FinCEN seeks comments on modernisation of US AML/CFT regulatory regime
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a request for information (RFI) seeking comments on ways to streamline, modernise and update the country’s anti-money laundering and counter financing of terrorism (AML/CFT) regime. As part of a formal review process, FinCEN says…
Wholesale banking, retail banking and wealth management sectors pose greatest money laundering risk
The wholesale banking, retail banking and wealth management sectors in the UK remain vulnerable to financial crime and pose the greatest money laundering risk based on sector risk assessments by the country’s Financial Conduct Authority (FCA). According to the UK treasury’s Anti-money laundering and counterterrorist…
FinCEN reminds US banks to comply with new FATF country risks but beware wholesale de-risking
The Financial Action Task Force (FATF) recently updated its list of jurisdictions that have strategic deficiencies in their anti-money laundering, counter financing of terrorism and combatting weapons of mass destruction proliferation financing (AML/CFT/CPF) regimes (Trade-based Financial Crime, 22 October 2021). As a result of this,…
NatWest profits dented by expected fine for AML breaches
NatWest Bank has booked a £294 million (US$402 million) litigation charge in its quarterly results released 29 October to pay for anti-money laundering (AML) failures that led to censure from the UK’s Financial Conduct Authority (FCA). A huge fine is in prospect. The bank in…
FATF publishes survey results on cross-border payments and the implementation of its standards
The Financial Action Task Force (FATF) says it has published its final report on its survey to identify areas where divergent anti-money laundering and counter financing of terrorism (AML/CFT) rules or their implementation cause friction for cross-border payments. Cross-border Payments – Survey Results on the…
Overseas art traders subject to tough UK AML laws as autumn fairs resume post-pandemic
Overseas art traders and advisors participating in major upcoming international fairs in the UK such as Frieze London, Frieze Masters and the 1-54 Contemporary African Art Fair will have to comply with tough anti-money laundering (AML) requirements if they want to sell works of art….
Rely less on banks and DNFPBs in beneficial ownership standards TI tells FATF
Reliance on banks has been hindering investigations into financial crime according to Transparency International (TI), which is calling for five key fixes to ensure that the new Financial Action Task Force (FATF) global standard on beneficial ownership transparency is effective. The anti-corruption organisation is responding…
Art traders likely to become obliged entities in UK’s AML/CFT money laundering act
Art market participants, including freeport operators that store works of art, are likely to become obliged entities in the UK’s key piece of anti-money laundering and counter financing of terrorism (AML/CFT) legislation, the Money Laundering Regulations 2017 (MLRs). The UK has published a consultation paper…
European parliament calls for an EU FIU and more funding for AML efforts
The European Commission has presented an ambitious package of four legislative proposals to strengthen the European Union’s (EU’s) anti-money laundering and counter financing of terrorism (AML/CFT) rules, which includes the creation of a new EU authority to fight money laundering (Trade-based Financial Crime, 21 July…
New authority plans to establish EU-level AML/CFT supervision and coordinate FIU efforts
A new European Union (EU) authority to fight money laundering will likely oversee the establishment of EU-level anti-money laundering and counter financing of terrorism (AML/CFT) supervision if a package of four legislative proposals to strengthen the union’s (AML/CFT) rules is adopted (Trade-based Financial Crime, 21…
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