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EU AML/CTF Authority: Success factors for a fit-for purpose EU AML/ CFT regime and architecture

AMLA is an essential step towards transforming and enhancing AML/CFT supervision. A capable AMLA has the potential to improve the resilience of the European financial system, reduce the likelihood of systemic errors, and allow individual cases to be handled with greater efficiency. It must be ensured that AMLA has a broad mandate, covering a range of players in the financial sector…

EBA unveils latest AML/CTF developments in its May 2024 Newsletter

The EC has issued a ‘Call for Advice’ on the methodology of assessing ML/TF risk by AML/CFT supervisors, as well as pecuniary sanctions under Article 39(8) of the AMLD6 and on the minimum requirements for group-wide policies under Article 13(3) of the AMLR. It also includes amendments to the Guidelines for crypto-asset service providers (CASPs) …

OFAC extends permission to transact with certain energy-related entities based in Russia

OFAC issued General License 8I pursuant to Russian Harmful Foreign Activities Sanctions Regulations (“RuHSR”), 31 CFR part 587. General License 8I was issued to extend the authorization of energy-related transactions to November 1, 2024 for transactions that involve one or more of the entities: State Corporation Bank for Development and Foreign Economic Affairs Vnesheconomank…

Basel Institute and Europol make recommendations on preventing and combating the criminal use of cryptocurrencies

These recommendations follow the 7th Global Conference on Criminal Finances and Cryptocurrencies on 26–27 October 2023. The five recommendations highlight the need for accelerated action in order to combat the use of crypto assets, as well the allocation of more resources, better training and better collaboration…

Basel Institute issues a consultation on Guidelines for counterparty credit risk management

The proposed guidelines include the need to: (i) conduct comprehensive due diligence at both initial onboarding, as well as on an ongoing basis; (ii) develop a comprehensive credit risk mitigation strategy to effectively manage counterparty exposures; (iii) measure, control and limit CCR using a wide variety of complementary metrics; and (iv) build a strong CCR governance framework…

Home Office updates the modern slavery statement registry to encourage UK companies to help the Govt’s efforts to tackle this crime

The changes will encourage businesses to upload their annual modern slavery statements in a timely way and support them to publish robust statements. Modern slavery statements help reduce the risk of forced labour being used in UK supply chains by increasing transparency and allowing consumers to make informed choices…

US Law Enforcement has taken action against over 3,000 money mules, disrupting transnational fraud schemes

The Justice Department, FBI, U.S. Postal Inspection Service (USPIS), and other federal law enforcement agencies announced today the completion of the Money Mule Initiative, an annual campaign to identify, disrupt, and criminally prosecute networks of individuals who transmit funds from fraud victims to international fraudsters.

UK Payment Systems Regulator (PSR) proposes expansion of APP reimbursement scheme to CHAPS with the aim to prevent fraudsters from switching their operations to alternative payment systems

The new rules are proposed to go live on 7 Oct 2024, aligning with the Faster Payments reimbursement rules. The key points of the proposal include: the requirement for compensation expands to situations where the recipient is not the intended payee, or the payment was not made for its intended purpose, the proposed rules aim to encompass indirect participants of CHAPS, thereby widening the range of protection…

MAS imposes composition penalty of S$2.5m on Swiss-Asia Financial Services Pte. Ltd. for AML/CFT breaches

The breaches included failure to take into account certain relevant risk factors relating to the company’s customers and business activities in its EWRA, failure to perform CDD measures before establishing business relations, failure to scrutinise multiple third-party transactions in customers’ accounts even though the transactions were not consistent with SAFS’ knowledge of the customers…

UK releases updated guidance on Russia sanctions

The prohibitions and requirements imposed by the Regulations apply within the territory of the United Kingdom (UK) (including Northern Ireland) and in relation to the conduct of all UK persons wherever they are in the world. UK persons includes British nationals, as well as all bodies incorporated or constituted under the law of any part of the UK. Accordingly, the prohibitions and requirements imposed by the Regulations apply to all companies established in any part of the UK, and they also apply to branches of UK companies operating overseas…

EBA publishes part one of its Annual report for 2023, highlighting its mission to support the implementation of robust approaches to tackling financial crime risks across the EU

On the regulatory front, the EBA continued its work aimed at strengthening the EU financial sector, in particular by finalising the implementation of the Basel III framework in the EU, implementing the ESG roadmap, and delivering on its digital finance mandates under the Markets in Crypto-Assets Regulation (MiCAR) and the Digital Operational Resilience Act (DORA)….

EBA releases the final draft technical standards under the Markets in Crypto-Assets Regulation – provisions (including on AML) relating to ARTs will be applicable from 30 June 2024

Sets out three sets of final draft regulatory technical standards (RTS) and one set of final draft implementing technical standards (ITS) relating to the authorisation as issuer of asset-referenced tokens (ARTs), to the information for the assessment of acquisition of qualifying holdings in issuers of ARTs and to the procedure for the approval of white papers for ARTs issued by credit institutions under the Markets in Crypto-assets Regulation (MiCAR).