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Money Laundering & Terrorist Financing

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SPF announces transnational ML syndicate has been dismantled through a joint operation by the Singapore Police Force and Interpol

September 1, 2024

The Singapore Police Force in collaboration with the Hong Kong Police Force and INTERPOL, has successfully dismantled a transnational ML syndicate linked to scams in Hong Kong and Technical Support Scams in Singapore. Singapore received 185 reports of these scams, resulting in losses of at least SGD 17.9 million. Victims were deceived by fraudulent pop-ups claiming malware infections and were tricked into granting scammers remote access…

FINTRAC updates its guidance on how to report suspected sanctions evasion in a Suspicious Transaction Report

September 1, 2024

This guidance explains the requirement to report suspicious transactions to FINTRAC…

European Artificial Intelligence Act (AI Act) comes into force

August 30, 2024

The AI Act is designed to ensure that AI developed and used in the EU is trustworthy, with safeguards to protect people’s fundamental rights. The regulation aims to establish a harmonised internal market for AI in the EU, encouraging the uptake of this technology and creating a supportive environment for innovation and investment.

Cabinet Office publishes work programme and fees for the National Fraud Initiative 2024 to 2025

August 29, 2024

This document sets out the confirmed work programme and associated scale of fees for the NFI 2024/25 data matching exercise for mandatory participants of the NFI.

ESAAMLG reports on Kenya’s progress following on from the 2022 Mutual Evaluation Report

August 28, 2024

Among 15 re-ratings, 11 bring Kenya to being considered compliant with the recommendations of the original MER.

ESAAMLG publishes report on the Mutual Evaluation of Rwanda

August 28, 2024

Report summarises the AML/CFT measures in place in the Republic of Rwanda as at the date of the on-site visit conducted from 26th June to 7th July 2023.

ESAAMLG re-rates Zimbabwe on one Recommendation from the 2016 Mutual Evaluation in 10th enhanced follow-up report

August 28, 2024

Zimbabwe is upgraded to largely compliant with respect to Recommendation 7, which covers targeted financial sanctions related to proliferation.

ESAAMLG re-rates Namibia on 13 Recommendations in its second enhanced follow-up report to the 2022 Mutual Evaluation

August 28, 2024

Re-ratings cover several areas of AML/CFT, including the criminalisation of TF, abuse of the NPO sector, PEPs, new technologies, and beneficial ownership.

EBA and ECB release a joint report on payment fraud and the role of strong customer authentication

August 28, 2024

The report assesses payment fraud reported by the industry across the European Economic Areas (EEA), which amounted to €4.3bn in 2022 and €2.0bn in the first half of 2023. Also confirms the beneficial impact of strong customer authentication (SCA) on fraud levels.

FinCEN has released final rules to protect the residential real estate and investment adviser sectors from illicit finance

August 28, 2024

FinCen has issued two final rules to address illicit finance risks in the residential real estate and investment adviser sectors. The residential real estate rule mandates reporting of high-risk non-financed transfers to increase transparency, while the investment adviser rule imposes AML/CFT requirements on certain advisers to address regulatory gaps. These measures part of anti-corruption strategy, aim to close loopholes exploited by criminals…

FinCEN launches nationwide public service announcements to inform business owners about beneficial ownership reporting requirements

August 27, 2024

To directly reach business owners, educate stakeholders about these reporting requirements, and encourage compliance, television and radio PSAs are now running nationwide in tandem with digital and print ads.

NCA releases its Annual Report and Accounts: 2023 to 2024

August 27, 2024

Includes: a performance report which demonstrates the agency’s performance against its priorities for 2023 to 2024 and the serious and organised crime threat; an accountability report which outlines the agency’s accountability, assurance, governance and risk processes and procedures in 2023 to 2024

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