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Money Laundering & Terrorist Financing

Over 20 years of articles and reference material

A page dedicated to global, regional, UK and US anti-money laundering developments and initiatives.

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FATF examines Jamaica’s progress in tackling AML/CTF in the 6th follow-up report to most recent Mutual Evaluation

January 16, 2024

The country is re-rated on Recommendations 22, 23 and 28 (partially compliant to largely compliant) and Recommendation 24 (partially compliant to compliant).

UNODC publishes report on ML threats from casinos, underground banking and transnational organised crime in East and Southeast Asia

January 15, 2024

According to UNODC, Tether USD (USDT) is the most used crypto to wash money related to illicit activities.

EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks

January 15, 2024

The new Guidelines highlight ML/TF risk factors and mitigating measures that crypto-asset service providers (CASPs) need to consider, representing an important step forward in the EU’s fight against financial crime…

EBA to hold public hearing on the Guidelines on preventing the abuse of funds and certain crypto-assets transfers for ML/TF purposes under Regulation

January 14, 2024

The Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes, or ‘travel rule’ Guidelines, specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.

US Beneficial Ownership Information Registry now accepting reports

January 13, 2024

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:
Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025. Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

FinCEN issues analysis of identity-related suspicious activity

January 12, 2024

This report reveals the existence of significant identity-related exploitations through a large variety of schemes,” said FinCEN Director Andrea Gacki. “Robust customer identity processes are foundational to the security of the U.S. financial system, and critical to the effectiveness of financial institutions’ programs to combat money laundering and counter the financing of terrorism. Financial institutions are encouraged to work across their internal departments to address these schemes…

US DoJ sentences foreign national for conspiring to launder proceeds of internet fraud schemes

January 12, 2024

The court records and trial evidence reveal that Olugbenga Lawal, from Indianapolis, Indiana, collaborated with the leader of a criminal group in Nigeria which carried out online scams, such as romance and business email schemes, defrauding individuals and businesses in the U.S., particularly targeting vulnerable elderly victims…

FinCEN issues a factsheet on beneficial ownership information access and safeguards the final rule

January 11, 2024

The Access Rule reflects FinCEN’s commitment to creating a highly useful database for authorized BOI recipients while protecting this sensitive information from unauthorized disclosure. This Access Rule follows the final BOI Reporting Rule FinCEN issued on September 30, 2022, which requires certain corporations, limited liability companies, and other similar entities created in or registered to do business in the United States to report to FinCEN information about themselves, their beneficial owners, and, in some cases…

 

Wolfsberg Principles publishes revised guidance on Swift Relationship Management Application (RMA) due diligence

January 11, 2024

Changes have been made to keep pace with technical changes occurring as the industry moves to the ISO20022 standard (specifically the fact that, unlike MT messages, the new “MX” messages must all be signed and will therefore all require an RMA). The updated Guidance also provides a clearer, more risk-based approach to RMA due diligence.

ESMA and NCAs to coordinate supervisory activities on MiFID II pre-trade controls

January 11, 2024

The European Securities and Markets Authority (ESMA) and National Competent Authorities (NCAs) have launched a Common Supervisory Action (CSA) to assess pre-trade controls in EU firms using algorithmic trading. This initiative, following the May 2022 flash crash, aims to ensure consistent application of EU rules and market stability…

EBA unveils its 2024 round-up, highlighting plans to release two pivotal reports on crypto-assets in Q1 2025

January 8, 2024

The first report will highlight insights from EU supervisors on tackling ML/TF risks in CASPs. The second report, developed in partnership with the ESMA, will delve into emerging risks in the crypto sector.

Europol supports 6 countries in dismantling underground bankers laundering proceeds from serious crimes, arresting 9 traffickers and seizing €27m in cryptocurrency

January 7, 2024
The coordinated effort led to nine arrests and the seizure of €27 million in cryptocurrencies, €35,000 in cash, gold, luxury goods, and key evidence. Europol’s serious crime and financial investigation teams played a central role in the operation…