, terrorism financing and proliferation financing risk event.

The Gambling Commission announces new rules to boost safety and consumer choice consistent with the Govt’s White Paper on High stakes: gambling reform for the digital age

The changes, consistent with the Government’s White Paper which includes reducing intensity of online games, improving consumer choice over receiving gambling marketing, light-touch financial vulnerability checks and tightening processes to support age verification checks in premises. They also include a careful approach to implementation with the changes to be implemented in four stages: August 2024, November 2024, January 2025 and February 2025…