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OFAC sanctions virtual currency mixer Tornado Cash

US Treasury sanctions Tornado Cash, a virtual currency mixer that launders the proceeds of cybercrimes, including those committed against victims in the US and has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors…

UK ML/TF Regulations 2022 passed by Parliament

UK ML/TF (Amendment) (No. 2) Regulations 2022 come into force on 1 Sept 22 extending the scope of BO reporting discrepancies among others. Reg 13 makes it clear that supervisory authorities can directly require members to show them SARs “to help them in fulfilling…

FATF Guidance on National ML/TF Risk Assessment

This report builds on the 2013 FATF guidance on national money laundering and terrorist financing risk assessments, and draws on inputs from over 35 jurisdictions from across the FATF Global Network on their extensive experience and lessons learnt in assessing terrorist…

FATF Terrorist Financing Risk Assessment Guidance

The risk-based approach, is central to the effective implementation of the FATF Standards and also applies to financial institutions and designated non-financial businesses and professions. Many countries have chosen to publish information about the ML/TF risks to…

FATF Risk Based Approach Guidance for the real estate

The purpose of this Guidance is to: Support the implementation of FATF standards for the real estate sector, including residential, commercial, rural, industrial, agricultural, mixed use and any other forms of real-estate, Indicate good practices in the design and…

UK’s AML/CFT regulatory & supervisory regime

The amendments includes ensuring the regulated sector “provides valuable intelligence” to highlight that “effective” prevention involves more than just technical compliance, ensuring supervisors both monitor and enforce compliance with the…

US House on major AML reform

House of Representatives passes bill requiring that trust companies, lawyers and art dealers report suspicious activity, according to ICIJ. The Enablers Act was first proposed shortly after ICIJ’s Pandora Papers investigation exposed widespread exploitation of lax financial disclosure…

ECB on use of AI to fight financial crime conference

While the digitalisation of banks’ value chains may create challenges for their know-your-customer obligations, machine learning solutions are already helping banks to become more efficient when conducting customer due diligence, identifying ultimate beneficial owners…

HMRC Guidance on AML for UK Art Market

HMRC publishes guidance to help art market participants meet their obligations for money laundering supervision. Art market
participants who deal in sales, purchases and/or storage of works of art with an individual value, for a single transaction, or a series…

Belgium consults on digital assets classification

The FSMA provides clarity about when crypto-assets may be considered to be securities, investment instruments or financial instruments and may therefore fall within the scope of the prospectus legislation and/or the MiFID conduct of business rules…

Board of Governors Joint Statement on RBA & CDD

Banks must apply a risk-based approach to CDD, including when developing the risk profiles of their customers. More specifically, banks must adopt appropriate risk-based procedures for conducting ongoing CDD that, among other things, enable banks to: (i) understand the nature…

RUSI on problems with Economic Crime Policing

Economic crimes underpin serious organised crime; cybercrimes enable fraud. All these crimes intersect with local policing priorities like county lines and human trafficking. Despite the interlinking nature of the threat, economic crime suffers from a disproportionate…