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FinCEN publishes review of Fiscal Year 2022/23

The Year in Review is intended to help stakeholders gain insight into both FinCEN’s efforts to support law enforcement and national security agencies, and how financial information, filed pursuant to the Bank Secrecy Act (BSA) is used. The information that FIs provide to…

MONEYVAL releases its Strategy on AML/CFT and proliferation financing (2023-2027)

MONEYVAL held a high-level meeting in Warsaw where Member states committed to improve the effectiveness of their regimes to prevent and combat money laundering, the financing of terrorism and weapons of mass destruction proliferation. Illicit finance poses a major…

EU agrees comprehensive framework for Crypto Regulation

EP endorsed the first EU rules to trace crypto-asset transfers (like bitcoins & electronic money tokens), prevent money laundering, as well as common rules on supervision and customer protection. The aim is to ensure that crypto transfers can always be traced and suspicious…

NCA releases latest edition of SARs in Action

The new SAR reporting is live and reporting organisations have started using the new SAR portal to submit SARs. This is a significant milestone for the Programme, as it is the first live application on the new NCA Tier 1 cloud environment. Every submission made on the new SAR portal will improve the quality and structure of the SAR data, which will ultimately enhance the use of SARs to better…

EU MEPs approves long-awaited EU AML Package

The EU AML package focuses on three pieces of draft legislation notably, the EU “single rulebook”, 6th AML directive and the regulation establishing the European AML Authority with supervisory and investigative powers to ensure compliance with AML/CFT requirements…

FCA releases its Business Plan 2023/24 prioritising financial crime prevention

The Business Plan sets out how the FCA will deliver its 2022-25 Strategy, prioritising financial crime prevention by focusing on driving down fraud and delivering the UK Economic Crime Plan 2, lowering the incidence of money laundering, raising standards in authorised firms…

FATF revises its Rec. on combatting ML/TF & proliferation

FATF strengthens the requirements for higher risk situations, and to allow countries to take a more focused approach in areas where high risks remain or implementation could be enhanced. Countries should first identify, assess and apply resources aimed at ensuring the risks…

UK Govt publishes new UK Economic Crime Plan 2, 2023/2026

The new UK Economic Crime Plan 2023/2026 highlights further actions to tackle money laundering, fraud and kleptocracy. It is intended to build on the first economic crime plan by delivering real-world outcomes to cut crime, protect our…

 

EC proposes more transparency and less red tape for companies to improve business environment

EC adopted a proposal for a Directive making it easier for companies to expand the use of digital tools and processes in EU company law. It  aims to facilitate cross-border companies’ operations and to increase business transparency and trust by making more information…

FINMA says Credit Suisse could face disciplinary action

Credit Suisse could face a probe and disciplinary action over how top managers ran the bank in the run-up to its collapse and takeover by UBS. Marlene Amstad, president of the Swiss regulator Finma, told the newspaper NZZ am Sonntag, according to Bloomberg…

Council of Europe removes Ukraine from blacklist of states that prevent combating corruption

GRECO has concluded that the current level of compliance with its recommendations is no longer “globally unsatisfactory,” The group asked Ukraine to provide a report on the measures taken to implement the unfulfilled recommendations by March 31, 2024…

FinCEN issues Beneficial Ownership Information Reporting Guidance

The new regulations require many corporations, limited liability companies, and other entities created in or registered to do business in the United States to report information about their beneficial owners, the persons who ultimately own or control the company to FinCEN…